23.2 C
Ho Chi Minh City
Wednesday, November 30, 2022

Napas and BIDV partnership can now enable acceptance of Discover Global Network at merchants in Vietnam

Must read

From 22nd Dec 2021, cardholders of the global payments brand Discover® Financial Services (DFS) will have more options to make payments at merchants throughout Vietnam. This implementation is under the Network Alliance agreement between National Payment Corporation of Vietnam (NAPAS) and Discover Global® Network (DGN). Bank for Investment and Development of Vietnam (BIDV) is the first member of NAPAS to enable DGN acceptance at merchants in Vietnam.

With the market expansion strategy through network alliance with domestic payment/ card schemes, DGN is now partnering with over 20 network alliances in such markets as Turkey, Brazil, India, and Korea among others. In Vietnam, DGN and NAPAS have an alliance partnership that allows cardholders from Discover®, Diners Club International® and other affiliate networks of DGN to access the ATM and POS systems of NAPAS’ members which include the Vietnamese Acquirers in Vietnam.

With the successful cooperation between NAPAS and BIDV, from 22nd Dec 2021, DFS cardholders can enjoy the hassle-free and convenient cashless payment method when travelling to Vietnam. This launching of service is a step to welcome the foreign tourists to Vietnam, gradually reopen the border in the new normal in all industries.

BIDV is the first member of NAPAS to accept the cards on DGN. BIDV is now operating the wide acceptance network in Vietnam with 2,000 ATM and over 37,800 POS at numerous tourist attractions, shopping areas, and retailers in Vietnam. The successful launch is the result of fruitful and mutual collaboration between NAPAS and BIDV with the purpose of providing the best benefits to Vietnamese clients and corporations.

NAPAS is processing the domestic transactions for International Card Schemes in Vietnam to comply with Circular 19/2016/NHNN-TT and relevant revisions. The partnerships between NAPAS and DGN with the participation of BIDV is key to enabling this important acceptance footprint in the Vietnam market, local law compliance and cooperation for development with local enterprises. NAPAS will liaise continuously with DGN to extend the network acceptance in Vietnam, according to Mr. Nguyen Dang Hung, Deputy Chief Executive Officer.

The National Payment Corporation of Vietnam (NAPAS) is managing and operating an electronic financial switching and clearing system connecting a network of 18,600 ATMs, 261,000 POS machines, and over 100 million cards of 51 domestic and international commercial banks and financial institutions operating in Vietnam. NAPAS also provides an electronic payment gateway connecting more than 40 payment intermediaries, 200 corporations and units in the fields of providing public services, transportation, aviation, telecommunications, hotels, tourism, insurance and many other convenient electronic payment services for people. In October 2020, NAPAS and VietBank cooperated to pilot the payment solution for local commuter passenger transportation using domestic chip cards in Ho Chi Minh City.

Discover Financial Sevices (DFS) is an organization providing banking and payment services established in 1986. Discover Global Network, the global payments brand of Discover Financial Services, has alliances with 20+ payment networks around the world, and is led by three Discover businesses: Discover Network, with millions of retails and cash access locations; PULSE®, one of the leading ATM/debit networks; and Diners Club International®, a global payments network… DGN covers 200 countries and territories with more than 270 million cardholders globally. In 2020, more than US$415 billion was processed.

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) was established in 1957. The bank is engaged in capital mobilization and trading, and provides related financial services. BIDV officially operated in the form of a joint stock commercial bank since 2012 and has always maintained the motto of providing customers with the best products and services, bringing benefits in using and experiencing services of a bank on a modern digital banking platform.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles