Tagit, a Singapore-based mobile banking solutions company, announced the launch of the first aggregated mobile banking service by leading Vietnamese payment switch operator, Smartlink.
Over 40 million domestic bankcard holders and 120 million mobile users in Vietnam are expected to benefit from Tagit’s Mobeix platform when Smartlink jointly deploys mobile services with the network’s growing base of member banks across Vietnam.
“More Vietnamese consumers are adopting the mobile lifestyle, so we’re putting mobile at the core of our strategy to ensure that we keep pace with what customers want. We are pleased to have Tagit as a partner in deploying this service in the market and providing a stable and secured platform that will enable our member banks and end customers the ease of making transactions and bill payments on their mobile devices,” comments Mr. Nguyen ??ng Hùng, deputy CEO of business development and technology at Smartlink.
Mobile penetration rate in Vietnam is estimated at 136%, according to a study by Pricewaterhouse Coopers, while smartphones penetration is relatively low at 11% based on statistics from GfK Asia, leaving room for growth for smartphones and mobile services in the market. With Vietnam ranked 25th among 35 countries in the MasterCard’s Mobile Payments Readiness Index, Vietnam’s mobile payments sector is slated to flourish in coming years.
The first bank to launch the mobile banking service in conjunction with Smartlink is Vietcombank, the largest member bank under the Smartlink network. The new VCB Mobile B@nking application allows customers to perform core banking transactions which include account information query, funds transfer within Vietcombank system, bill payments and top-ups for prepaid mobile services