The signing ceremony of Mastercard, NAPAS and nine banks in Việt Nam. — VNS Photo
Mastercard, a global technology company in the payments industry, along with the National Payment Corporation of Việt Nam (NAPAS) and nine banks, has announced a Memorandum of Understanding (MoU) to introduce the first NAPAS – Mastercard co-badged card in Việt Nam.
The card, equipped with contactless payment features, is widely accepted both globally and in Việt Nam. This single card offers cardholders a seamless secure and convenient payment experience.
The collaboration, aimed at delivering innovative new services to domestic cardholders, aligns with Việt Nam's growing global integration and development trends.
According to the Mastercard 2024 Digital Payment Index, 47 per cent of Vietnamese consumers prefer online payment tools for their convenience and speed, while 21 per cent value the enhanced security they provide.
Việt Nam ranked third in Southeast Asia for outbound travel sentiment in May this year, reflecting strong enthusiasm for overseas travel. This increasing volume of international travel underscores the growing demand for diverse, secure and seamless payment solutions.
In response to this demand, the NAPAS and Mastercard co-badged card, issued by Vietnamese banks, represents an optimal payment solution.
With just one card, cardholders can use the payment features of the domestic card (NAPAS) as well as the international payment features of Mastercard, such as contactless payments.
The NAPAS-Mastercard co-badged card will be accepted at over 600,000 payment points and 20,000 ATMs in Việt Nam, and provide access to more than 130 million merchant locations and over one million ATMs globally. Additionally, consumers can use their co-badged cards for online payments on e-commerce platforms.
In addition to the benefits of the payment acceptance network, cardholders will also enjoy various promotions offered by NAPAS in Việt Nam, as well as attractive promotional programs within Mastercard's global payment acceptance network.
Regarding technology solutions, the co-badged card between NAPAS and Mastercard employs contactless payment technology by integrating both Việt Nam Domestic Chip-based Payment Card Specifications (VCCS) standard for NAPAS card and M/Chip standard for Mastercard into a single physical chip. This integration helps reduce costs, enhance security and mitigate the risk of card fraud and counterfeiting.
In the initial phase of the project, nine banks, Agribank, BIDV, Vietinbank, MB, TPBank, Sacombank, HD Bank, PvcomBank, and Nam Á Bank, will be issuing the card.
In the next phase, starting next year, NAPAS and Mastercard will extend the initiative to additional member banks, aiming to reach all remaining banks. — VNS