Ho Chi Minh City’s Favorite and Oldest Wet Market now accepts Mobile Point-of-Sale Payments
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Ho Chi Minh City, 23 June, 2014 – MasterCard and Sacombank have announced a partnership which is equipping small merchants at the iconic Ben Thanh market in Vietnam with mobile Point-of-Sale (mPOS) terminals, enabling consumers to pay for their purchases using payment cards for the first time in its 100-year history.
As a result of this partnership, the Ben Thanh market in Ho Chi Minh, which previously operated on a cash-only basis, has become the first wet market in Vietnam to accept electronic payments. A month after the initial launch of mPOS with Sacombank, around 300 of such terminals have been deployed at Ben Thanh market and with insurance companies, providing a key impetus for driving the adoption of electronic payments and accelerating the country’s move towards becoming a cashless society.
Arn Vogels, country manager for Indochina, MasterCard said, “In Vietnam, limited acceptance is one of the key factors that hinders the development of electronic payments. Our collaboration with Sacombank extends the benefits of electronic payments to both merchants and consumers. Merchants who were previously unable to accept card payments now can use their own mobile phones as point-of-sale terminals to process card transactions, embedding them more firmly in the financial system. Meanwhile consumers who previously might have only carried cash now have more reasons to be banked and adopting electronic payments. This aligns with MasterCard’s strategy to make everyday payments safer, simpler, and more convenient for everyone, leading the way toward a world beyond cash.”
Mobile devices are rapidly transforming the payments experience, particularly at the point of sale, and not just for consumers but for merchants as well. Merchants, including door-to-door sales people and street vendors that have never accepted card payments are turning to mPOS solutions that help expand their customer base and sales. MPOS benefits businesses which are inherently mobile in nature (such as insurance agents and food delivery) as well as small businesses, due to the lower cost of acceptance and also because it enables them to offer the convenience and security of electronic payments to their customers.
“The State Bank of Vietnam has set the goal of increasing the number of POS terminals to 250,000 by 2015 and mPOS technology can help achieve this. MasterCard has and will continue to collaborate with banks and the Government to deliver on this goal,” added Mr. Vogels.
Hear from Vo Thi Ngoc Anh, a salesperson at Booth 986 of Ben Thanh Market, on her experience with going cashless.
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NOTE TO EDITOR:
MPOS is a compact card reader that can be plugged into smartphones and tablets, and functions as a card acceptance terminal over 3G or Wi-Fi connection. Payment with mPOS is as simple as 1-2-3.
- Connect the mobile card reader to your smart phone or tablet
- Insert or swipe on the reader and key in the transaction amount
- Cardholder signs on the phone screen and a receipt will be sent to the cardholder by eemail and SMS upon the completion of each transaction.
Payments made via mPOS are as safe and secure as those made via the traditional POS as data is encrypted according to the highest industry security standards. Statistics have shown that over 30 percent of the population is smartphone users, paving the way for mPOS as an innovative and economically viable payment solution – thanks to its low cost which is typically about one sixth the cost of a traditional POS.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardAP, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
Saigon Commercial Bank (Sacombank) has a charter capital of more than VND12,425 billion, total assets of more than VND160,000 billion and serves financial demands for over 2.6 million customers. The bank has network coverage all over Vietnam and two neighboring countries Laos and Cambodia with 424 transaction branches. In 2013, Sacombank was honored to be conferred the title of “Vietnam’s best local bank 2013” by Robb Report and be voted “Vietnam’s best retail bank 2013” by The Asset and International Finance Magazine. These achievements marked the maturity of Sacombank Imperial and are the motivation for Sacombank to continue to improve service quality and maintain its pioneer position in the provision of high class financial services while bringing the bank to a higher level by expanding its operations beyond Vietnam.
About Ben Thanh market
Ben Thanh is an iconic market in central Ho Chi Minh City. From a wet market created by street vendors in the early 17th century, Ben Thanh has experienced many ups and downs throughout its 100 years of history, and is now the oldest surviving market in Ho Chi Minh City and one of its iconic landmarks. That makes it a must visit for visitors travelling to this 300-year-old city. Teeming Ben Thanh and its surrounding streets comprise one of the city’s liveliest areas. Tourists can expect to find a wide range of goods including clothing, shoes, bags, jewelry, handicraft, textiles, ‘áo dài’ – a traditional Vietnamese costume – as well as souvenirs. Ben Thanh market is also well-known as the place to go to for authentic Vietnamese food.
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