Vietnamese bank using national digital ID for online credit card applications

In line with Vietnam’s digital identity transformation push, Vietnam International Bank (VIB) has become the first bank in the country to issue credit cards through online applications using information from the national digital identification and authentication system (VNeID). With citizen consent, VIB can now process credit card applications through the VNeID app, which now serves nearly 1.9 million users daily, Vietnam News reports.

The new system streamlines the credit card application process for Vietnamese citizens, while also focusing on data security. By directly connecting to the Ministry of Public Security’s identification system, VIB aims to reduce risks related to fraud and unauthorized lending. Additionally, the bank claims that the system only shares personal information with citizen approval.

Tường Nguyễn, head of VIB’s card business division, states that the new online process will improve payment experiences for citizens. Individuals with a level-2 VNeID account can apply for a credit card and receive the card within 15-30 minutes. VIB approves applications after verifying data shared through the app.

Applicant requirements include being at least 20 years old, having a stable income, or being a university student in their third or fourth year. The application process involves steps on the VNeID app, followed by final approval on VIB’s website.

Since the end of September 2024, VIB has issued 800,000 credit cards, an increase compared to six years ago. The bank has also seen growth in customer spending, which reached $4 billion in 2023, positioning VIB as a leader in the Mastercard market in Vietnam.

VIB’s credit cards are known for various benefits, including cashback, travel rewards, and family spending perks.

Recently, Vietnam unveiled the integration of its digital ID and tax system in a move that let all of its taxpayers log into the country’s online taxation platforms with their e-ID by 2025.

Article Topics

banking  |  biometric authentication  |  biometrics  |  digital ID  |  national ID  |  Vietnam  |  VNeID