Sacombank mPOS causing a stir in Vietnam

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Soft Space is proud to see Vietnam embracing the mobile Point-of-Sales (mPOS) solution. With Sacombank mPOS now in the market, merchants are taking interest and implementing mPOS into their businesses. Vietnam has 68mil payment cards and 130,000 acceptance points today. With the adaptation of mPOS, it aims to reach a 250,000 acceptance points by end of next year.

Sacombank mPOS News Feature

Sacombank launched its mobile Point-of-Sale (mPOS) solution in Vietnam middle this year. A month after its initial launch, 300 mPOS terminals were deployed at Ben Thanh market and insurance companies, providing a key impetus for driving the adaptation of electronic payments and accelerating the country’s move towards becoming a cashless society.

Together with MasterCard, Sacombank is equipping small merchats at the iconic Ben Thanh market in Vietnam with mPOS terminals, enabling consumers to pay for their purchases using cards for the first time in its 100-year history. According to Sacombank’s representative, mPOS merchant acquisition is not as complicated and requires no sales in comparison to the regular Point-of-Sales solution.

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.”

It is said that mPOS is going to be a promising form of payment service that will stimulate the development of retails in general and e-commerce in particular in regards to the trend the consumer trend, in which prefers modern and safe payment methods.

“I feel assured. Firstly, with the mPOS solution, I make no mistakes in returning my customers change and secondly this makes foreign customers feel more secured,” says a merchant from the Ben Thanh market.

“Soft Space is thrilled with the development and adoptation of mPOS in Vietnam. We look forward to see the positive impact mPOS brings to small and large merchants in the coming years.,” says Chang Chew Soon, CEO of Soft Space.

Sacombank’s mPOS solution is powered by Soft Space.