Vietnamese lender Nam A Commercial Joint Stock Bank in collaboration with JCB International (JCBI), the international operations subsidiary of Japanese card firm JCB, has introduced a new card in Vietnam.

The new product, known as Nam A Bank – JCB Credit Card, can be used at the JCB acceptance network with approximately 30 million merchants across the globe.

Additionally, the cardholders can avail a number of benefits offered by Nam A Bank, special privileges at selected merchants, and customer service at JCB Plaza, an overseas service counter.

Furthermore, the platinum credit card-owners can get various other privileges, which include access to more than 73 airport lounges in Singapore, Korea, Japan, China, Hong Kong, Thailand and Vietnam.

The cardholders will also get round the clock global support through a free hotline when booking car rental, hotel, restaurant, and golf in Japan.

Nam A Bank is not charging any annual fee for the first year of the JCB Credit Card.

Nam A Bank, formed in 1992, is one of the first commercial joint stock banks established following the restructure regulation in Vietnam.

Credit cards in Vietnam gaining traction

Vietnam is a cash-dominated society, with consumers preferring to use cash for day-to-day transactions. Low banking penetration remains a major challenge for the adoption of electronic payments, with only 30.9% of the population having access to the formal banking system.

The number of credit cards in circulation rose from 3.3 million in 2014 to 9.0 million in 2018, accounting for 33.7% of total card payment value in 2018. With banks offering various incentives, credit card adoption and usage are anticipated to grow steadily over the forecast period.