Home Credit receives the Visa Award for the third year in a row

The annual Visa Award recognises industry-leading excellence and financial institutions’ contributions to developing Visa's payment services in Vietnam. “The Visa Award acknowledges Home Credit's enduring contributions to introducing and improving credit card payment solutions,” said Roman Knaus, Head of CRM & Products at Home Credit Vietnam.

Roman Knaus, Home Credit Vietnam’s Head of CRM and Products received the trophy from Visa

Home Credit won the Visa Award 2022 thanks to its impressive user growth in 2022, issuing more than 400,000 cards and achieving 100 percent year-on-year growth.

Benefits of the Home Credit cards include up to 10 percent cashback when shopping, no fees for active users, 45 days of zero interest rates, and many other incentives from more than 9,000 partners. Additionally, customers can easily view these perks, control their card spending and manage payments on the Home App.

According to the Payment Department of the State Bank of Vietnam, the country’s total number of cards reached over 110 million by the end of June 2022, a more than 22 percent increase over last year, and cashless payments are growing remarkably. A survey by Visa released in June found that 65 percent of Vietnamese people are carrying less cash in their wallets, and one-third say they will stop using cash post-COVID-19. Up to 76 percent of respondents answered that they use e-wallets, while more than 82 percent use cards.

Visa also pointed out that online shopping and cashless payment solutions are all likely to continue post-pandemic. Two-thirds of Vietnamese shopped online during the pandemic, and half of these made their first purchase through social networks. With contactless payment looking like the future trend, 90 percent of terminals in Vietnam are ready for this.

More than 80 percent of respondents said that they use cards, QR payments and e-wallets at least once a week. More than 50 percent have started using cards more often, while 64 percent say they have increased their use of contactless payments; 63 percent say the same about e-wallets.

Credit cards are gradually gaining popularity with Vietnamese users. Commercial banks and consumer finance companies have worked closely with international card giants like Visa and others to issue domestic credit cards.

Entering Vietnam’s market in 2008, Home Credit is now a pioneering digital financial provider, constantly improving service quality and offering leading financial solutions, especially credit cards. As a testimony to its digital transformation effort, Home Credit recently launched Home PayLater (a Buy-Now-Pay-Later service), partnering with many big merchants such as Tiki, OnePay, Meta.vn and others, to bring convenience to customers in the Vietnam market.