PVcomBank launches service to boost non-cash payments

PVcomBank, the Vietpay Technology Company Ltd under Nexxo SG Private Limited from the UK, and Visa have officially launched a multi-channel merchant acquisition service to contribute to the development of non-cash payments in Vietnam.

Banks, financial intermediaries, and businesses have made various efforts to provide modern e-payment solutions but the market has too many different offerings, making businesses consume resources and costs in connecting and accepting payment processing and operating services.

This is not only a problem that needs to be resolved for the banking and finance industry but also for businesses using the service, to ensure effective cash flow control and promote business.

To bring the most modern and convenient solutions to customers, PVcomBank and Vietpay have launched the service to meet the payment needs of both domestic and international card companies. With significant support from Visa, they have been accelerating the launch of the service among card acceptors in Vietnam who are small businesses, allowing them to connect and accept cashless payments via measures such as POS, e-commerce, QR codes, e-invoices, and Soft Pos.

The cooperation marks an important step forwards in regard to payments thanks to the use of Electronic Know Your Customer (eKYC) and Optical Character Recognition (OCR) to read text data in an image format.

On the Client Apps built and developed by Vietpay, merchants can actively provide documents and update procedures to open an account PVcomBank and Vietpay offer in just one automated processing flow. With this, merchants can enjoy a full service, from installing to managing an account on one app.

Mr. Nguyen Viet Ha, Deputy General Director of PVcomBank, said that in a society where non-cash payments are gradually becoming a habit and an essential need, financial solutions, payment gateways, and payment services have become an important and inseparable trio. PVcomBank therefore strives to provide comprehensive solutions instead of separate products and services.

“Thanks to the support from Vietpay and Visa, PVcomBank launches the multi-channel payment gateway today,” said Mr. Ha. “Together with PVcomBank’s companions, I hope that Vietpay and Visa will have a long and sustainable future in Vietnam.”

Similarly, Mr. Nebil Ben Assia, Chairman and General Director of VietPay, said it believes that PVcomBank is the most suitable partner for the company in achieving its mission and commitments in the market. “We are also grateful for Visa’s support for our initiatives in digital finance and digital banking in Vietnam,” he said. “We plan to introduce our products in partnership with PVcomBank.”