The National Payment Corporation of Vietnam (NAPAS) and Mastercard, in collaboration with six Vietnamese banks, have launched the country’s first co-badged payment card.
The new product allows users to make transactions both locally and abroad using a single card.
The participating banks are Agribank, BIDV, TPBank, Nam A Bank, PVcomBank, and Vikki.
The launch follows a memorandum of understanding signed in October 2024 between Mastercard, NAPAS, and nine Vietnamese banks to expand digital payment services in the country.
By combining Mastercard’s global acceptance network with NAPAS’s local infrastructure, the co-badged card aims to meet growing demand for seamless payments across shopping, travel, education, and global business.
The card is accepted at over 650,000 domestic points of sale and 20,000 ATMs in Vietnam, and at more than 150 million locations and 1 million ATMs globally.
It features a dual-chip architecture that integrates NAPAS’s VCCS technology for domestic payments and Mastercard’s M/Chip for international use.
It supports contact and contactless transactions and complies with global security standards, including multilayer authentication.
Issuing banks can offer the card in various tiers, including Classic, Platinum, and Standard, and the card is compatible with all major channels such as ATMs, point-of-sale terminals, and online platforms.
Consumers can find more details on the official websites of Mastercard, NAPAS, or by contacting the participating banks.
Winnie Wong, Country Manager, Vietnam, Cambodia and Laos, Mastercard, said,
“By partnering with NAPAS and leading financial institutions, this initiative reinforces the long-standing commitment to promoting financial inclusion and innovation in Vietnam.
The launch of the co-badged card marks a significant step forward in offering secure, efficient payment solutions tailored to the Vietnamese market, supporting inclusive economic growth in this digitally driven era.”
Nguyen Hoang Long, Deputy General Director of NAPAS, said,
“In addition to existing products such as domestic debit and credit cards, the launch of the NAPAS – Mastercard Co-badged card will help expand the payment capabilities of domestic cards to international markets, providing a seamless payment experience with no geographical limitations for NAPAS cardholders.
We expect this product to better meet the needs of shopping, travel, education, and more for all consumers— particularly for those who seek advanced technology with robust security and privacy features, as well as flexible payment solutions for both domestic and international transactions.”
Featured image: Edited by Fintech News Singapore, based on image by the State Bank of Vietnam
