Home Credit Vietnam has won the Visa Award 2022 in the most acclaimed category of Leadership in Payment Volume Growth, making 2022 the third consecutive year that the firm has been honoured by the prominent international card issuer.

The annual Visa Award recognises industry-leading excellence and financial institutions’ contributions to developing Visa's payment services in Viet Nam.

“The Visa Award acknowledges Home Credit's enduring contributions to introducing and improving credit card payment solutions,” said Roman Knaus, Head of CRM & Products at Home Credit Vietnam.

Home Credit won the Visa Award 2022 thanks to its impressive user growth in 2022, issuing more than 400,000 cards and achieving 100 per cent year-on-year growth.

Benefits of the Home Credit cards include up to 10 per cent cash back when shopping, no fees for active users, 45 days of zero interest rates, and many other incentives from more than 9,000 partners. Additionally, customers can easily view these perks, control their card spending and manage payments on the Home App.

According to the Payment Department of the State Bank of Vietnam, the country’s total number of cards reached over 110 million by the end of June 2022, a more than 22 per cent increase over last year, and cashless payments are growing remarkably.

A survey by Visa released in June found that 65 per cent of Vietnamese people are carrying less cash in their wallets, and one-third say they will stop using cash post-COVID. Up to 76 per cent of respondents answered that they use e-wallets, while more than 82 per cent use cards.

Visa also pointed out that online shopping and cashless payment solutions are all likely to continue post-pandemic. Two-thirds of Vietnamese shopped online during the pandemic, with half of them making their first purchase through social networks. With contactless payment looking like a future trend, 90 per cent of terminals in Viet Nam are preparing for this.

Home Credit recently launched Home PayLater (a Buy-Now-Pay-Later service), partnering with many big merchants such as Tiki, OnePay, Meta.vn and others to bring convenience to customers in the market of Viet Nam. — VNS