Digital bank Cake by VPBank (Cake), the on-demand multi-service consumer platform from Be and Visa – the world’s leader in digital payments – is releasing Vietnam’s first collaborative co-branded credit card product.
With the technological platform of Cake, Be-Cake Visa credit card applications are approved instantly. This enables clients to begin shopping online even before receiving the physical card.
Notably, cardholders will get a 20 per cent refund – the highest on the market – for payments on the Be app and refunds for spending at other merchants. In addition, cardholders can convert transactions into instalments and even set up an automatic payment schedule through their Cake account.
Visa Country Manager for Vietnam and Laos Dung Dang said, “The new Be-Cake Visa credit card was designed for the modern Vietnamese. It was made primarily for Gen Z and young professionals who we know are striving to get the most value for money.”
“We are proud to launch the market’s very first collaborative card that offers consumers the best of three worlds; the speed and security of Visa digital payments, the versatility of Cake digital banking, and Vietnam’s top multi-service ecosystem managed by Be Group,” added Dang.
Cake empowers clients to manage their daily expenses through free-of-charge digital banking while offering them extensive personalisation options to attract more than 2 million users.
Quang Nguyen, CEO of Cake by VPBank stated, “Cake is proud to be one of the rare digital banks capable of issuing international credit cards within our second year of operation. With the Be-Cake credit card, Cake becomes the first digital bank in Vietnam which provides a comprehensive selection of necessary financial services, including payments, savings, lending, micro-investments, and credit cards.”
“It takes only two minutes and a national identity card to register and be issued a card. Cardholders can immediately begin using their new card, something no other digital bank in the market can currently offer. The virtual card can be used right away after issuance and can be linked with the Be app, allowing users to book rides or other services on Be and receive a 20 per cent cashback. Additionally, by choosing a card design that suits your own preferences, Be-Cake transforms transactions into wholly personal experiences,” he added.
|The Be-Cake Visa credit card offers many exclusive benefits without annual fees and the highest cashback rate on the market at 20 per cent. |
The launch of the Be-Cake co-branded credit card also shows the strength of Be Group’s open technology ecosystem. After nearly four years of operation, Be has expanded beyond ride-hailing to create an on-demand, multi-service consumer platform offering transportation, delivery, shopping, travel, and telecom services.
By partnering with Visa, Be is proving its ability to scale its business model quickly to compete effectively and better serve users in Vietnam.
Yen Vu, CEO of Be Group shared, “Be Group aims to become the leading on-demand, multi-service consumer platform to provide various services to Vietnamese customers. In the fintech landscape, we have pioneered digital driver lending and are now launching the first co-branded credit card between an on-demand, multi-service consumer platform and a digital bank. We will continue to develop more exclusive products to offer Vietnamese customers unique experiences.”
Visa’s latest Consumer Payment Attitudes study highlighted a growing momentum for digital payments among Vietnamese consumers.
More than 80 per cent of consumers now use cards, with around 50 per cent foreseeing going fully cashless when paying for taxis and ridesharing, 44 per cent when retail shopping, and 43 per cent when buying food and dining.
Virtual banking awareness in Vietnam is high (77 per cent) with a majority (88 per cent) showing interest in using digital banking services.
“The cashless momentum is strongest among young consumers from Generations Y and Z,” said Dang. “With the Be-Cake Visa credit card, we aim to foster the ongoing shift towards a cashless society, supporting the most prevalent payment habits of local consumers.”
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