News

Compass Plus, Agribank take the initiative on EMV implementation

February 14, 2017

Vietnam Bank for Agriculture and Rural Development, the second largest card issuer in Vietnam with an 18.8 percent market share, has updated its EMV network — including ATMs and POS terminals — which uses solutions from Compass Plus.

Agribank intends to use its new capabilities to provide customers with a more up-to-date, reliable card service, according to a press release.

"The EMV project has been a real breakthrough for our card services, and brings our offerings in line with the expected global standard for payment cards," said Tran Van Dung, card center director at Agribank, in the release. "By updating our entire EMV network, we remain a step ahead of our competitors and cement our position as one of the most innovative banks in Vietnam."

"With large portions of the world adopting EMV standards and contactless payments, it is good to see that Agribank has taken the initiative and is bringing its customers a truly modern service both in store and at the ATM," said Igor Simonov, sales and account manager for the eastern joint regional directorate at Compass Plus.

Agribank has used Compass Plus TranzWare solutions since 2007. The FI has more than 12 million customers and more than 19 million payment cards in circulation. The bank is the largest installer of ATMs in Vietnam, accounting for 15.6 percent of the market, the release said.