Visa awards Shinhan Bank for efficiency, cashless payments

Shinhan Bank Vietnam has received three awards from International Visa Card Association in commercial product operation, commercial payment, and credit payment aspects.

The awards include the "Leadership in Operation Excellence for Commercial Product 2021”, "Leadership in Commercial Payment Volume 2021" and "Leadership in Credit Payment Volume 2021".

The awards are well-deserved acknowledgment for Shinhan Bank's ongoing efforts to operate efficiently and optimize cashless payment methods through research and utility card issuance incorporating innovative technology, the Korean creditor said in a release.

Specifically, the "Leadership in Operation Excellence for Commercial Product 2021” award compliments Shinhan Bank's outstanding achievements in operating, researching and creating new product lines for business products, in order to assist businesses in deploying solutions to manage business card spending effectively and optimally.

The "Leadership in Commercial Payment Volume 2021" and "Leadership in Credit Payment Volume 2021” awards acknowledge the bank's achievements in improving service quality and implementing cutting-edge card technology to boost non-cash payment methods.

Kang GewWon, CEO of Shinhan Bank Vietnam said, "The awards will be a significant motivator for us to continue developing convenient card lines and upgrading card payment techniques in order to offer clients a friendly and secure payment experience."

"We can see a clear change in the payment habits of Vietnamese people recently. In response to highly stringent convenience and security requirements, user demand for "contactless" payments is expanding," GewWon said, citing Visa's latest research showing about 76% of Vietnamese customers are using e-wallets, and card users account for up to 82%.

"To meet the criteria of customers in the process of performing card transactions, in the coming time, we will actively promote the research and launch of convenient card product lines, integrated with the convenient touch payment feature of the chip according to EMV standards, in order to secure transaction information and avoid counterfeiting or copying. The most recent 3D Secure service version 2.0 will be used, assisting in the identification of clients for online financial transactions," he added.

Shinhan Bank stated that it will continue to optimize the Mobile Banking SOL ecosystem to achieve effective digital transformation through the introduction of convenient digital financial products and services on this platform.

In particular, the lender will provide an online card opening service directly on the Mobile Banking SOL application soon, allowing consumers to save time and be proactive in executing transactions when compared to traditional at-the-counter card opening.