May 24, 2023: LPBank and UnionPay sign MOU

On the afternoon of May 24, in Hanoi, Lien Viet Post Bank (LPBank) and UnionPay International Company (UnionPay) signed a memorandum of understanding on expanding the network of issuing and using international payment cards.

LPBank and UnionPay signed a memorandum of understanding on expanding the network of issuing and using international payment cards.

The signing ceremony marks UnionPay becoming a strategic partner to help LPBank access high-quality payment products and services and serve the largest number of cardholders in the world. Thereby, ithe position of LPBank’s cards has been improved by successfully connecting with leading card organizations such as Visa, Master Card, JCB and UnionPay.

The cooperation between LPBank and UnionPay will enhance the strength of both parties in developing the number of UnionPay Cards in Vietnam through two products: International Virtual Debit Card and International Credit Card, which enables millions of customers to make card payments at payment acceptance points such as: ATM, POS, UnionPay QR Code, contactless payment.

Through the cooperation, LPBank also became one of a few banks in Vietnam which deploys QR Code payment method by UnionPay International Virtual Debit Card. Thereby, cardholders will be connected to a large network of payment acceptance points in 181 countries and territories.

With UnionPay International Credit Card, cardholders will receive maximum support from LPBank’s superior credit policies along with exclusive and distinct incentive programs only applicable to UnionPay Card and access to a large network of payment acceptance points nationwide and worldwide, using a variety of card payment methods such as Contactless, buy now pay later etc.

Speaking at the Signing Ceremony, LPBank representative believed that the development cooperation in QR Code payment with UnionPay would promote the competitiveness of LPBank in terms of the  network of more than 1,200 transaction points nationwide, a large customer base and potential customers from global UnionPay cardholders, marking an important step for LPBank and UnionPay in expanding the digital payment network in the international market, contributing to promoting the cashless payment trend which is growing strongly.

With its experience and strength, UnionPay also committed to accompanying with LPBank in expanding and developing creative payment solutions, bringing a comprehensive and wonderful digital payment experience to customers of both parties.

With intensive and comprehensive transformation, LPBank is ready to materialize its goal of becoming the leading retail bank in Vietnam. In the period of 2023 – 2028, LPBank will continue to promote digitalization, improve the quality of products and services, expand the network and cooperate with with reputable financial institutions to complete the modern digital ecosystem to serve customers the best.