This cashback white card, which will give the customers the freedom and flexibility to choose how they earn their rewards based on their lifestyle and needs, comes at a time, when due to positive income growth and a high ratio of young individuals owning their first credit card, Vietnam’s dynamic economy is also emerging as an ideal market for cashless payments.

This partnership between American Express and VIB, with its leading card trends position in Vietnam, will be eyeing to bring privileges that exceed expectations for credit card users.

Knowing The Partnership In Detail

While interacting with International Finance on the strategic partnership, Ms. Tuong Nguyen, Head of Card Strategy & Operation Center, VIB remarked, “American Express and its partners provide cards for consumers in various countries worldwide and innovate based on consumers’ changing needs. VIB is proud to be partnering with American Express to launch a new white card that will provide world-class services and privileges to cardholders in Vietnam.”

“With our leadership in card trends in Vietnam, the Super Card will be a milestone in our personalization strategy to satisfy every customer in using their own card. With this card, customers will be allowed to be truly the boss of their card and decide what they use. The Super Card will be a highlight in the cashless payment market that all users desire to have,” the official stated further.

Ms. Divya Jain, Vice President and General Manager, Global Network Services, Asia and South Pacific Growth Markets, American Express told International Finance, “Vietnam is one of the fastest growing economies in Southeast Asia and presents an opportunity for American Express to expand our brand with new products and services through partnerships. The new cashback product is part of our overall strategy to work with bank partners like VIB to grow attractive portfolios and drive more volume for the American Express network.”

Empowering Cardholders To Personalize Their Card Style

Different from other credit cards, VIB’s Super cardholders can customize the card features according to their own needs, apart from having the ability to choose features like receiving bonus points or cashback of up to 15% during the transaction, along with up to 1,000,000 VND per statement period. The cardholder can also change his/her spending category whenever needed.

VIB’s Super cardholders will have the freedom to choose their own last five digits of their card number for that extra personal touch, while having the choice to set a statement date on a monthly basis, which will suit their actual need of time to pay their credit card bill. After the change, the new statement date will remain effective for the next monthly period for the cardholders.

“Cardholders can choose the minimum payment amount. This privilege can be leveraged for the first 6 statement periods. This makes it more convenient for cardholders to balance their monthly spending,” Vietnam International Bank said.

“With the competitive advantage of 100% digitization of the registration and approval process for credit cards from VIB, the Super Card is shaped as a pioneering digital card in Vietnam. From registering to opening a card, selecting features and changing categories during the whole life of the Super Card, cardholders can fully and proactively do it on our mobile banking application MyVIB 2.0,” it added further.

Leading The Card Race In Vietnam

In the Southeast Asian country, Vietnam International Bank has been occupying the top place in terms of card growth rate and spending on cards for many years. By the 2022 end, the number of credit cards issued by the financial venture exceeded the half-a-million mark, registering an increase of 5.5 times compared to 2019.

“Total spending of Vietnamese through Vietnam International Bank credit cards grew 8.5 times, from 700 billion VND/month (30 million USD) in 2019, to 6,000 billion VND/month (more than 2.7 billion USD) in 2022,” the venture added.

“This impressive result comes from VIB’s strategy of leading card trends and continuously enhancing outstanding incentives for card users, digitizing the card payment experience, and always pioneering the application of the most modern technology for designing credit cards since 2019. With a leading position in card trends, VIB has made a significant mark when pioneering cashless payment trends based on leading technology in terms of customer-centric strategy,” the bank noted further.

On behalf of VIB, Ms Tuong Nguyen told International Finance, “A partnership with global brand American Express will help us to continue to lead card trend in Vietnam via launching ingenious, unique card products and satisfy most customers who want to improve the quality of their spending and level up their lives.”

Being the leading retail bank in Vietnam with over 27 years of development, credit card has remained one of VIB’s core businesses, besides home loans, auto loans, business loans, and bancassurance, which is focused on promoting when the bank implements its transformation strategy.

As of September 2023, Vietnam International Bank has nine different credit card lines with new and highly personalized features to catch up with the smart spending trends of Millennials and Gen Z generations, apart from meeting other life needs like travel, shopping, online transactions, family spending, instalments and vehicle refuelling.

In this background, the strategic partnership with American Express, whose globally integrated payments solutions are known for providing customers unmatched access to financial products, insights and experiences that enrich lives and build business success, will ramp up Vietnam International Bank’s ‘Card Game’ further.

The post With ‘Super Card’, VIB-American Express partnership looks to redefine Vietnam’s ‘Credit Game’ appeared first on International Finance.

Jason brings a proven track record of leading international teams in countries across Europe, Asia and North America, working for companies such as Sony, Virgin, HMV and Universal. He takes the helm from Rob Groombridge, who has moved into his new role as Managing Director of joint venture company tappit Africa (PTY) Ltd., in South Africa.

Jason was previously Chief Commercial Officer at the Sappaya payments group, and part of the executive team at Ticketscript that brokered a multi-million dollar trade sale to San Francisco based ticketing company Eventbrite. He was also Head of Ticketing at HMV, leading the department to annual turnover of over £10mn. Jason specialises in business transformation and strategy implementation in disruptive technology, e-commerce, business intelligence and data driven industries.

Speaking about his new position at tappit, Jason explained: “As a huge music and sports fan, I’m thrilled to bring my technology and ticketing experience to tappit as we embark on a period of significant growth in international markets. Every sports game I go to I despair at the customer experience we still put up with – constantly queuing and searching for money for the car park, club shop, programmes, food and drink.

“There is a better way today: tappit provides simple, secure technology via cards and wristbands, that easily avoids these fan pain-points, enabling event operators to focus on providing the best possible fan experience, and enjoy the rewards that come with it.”

Cashless payment experiences, already common in the German Bundesliga and Rugby 7s events, are fast becoming an integral feature of events around the world. tappit makes fans’ payments as convenient as possible, improving the visitor experience, increasing revenue and improving loyalty. Operators benefit from improved cash management and optimised reconciliation, while receiving a wealth of payment information on fans’ spending habits, enabling them to improve future events and experiences.

The post Customer experience payment expert tappit appoints Jason Thomas as CEO appeared first on International Finance.