BCcard secures a strong foothold in Vietnam's card payments market

SEOUL, South Korea, June 16, 2021 /PRNewswire/ -- BCcard (CEO Choi Won-Seok), the biggest card payment acquirer in South Korea announced that it has acquired a 100% stake in Vietnamese POS terminal distributor Wirecard Vietnam¹ securing a strong foothold in Vietnam's card payments market.

Wirecard Vietnam, which had been acquired by BCcard, has the largest market share in the country, supplying payment terminals to more than 40 major Vietnamese banks and electronic payment companies.

This company is not only engaged in the distribution business, but also possesses exceptional software development capabilities. The company achieves higher level of client satisfaction than other POS distributors operating in Vietnam as it develops and supplies customized POS solutions catering to clients' specific needs.

Through the acquisition, BCcard plans to ▲ improve the competitiveness of Wirecard Vietnam services, ▲ provide integrated terminals that can accommodate various payment methods, and ▲ reduce costs through remote upgrading of the terminals.

In addition, by utilizing its vast know-hows and exceptional technology, BCcard plans to gradually enhance its service in order to provide various and convenient payment services to partners (banks and electronic payment operators) and customers in Vietnam.

President of BCcard Choi Won-Seok said, "In order to directly enter the Vietnamese market and secure stable business operations, we decided to acquire a 100% stake in Wirecard Vietnam." He also said, "We will strive to generate profits in various fields by diversifying our business structure, such as by entering overseas markets."  

Meanwhile, BCcard has been collaborating with various payment institutions such as NAPAS², LienVietPostBank³, and Sacombank⁴ to digitize the Vietnamese payments market since 2017.

Also, BCcard has affiliated its payment network with numerous national payment companies to allow each nation can use their domestic-only card or payment service at the other country without any international brand.

¹ Seller: Wirecard Singapore Pte Ltd., 100% ownership of Wirecard Vietnam
² National Payment Corporation of Vietnam: Payment intermediary network operator under the State Bank of Vietnam
³ LienVietPostBank: Owns the largest number of bank branches in Vietnam and has an exclusive post office network.
⁴ Sacombank: Bank with the largest share of the credit card market in Vietnam

SOURCE BCcard