VIB boosts credit card ecosystem
VIB boosts credit card ecosystem
Vietnam International Bank (VIB) continues to consolidate its growth and increase its spending market share via tech, promotions, and improving the user experience.
The bank has revealed that as of the end of June, it has issued 750,000 credit cards.
Since the launch of new credit cards in line with personalisation trends in 2018, VIB has transformed itself with its customer-centric approach to card issuance strategy. In July 2022, the bank recorded the issuance of 500,000 credit cards.
Tuong Nguyen, head of the Card Division at VIB, said, “VIB is constantly developing and completing its flagship products and services. The biggest motivation is customer satisfaction when making payments with VIB’s credit cards, thereby creating a modern lifestyle with smart spending secrets and effective financial management skills."
VIB has led the card segment by following customers' credit card spending needs and creating high-quality products. In the first half of 2024, VIB’s credit card spending reached nearly over $2.3 billion, equivalent to an average monthly spending of nearly $398.3 million by VIB cardholders.
At the same time, the number of transactions via VIB cards reached nearly 18 million, an increase of 22 per cent compared to the first six months of 2023.
In addition, VIB also took the lead in growth rate in the first half of 2024, with total spending via VIB cards increasing by 42.85 per cent from a year ago. Among them, domestic spending via VIB cards had an impressive growth rate of 45.2 per cent, as a result of the bank promoting the features, utilities, and incentives for cardholders.
In the first half of 2024 alone, average spending via VIB – Mastercard reached $4,200 per card, surpassing the market average.
Both in-store and online spending via VIB cards have increased sharply. Direct spending via POS or contactless payment climbed by 48.3 per cent, while online spending jumped by 24.6 per cent against last year’s period.
Since the launch of the new strategy for the card segment in 2018, VIB has determined that the new card products need to be cutting-edge, user-friendly, and have high technology content.
In 2020, VIB was one of the first banks in Vietnam to issue credit cards online. As a result, customers do not need a physical card to make payments.
At the same time, VIB also integrates advanced technologies such as AI, machine learning, and hyper-realistic 3D simulation into Vie, the first virtual financial advisor in Vietnam launched in 2022. Vie is incorporated into the QR code on the back of VIB credit cards to support customers anytime, anywhere.
At the Vietnam Business Messaging Awards 2023, Vie was honoured by Meta as the most innovative solution to unlock the power of conversational marketing.
VIB was also one of the first banks in Vietnam to deploy contactless payment solutions such as Google Pay, Apple Pay, Garmin Pay, and Samsung Pay. With just a smartphone or smartwatch, VIB cardholders can easily make contactless payment at acceptance points.
Many VIB card lines also offer cashback, bonus points, and gifts to customers. In addition, it cooperates with 150 strategic partners to meet all spending needs of customers with the categories of travel (VIB Travel), restaurants (VIB Dine), shopping (VIB Shop), transportation (VIB Move), and other offers (VIB More).
VIB cards help customers maximise spending benefits by choosing the features of bonus points, cashback, minimum payment rates, card number according to preference, and flexibly setting card limits on MyVIB.
First applied to Super Card, the personalised feature will continue to be expanded to the remaining card lines in the VIB ecosystem.
Along with that, the bank is committed to continuously improving product and service quality, standing side by side with customers to experience effective spending.
