Virtual prepaid card enables global online purchases for first time in Vietnam
20 June, 2013, London – Vietin Bank has chosen global payments solutions provider, Yalamanchili to provide the payment processing software behind its recently launched prepaid card, which, for the first time, enables consumers and businesses in Vietnam to make secure online purchases from any website that accepts Visa.
The virtual ‘E-Fast On Visa Prepaid Card’ has been developed to meet a growing demand from within Vietnam for a simple, secure and convenient way to pay for goods and services online from around the world. Visa and MasterCard penetration in Vietnam is low, meaning that online purchases from international websites are rarely possible. The ‘E-Fast On Visa Prepaid Card’, a one-time-load virtual card that can be purchased from the Vietin Bank website, answers this need. Consumers purchase the virtual card online using their existing credit or debit card, load it with their desired amount and can then make secure purchases via international websites, up to the value of the card.
Vietin Bank has integrated Yalamanchili’s payment processing platform into its existing infrastructure, enabling it to create and manage the product. The Yalamanchili platform allows Vietin Bank to debit any bank account that is supported by OnePay, an online payments and financial transaction processor, which provides the payment gateway for upwards of 15 banks in Vietnam. Vietin Bank’s virtual prepaid card is therefore available to a large percentage of the banking population in the country. Yalamanchili provides a next generation backend portal to Vietin Bank giving direct access to, and control over, product configuration down to individual card parameters in a controlled environment.
Ramkumar Sekar, President South East Asia & India Sub-Continent, at Yalamanchili, comments: “Prepaid is a key growth area for Asia with virtual and automated prepaid cards already helping businesses in the region with corporate travel and expenses management. We are proud that the Yalamanchili payment processing platform has enabled Vietin Bank to launch this virtual card which is opening up the world of e-commerce to both consumers and businesses in Vietnam.”
Yalamanchili’s payments processing solutions are in worldwide use across a wide range of sectors, including retail, banking, transit, corporate, telco, government and healthcare, bringing scalability, flexibility and support to emerging payments.
Notes to editors
Yalamanchili (www.yalamanchili.co.uk) is a leading provider of next generation customised, flexible, scalable and innovative banking and payment technology solutions. Founded in India in 1998, the company has expanded its services and now offers solutions for more than 100 clients around the world.
Focused in the retail banking area, Yalamanchili’s solutions enhance prepaid, debit, credit and commercial card issuing, acquiring, transaction processing and customer service delivery, via a fully-outsourced white-labelled service or a licensed software solution.
Yalamanchili has a world-class, parameter-driven issuing, acquiring and switching solution, which allows its clients to differentiate themselves from their competitors by reducing time to market for card payment products and addressing the growing demand for greater customer-centricity in the retail payments world.