CyberSource, a Visa company (NYSE Code: V) and one of the world's largest providers of eCommerce payment management services, today announced an agreement with Sacombank, one of Vietnam's leading retail banks, to provide payment and fraud prevention solutions to support the bank's merchant customers amid rapid growth in online sales.
The deal, signed 27 June, allows Sacombank to extend its service portfolio by enabling its merchant customers to adopt eCommerce best practices and market-leading technology. For CyberSource, the deal follows several recent agreements to provide transaction and fraud prevention solutions to businesses in the region.
"This agreement with Sacombank is a particularly exciting one for us," said J. Michael Bradley, APAC Managing Director for CyberSource. "We have been working closely with Sacombank to bring world class eCommerce payment services to Vietnam, which will help build continued confidence among the merchants who are launching their eCommerce businesses."
"Our merchant customers will welcome the innovative technology we are now able to provide. It will help them protect their sensitive data and prevent fraud, while helping maintain maximum acceptance of legitimate transactions," said Nguyen Thi My Thuyen, Sacombank Card Center Director. "Teaming up with CyberSource is in line with our stated goal to incorporate international standards and best practices into our environment to ensure operational safety, efficiency and sustainable development."
At the end of 2010, there were 26.8 million internet users in Vietnam, of whom 42% were online shoppers (Note 1). That year B2C eCommerce sales in the country reached US$450 million, according to a report by German research house yStats.com (Note 2). The report said that for continued growth in the sector, "payment safety as well as suppliers reputation were key to the success of online trading." It added that establishing intermediary Internet payment gateways between sellers and buyers via banks was also very necessary to ensure the security of buyers' payments.
Lorijon Bacchi, Vietnam Country Manager for Visa, said: "Merchants using CyberSource services gain access to the world's largest fraud detection radar -- data insights gleaned from the over 60 billion transactions Visa and CyberSource process annually, plus advanced detection technologies such as device fingerprinting. Amid all the concern about online fraud, this is a compelling reason to use CyberSource."