First Vietnamese bank allows transactions in South Korea for local card holders
First Vietnamese bank allows transactions in South Korea for local card holders
TPBank has become the first bank in Viet Nam to allow all domestic cardholders to make payment and withdrawal transactions in South Korea in addition to international debit cards or credit cards.
TPBank, the National Payment Corporation of Viet Nam (NAPAS) and BC Card – the largest credit card network in South Korea with more than a quarter market share – successfully implemented the project to connect trans-international payment services.
Accordingly, all TPBank’s ATM cardholders can immediately implement payment and withdrawal transactions at some three million locations accepting card payments and nearly 40,000 ATMs in South Korea.
With the service, TPBank has helped customers completely eliminate worries of having to buy foreign currency in time to open an international debit card or credit card for travelling, business trips or transferring money to their children to study in South Korea. Moreover, keeping a local card in their wallet for direct payments via POS machines or withdrawing an amount of spending money at an ATM when needed will be much safer than carrying a large amount of foreign currency.
Nguyen Hung, TPBank’s general director, said: “Through this project, TPBank hopes to bring the best services and experiences to Vietnamese customers who have been living, working, studying and travelling in Korea as well as contribute to promoting the Viet Nam - Korea strategic co-operation partnership.”
Hung added that with the dynamism, enthusiasm and the forefront in applying new technologies, TPBank is expected to join State agencies to expand this feature in other countries such as Thailand, China and Japan to give customers the best experience when using their bank's services.
In recent years, South Korea has become one of the most popular destinations for Vietnamese to travel, work and study. The Korea Tourism Board said that in 2019 there were more than half a million Vietnamese travelling in South Korea, representing a 22 per cent year-on-year increase. The number of Vietnamese students studying in the country has reached 37,426 people, an increase of more than 10,000 compared to 2018.
In 2020, tourism activities from Viet Nam to South Korea were interrupted due to COVID-19. However, when the pandemic is controlled, the number of Vietnamese tourists travelling to the country will increase again. Korea has also implemented many policies to support Vietnamese students.
According to statistics from the Payment Department under the State Bank of Viet Nam, by the end of the second quarter of 2020, the total number of cards in circulation in Viet Nam reached more than 106 million, of which the number of domestic cards accounted for more than 90 million, nearly six times the number of credit cards. At TPBank, the growth rate of cards is always very high, at 50 per cent a year compared to the market.
