On 7 June 2018 at the headquarters of BIDV, Mr. Bui Quang Tien, member in charge of the BIDV Board of Directors, and BIDV senior executive vice president Mr. Le Trung Thanh met with Mr. Wang Li Xin, vice president of UnionPay International (UPI) and his delegation

The two parties exchanged information about their respective business operations as well as development directions for retail banking, particularly in the field of bank cards in light of the fourth industrial revolution. The representatives from BIDV expressed the hope for the two to continue cooperation to expand the card acceptance system, develop QR payment technology, contactless cards and non-physical cards and look into the issuance of BIDV-UnionPay cards, thus contributing to the development of cashless payment in Vietnam.

 

UPI has issued 6 billion cards, representing 30 percent of the global market share. The company has 34 million merchants and 2.2 million ATMs, placing it just behind VISA and MasterCard in this respect. In Vietnam, UnionPay card has been accepted since 2005. To date, over 98 percent of ATMs and more than 80 percent of EDC POS of Vietnamese banks accept UnionPay cards. BIDV is currently the bank with the largest volume of UPI card acceptance in Vietnam.

 

BIDV expressed its belief that given the potential, BIDV and UPI will have more fruitful cooperation in many areas.