Vietin Bank and Yalamanchili unlock international e-Commerce in Vietnam
Vietin Bank has chosen global payments solutions provider, Yalamanchili to provide the payment processing software behind its recently launched prepaid card, which, for the first time, enables consumers and businesses in Vietnam to make secure online purchases from any website that accepts Visa.
The virtual ‘E-Fast On Visa Prepaid Card’ has been developed to meet a growing demand from within Vietnam for a simple, secure and convenient way to pay for goods and services online from around the world.
Visa and MasterCard penetration in Vietnam is low, meaning that online purchases from international websites are rarely possible. The ‘E-Fast On Visa Prepaid Card’, a one-time-load virtual card that can be purchased from the Vietin Bank website, answers this need. Consumers purchase the virtual card online using their existing credit or debit card, load it with their desired amount and can then make secure purchases via international websites, up to the value of the card.
Vietin Bank has integrated Yalamanchili’s payment processing platform into its existing infrastructure, enabling it to create and manage the product. The Yalamanchili platform allows Vietin Bank to debit any bank account that is supported by OnePay, an online payments and financial transaction processor, which provides the payment gateway for upwards of 15 banks in Vietnam. Vietin Bank’s virtual prepaid card is therefore available to a large percentage of the banking population in the country.
Ramkumar Sekar, President South East Asia & India Sub-Continent, at Yalamanchili, comments: “Prepaid is a key growth area for Asia with virtual and automated prepaid cards already helping businesses in the region with corporate travel and expenses management. We are proud that the Yalamanchili payment processing platform has enabled Vietin Bank to launch this virtual card which is opening up the world of e-commerce to both consumers and businesses in Vietnam.”