MasterCard and Sacombank Enable mPOS Transactions at Ben Thanh Wet Market in Vietnam

MasterCard and Sacombank are equipping small merchants at the iconic Ben Thanh market in Vietnam with mobile Point-of-Sale (mPOS) terminals, enabling consumers to pay for their purchases using payment cards for the first time in its 100-year history.

As a result of this partnership, the Ben Thanh market in Ho Chi Minh, which previously operated on a cash-only basis, has become the first wet market in Vietnam to accept electronic payments.

A month after the initial launch of mPOS with Sacombank, around 300 of such terminals have been deployed at Ben Thanh market and with insurance companies, providing a key impetus for driving the adoption of electronic payments and accelerating the country’s move towards becoming a cashless society.

Arn Vogels, country manager for Indochina, MasterCard said, “In Vietnam, limited acceptance is one of the key factors that hinders the development of electronic payments. Our collaboration with Sacombank extends the benefits of electronic payments to both merchants and consumers. Merchants who were previously unable to accept card payments now can use their own mobile phones as point-of-sale terminals to process card transactions, embedding them more firmly in the financial system. Meanwhile consumers who previously might have only carried cash now have more reasons to be banked and adopting electronic payments. This aligns with MasterCard’s strategy to make everyday payments safer, simpler, and more convenient for everyone, leading the way toward a world beyond cash.”

Mobile devices are rapidly transforming the payments experience, particularly at the point of sale, and not just for consumers but for merchants as well. Merchants, including door- to-door sales people and street vendors that have never accepted card payments are turning to mPOS solutions that help expand their customer base and sales.

MPOS can dramatically benefit businesses which are inherently mobile in nature (such as insurance agents and food delivery) as well as small businesses, due to the lower cost of acceptance and also because it enables them to offer the convenience and security of electronic payments to their customers.

“The State Bank of Vietnam has set the goal of increasing the number of POS terminals to 250,000 by 2015 and mPOS technology can help achieve this. MasterCard has and will continue to collaborate with banks and the Government to deliver on this goal,” Mr. Vogels added.