Visa credit card organisation of Vietnam (Visa) has just released data on the growth rate of sales and the number of credit cards of nearly 30 credit card issuers in Vietnam. According to this report, Tien Phong Commercial Joint Stock Bank (TPBank) is recognised by Visa as one of the top three banks in terms of revenue growth and credit card numbers.
It can be seen that credit cards have now become a much more popular payment instrument thanks to the wide card payment acceptance system, more secure payment technology and the mitigated psychology of being “afraid of debt”.
According to a report from the Vietnam Bank Card Association, by the end of 2018, the number of cards in circulation nationwide reached over 86 million, an increase of 12 percent compared to 2017. Of which, international card growth was higher than domestic cards, at 17 percent compared to 11 percent. International card usage also continued to rise, reaching 44 percent in 2018, accounting for 17 percent compared to 2017 at 13 percent.
In TPBank, in the past four years, the growth rate of credit cards has also increased strongly in both quantity and revenue. A statistics shows that compared to 2014, the number of TPBank’s credit cards by the end of 2018 has increased nearly seven times while the card’s revenue has increased more than 10 times.
In particular, according to data reported by Visa, in the first quarter of 2019, TPBank had a remarkable growth compared to the whole market of card products. Accordingly, the number of cards in the market increased by 16 percent while in TPBank, this figure was 70 percent, equivalent to the growth rate in TPBank 6 times higher than the market. In addition, the revenue generated from TPBank’s credit card was nearly double that of the market at 55 percent compared to 34 percent.
Nguyen Hunggeneral director of TPBank said that this achievement came from many factors, especially because “TPBank’s reach to customers is expanding, towards young people. In addition to the preferential programmes on interest and service fees, one of our other strengths is to serve customers 24/7, helping customers access the service at any time. ”
Outstanding productssuperior digital technology
With the orientation of becoming a pioneering bank in terms of cards, diversifying products, making a difference in the market, currently, TPBank’s reach is spreading in many customer segments. In each segment, TPBank has a thorough research on customer behaviour to provide suitable products such as FreeGo card products for travel lovers and Mastercard World products for high-end customers.
Especially, with the new FreeGo card launching earlier this year, TPBank also designed MyGo applicationthe leading application of technology for young people, allowing customers to perform all operations from card registration to using, managing and receiving deals on the app. Products after the launch have received positive feedback from the market.
For all the products, the bank has a thorough investment in product policies, attractive incentives as well as digital technology platform to bring the best experience to customers. For example, previouly, after opening the card, customers would have to wait a long time to receive a paper PIN. With ePIN (electronic PIN), after receiving the card, TPBank cardholder can receive PIN, activate the card and use the card immediately by sending a message to the operator.
TPBank is also the first bank to deploy contactless chip cards in Vietnam. This technology helps customers optimise utility, shorten payment time, better protect card information and minimise the risk of card fraud because cardholders can simply tap the card into the card reader instead of traditional card swipe.
TPBank credit card holders also apply the most advanced security technology such as 3D secure to help customers have one more security step when making online payment.
It can be seen that this achievement comes from TPBank’s relentless efforts to understand customer needs to make changes in customer access and care policies as well as bring new lines of cards with superior facilities, aiming at the right target customers need.
