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FE Credit and Mastercard Launch the First Digital Credit Card Solution for Vietnam

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FE CREDIT launches MPlus+, a unique digital credit card delivery solution which allows card holders to commence their cashless journey before the physical card is delivered

Vietnams VPBank Finance Company Limited (FE CREDIT) starts with the MPlus+ Card, a unique digital credit card solution as an extension to the existing range of physical card products focused on category entrants.

Issuing to first-time card users across Vietnam, FE CREDIT has a unique challenge where cardholders in far-flung provinces sometimes receive the physical card almost 15 days post-approval.

To bridge this, FE CREDIT has created this unique digital card solution – ‘MPlus+ Card‘. Securely delivered to the cardholder’s registered mobile immediately upon card approval, MPlus+ enables cardholders to commence their cashless journey for e-commerce and card not present transactions instantly.

Mr. Kalidas Ghose, CEO of FE CREDIT said,

“As a market leader FE CREDIT aims to be the issuer of choice for mass-market customers. MPlus+ Card is another example of this endeavour.”

Mr. Arn Vogels, Country Manager, MasterCard, said,

“We are very excited with the launch of the MPlus+ program, the first digital delivery of a credit card in Vietnam.  The key benefit is that consumers will be able to start making online purchases and enjoy MasterCard offers immediately, whilst the delivery of the card will take several days.”

posted May 18, 2018 by Jonathan Little

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Mastercard says it will launch Mastercard Send in the UK. Mastercard Send is a payment service that allows financial institutions, FinTechs, digital customers and other businesses to send real-time payments to UK bank accounts and also to receive payments by the same means.

Mastercard faces £14 billion anti-competitive card fees claimThe service will connect to the Faster Payments network enabling a variety of use cases such as peer-to-peer (P2P) payments and business-to-consumer (B2C) disbursements.

The new service follows Mastercard’s purchase of Vocalink in 2017, and embodies its vision of a world, not only beyond cash, but beyond cards as well.  This will enable a broad range of payment types including the latest generation of real-time account-based payments, while maintaining an unerring focus on delivering the best possible customer experiences. By integrating Vocalink technology, Mastercard Send will provide an unparalleled payment solution that offers greater choice and convenience to its customers, starting in the UK.

Mastercard has chosen Starling Bank as its strategic partner for settlement services in the UK. Starling manages the funds that are to be disbursed before they are pushed to individual accounts via Faster Payments.

Julian Sawyer, chief operating officer of Starling Bank, a leading challenger bank, said:  “Starling Bank is the only provider of real-time access to faster payments in the UK. This partnership will open up new commercial and business opportunities for Mastercard clients as it enables them to make and receive payments instantly.”

The first UK customer for the service will be Income Group, a payroll-focused payment provider that enables businesses to significantly improve the efficiency and reduce the costs associated with running a payroll by reducing the time taken to pay employees down from days to real-time.

“Mastercard Send will make payments much easier for users, and deliver better value to a diverse range of banks and businesses who regularly make disbursements. Existing direct-to-bank-account solutions – even those using Faster Payments – are often batch-based and hence less timely, giving businesses a real headache when it comes to disbursement of funds,” said Mark Barnett, divisional president of Mastercard in the UK.

Income Group is a perfect example of an innovative new business that is looking to bring the benefits of real-time payments to a wide range of businesses and their employees. Income Group has developed a real-time payroll payment process that enables businesses to send their payroll payments ‘just in time’ rather than several days in advance, providing significant working capital benefits to these businesses.

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Vietnam Technological and Commercial Joint Stock Bank (Techcombank), which raised $922 million via an IPO last month, has announced that it has completed the sale of 64.4 million treasury shares to investors, equivalent to 5.58 per cent of charter capital. The bank told local media that the second treasury share sale was conducted between April 27 and May 7 through the State Securities Committee. At an average transaction price of VND 128,000 ($5.6) apiece, Techcombank is said to have earned VND8.43 trillion ($370.9 million) from the sale of treasury shares. The Hanoi-based bank had earlier completed the first sale of 93.2 million treasury shares at the average price of VND91,000 ($4) to investors, following its plan to sell over 158 million treasury shares to investors announced by chairman Ho Hung Anh at the firm’s annual shareholders’ meeting on March 3. Warburg-backed Techcombank had successfully sold more than 164 million shares, equivalent to 14 per cent of its charter capital, to institutional investors via its IPO. At the final price of VND128,000 ($5.62) per share, the bank mopped up VND21 trillion ($922 million) and was valued at $6.5 billion. At this valuation, Techcombank’s market capitalization is even greater than that of The Bank for Investment and Development of Vietnam (BIDV) and Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), whose charter capital is three times higher in comparison. Techcombank’s IPO had attracted many foreign investors, including Singapore’s GIC, Dragon Capital and Fidelity Management. Global private equity major Warburg Pincus had in March agreed to invest over $370 million in the bank, marking the largest ever PE investment in Vietnam to date. The transaction brought Warburg’s total commitment in the country to over $1 billion. The 25-year-old Vietnamese bank provides a broad range of banking products and services to more than 5.4 million customers in the country. It is poised to commence trading on the Ho Chi Minh City Stock Exchange (HoSE) on June 4.
 

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Payments giant Mastercard is exploring the use of public blockchains in securely verifying payment cards at the point of sale, public documents show.

According to a patent application filed with the U.S. Patent and Trademark Office (USPTO) and released on Thursday, Mastercard has come up with a conveyance and retrieval processes to verify users' payment credentials over a "publicly accessible blockchain."

The document explains that the two-way method first encodes an image of a payment card and then stores it on the blockchain after encryption with a public and private key. Upon a retrieval request when a payment is being made, the system will use the provided private keys to decrypt the image so it can be verified.

By integrating this system with point-of-sale devices, Mastercard says that transactions would be secure, as the card need not be physically presented, and users need not be concerned about their payment credentials being "skimmed" from the payment device.

Mastercard stated in the document:

"The transaction may be conducted via the display of a machine-readable code to the point of sale device, which may further prevent skimming as the reading of such a code can be more easily controlled via control of the underlying display; the display can be easily shielded and is often obscured when in a pocket or purse."

Although whether an actual product will arise from the concept, the work marks a notable effort by Mastercard to utilize a public blockchain to potentially improve a common issue with its core card business. According to some sources, card skimming at ATMs and point-of-sale across all providers sees around $2 billion stolen per year globally.

In addition, another blockchain-related exploration by Mastercard was also revealed in yesterday's patent update, which seeks to build a blockchain to allow consumers to broadcast their travel itineraries and reservation requests to merchants.

Since the broadcasted information will remain visible to the public, it gives merchants the chance to bid for potential customers over the blockchain, potentially changing the existing model of hotel and air ticket aggregators.

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MasterCard will use Facebook Messenger to provide technology to small businesses in Africa and Asia in an attempt to drive affordable acceptance of electronic and mobile payments, according to a press release. 

The company made the announcement at the annual Mobile World Congress in Spain.

The Messenger experience will launch in Nigeria, where MasterCard will pilot a new Masterpass QR bot to help business owners move beyond cash transactions to accepting QR payments, according to the release. Ecobank and Zenith Bank will support this inaugural program. The pilot in Nigeria is the beginning of a larger plan by the two companies to include more businesses into the digital economy.

"Every business owner is looking for ways to increase sales and draw new customers into their stores. By offering QR-based digital payments, smaller retailers can achieve these goals and create greater customer stickiness with little to no investment beyond the phone they already have," Jorn Lambert, executive vice president for digital channels and regions for MasterCard, said in the release. "Masterpass QR opens up new commerce channels for these merchants and enables them to create auditable transaction records. These advances open doors to other financial tools and products such as loans to drive added business growth."

To get started, businesses can send a request to the bot to enable QR payments, receive approval from the bank, set up an account and start accepting digital payments in a fast, simple and secure manner. Once the account set up process is complete, business owners can print and display the QR code in their stores or save the code on their phones. Customers can pay by either scanning the code from their smartphone or by entering the merchant ID associated with the QR code into their feature phone, according to the release.

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                                                          VERIME AND MARITIME BANK

VeriMe is a Singaporean blockchain based verification-as-a-service platform that facilitates other organizations in easy and fast user authentication. The platform relies on the secure, high speed working of blockchain to give its clients a cheaper and unparalleled service, allowing them to concentrate on their core services and let VeriMe take care of the working behind the verification of customers or other services.

VeriME offers two types of services, namely D-KYC and D-Secure. D-KYC is a digital identity verification system that performs Know Your Customer background checks for institutions, requiring no hectic and tedious form filling and document submission. D-Secure is a payment authentication service designed form merchants and banks, allowing them to process customer requests with ease. D-Secure, like the KYC counterpart, does not require face to face meetings or heavy document filing.

Maritime Bank, as one of the largest banks in Vietnam, has a broad base of clients and handles a lot of transactions and new customers in a day. By partnering up with VeriMe, the bank’s user and payment verification system load is transferred to VeriMe. The quick services of VeriMe ensure that no matter how much the processing load from Maritime is, it can deliver the quickest of verification services. Maritime benefits a lot as verification time for its services will drop significantly.

Maritime Bank is not the first Vietnamese bank that has partnered with VeriMe. Previous partnerships with Military Bank and CFC exist, giving their combines 5,000,000 plus users an easy way to verify themselves and the online purchasing done by them.

WHY VERIME?

VeriMe, as a blockchain platform, offers a many-fold increase in speed of verification of individuals and payment services by providing a cost effective, high level of data protection, document free and third party free system. Traditional procedures are slow and tedious, involving a lot of paperwork, inflexible rules, unsecure and money intensive. VeriMe does away with all the clutter and smoothes the experience.

VeriMe has already partnered with more than 30 organization around the world, providing services to more than 300,000 merchants and their respective consumers. The platform is in talks with ASEAN member country partners for expanding in other geographical locations.

VERIME’S VME

The authentication and the verification process of the VeriMe platform is paid for through its its internal token, the VME. It has recently completed a successful token generation event with more than 106,500,000 VME grabbed by early investors. The event saw 1 ETH being traded for 3000 VME.

For more information about the Verification as a Service platform, visit their websitehttps://www.verime.mobi/home

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