Competition in the country’s credit card market has become stiff as more and more foreign and domestic banks as well as finance companies are competing to gain market shares. Nguyen Hoang Minh, deputy director of the State Bank of Viet Nam Branch in HCM City, speaking at a seminar on online payments, says the biggest advantage of non-cash payments are time savings, no transportation fees, and safer transactions. Credit cards are expected to grow as more than 70 per cent of the population are young and the country has the fastest growth in both income and spending in the region. Internet retail is also growing. Young consumers are quicker to adapt to new payment methods and are making the switch from cash to card transactions. Nguyen Hoang Minh, deputy director of the State Bank of Viet Nam’s branch in HCM City, said at a seminar on online payments that the biggest advantages were the economic benefits, including time savings, no transportation fees, and safer transactions. With credit cards, customers can borrow money without interest payment for 45 days. The country’s credit and debit card market is divided mostly among big domestic banks such as Vietcombank, BIDV, VietinBank, Sacombank and Techcombank…. Read full this story
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