MasterCard and Sacombank have announced a partnership to equip small merchants at the iconic Ben Thanh market in Vietnam with mobile Point of Sale (mPOS) terminals, enabling consumers to make card payments 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
Ho Chi Minh City’s Favorite and Oldest Wet Market Now Accepts Mobile Point-of-Sale Payments
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.
“In Vietnam, limited acceptance is one of the key factors that hinders the development of electronic payments,” says Arn Vogels, country manager for Indochina, MasterCard.
“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.”
“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,” adds Vogels.
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