METRO NO. 1: OPEN-LOOP PAYMENT TECHNOLOGY AND SACOMBANK'S IMPRINT

In your opinion, how significant is the cooperation between Sacombank and Urban Railway Company No. 1 (HURC1), card organizations and technology companies in putting into operation the electronic ticket collection system using Open-loop technology on Metro Line No. 1 Ben Thanh - Suoi Tien for the public transport system in Ho Chi Minh City in particular and in Vietnam in general?

The Open-loop public transport fare collection model has grown strongly in the world, especially after the Covid-19 pandemic, when cashless payments became an inevitable trend. This system allows people to use a variety of payment methods such as bank cards, Apple Pay, Google Pay, CCCD or scan QR codes with mobile phones and smart watches to pass through the ticket gate, instead of having to buy traditional paper tickets.

Ho Chi Minh City’s choice to apply Open-loop technology on Metro Line 1 Ben Thanh – Suoi Tien from the beginning demonstrates its strategic vision, helping the city catch up with global smart transportation trends. With this solution, Ho Chi Minh City not only improves the travel experience for its people but also affirms its position as a modern city, ready for integration.

Specifically, where is Sacombank in the payment process of the Ben Thanh - Suoi Tien Metro Line 1 electronic ticket system, madam? And can you share more about the process of Sacombank and its partners implementing the project?

We provide payment acceptance services, integrate card readers into the ticket gate system, and build payment flows and reconcile transactions between card-issuing banks and card organizations such as Mastercard, Visa, JCB, UnionPay, American Express and Napas. This system not only ensures fast transaction processing speed, but also complies with the highest security standards, allowing passengers to easily use bank cards, mobile phones or smart watches to make safe payments when traveling by public transport.

We have been nurturing this project for a long time, but the implementation time was only about 3 months before it was put into operation. With the close coordination of a team of experienced project experts in the payment field, leading technology partners and in-depth consulting from the international card organization Mastercard, the electronic ticket payment system has been operating stably since the metro line was put into operation.

Besides the obvious benefits of the electronic ticket system for users, what are the benefits of this system for management and operating agencies?

Certainly, this electronic ticket system not only brings convenience to passengers but also brings many practical benefits to management and operating agencies such as HURC1. First of all, this system helps optimize the financial management model, cashless payments help make cash flow transparent, limit the risk of loss and errors due to manual cash management. At the same time, the automatic transaction reconciliation process helps save a significant amount of time and resources compared to traditional recording and counting methods.

Next is the significant reduction in operating costs, this system helps reduce the cost of ticket counter staff, reduce the cost of printing paper tickets and maintaining automatic ticket machines, thereby improving operational efficiency. This is also a step towards green transportation, reducing waste from paper tickets, contributing to environmental protection.

In addition, the digital payment system also provides real-time metro passenger data, helping managers easily analyze data on passenger traffic and travel habits to optimize routes and operating frequencies, thereby improving service quality and planning more scientific traffic policies. Thus, the electronic ticket system is not only a convenient payment method but also an important tool to help modernize urban traffic management and operations.

SACOMBANK & VISION OF ACCOMPANYING THE DEVELOPMENT OF GREEN AND SMART TRANSPORTATION

What is your assessment of electronic payment activities in the transportation sector in our country? And the role of banks, including Sacombank, in the digital transformation roadmap of this payment activity?

In fact, the process of digitalizing payment activities in the transport sector in Vietnam is only in its early stages and still faces many challenges. In addition to the synchronous deployment of ETC non-stop toll collection technology on expressways as well as the fact that some major cities such as Ho Chi Minh City and Hanoi have cashless payment projects for public transport, other provinces and cities still do not have many opportunities and challenges for this sector to transform towards the digital trend.

Therefore, despite important progress, we still need to continue upgrading infrastructure, synchronizing systems and promoting digitalization of more processes so that the country's traffic can truly keep pace with the digital economy as directed by the Government. This is also the reason for banks to play a central role in connecting, consulting and supporting the implementation of digital payment solutions for each locality. With Sacombank, with experience and modern technology platform, constantly investing and being ready to pioneer new technologies, ready to cooperate with provinces and cities to jointly research and put into operation smart payment systems suitable to the actual conditions of each locality.

I believe that, with strong support from the Government, ministries, sectors, localities and the cooperation of banks and technology companies, we will soon realize the goal of smart transportation, bringing practical benefits to people and society.

After Metro Line 1, what other projects does Sacombank have to accompany Ho Chi Minh City in developing a green, sustainable, and environmentally friendly transportation system, madam?

Sacombank is working with the Ho Chi Minh City Department of Transport and other partners to deploy an electronic ticket payment system on buses, river buses and electric buggies. More than 2,200 buses across the city will be equipped with a synchronized payment system that allows passengers to easily use bank cards or e-wallets instead of buying paper tickets. Currently, more than 510 buses have been integrated with this new payment system, aiming to complete 100% by the end of June 2025.

This will also be the premise for the City to connect the electronic ticket system, creating a diverse and interconnected public transport "ecosystem"; bringing people a fast and easy experience in traveling without having to worry about payment. In particular, the city aims for 100% of buses to use electricity and green energy by 2030, and in this process, Sacombank is committed to continuing to accompany and provide modern electronic payment solutions to support the sustainable development of urban transport.

Along with investing in payment infrastructure, Sacombank has also pioneered the development of green cards to encourage people to use public transport and sustainable consumption. Specifically:

Sacombank Mastercard Metro Pass & Sacombank Mastercard MultiPass payment cards with many incentives directly targeting customers who prioritize using public transport such as buses, metro, etc. For example, MultiPass cardholders can take the bus at a uniform price of 5,000 VND, while metro ticket No. 1 has a maximum price of only 10,000 VND, helping to save up to 50% of the cost compared to regular tickets.

In addition, when paying for bus tickets with a MultiPass card, cardholders also receive an additional 5% discount. These are practical incentives to encourage people to switch to green, economical and safe forms of transportation.

With Sacombank Visa Platinum O₂ & Sacombank Mastercard Debit Eco Green card set: A pioneering credit card set with the feature of measuring the amount of CO₂ emitted on each transaction, helping customers be more aware of the environmental impact of their spending habits.

At the same time, people who consume green, environmentally friendly products and services also receive extremely attractive cashback incentives from Sacombank. In particular, with each new card, Sacombank contributes 10,000 VND to the Healthy Living Fund, a community activity fund to promote green lifestyles implemented by Sacombank in collaboration with the Vietnam Youth Union and the Vietnam Student Association.

Not stopping here, Sacombank will continue to research and deploy new digital financial solutions, accompanying the government and people on the journey to develop a smart, modern and environmentally friendly city.

"GREEN COMMITMENT": SACOMBANK AND EFFORTS TO CREATE A SUSTAINABLE FUTURE

Currently, ESG practices, green growth and sustainable development have become inevitable trends and goals that many countries, including Vietnam, are aiming for. In that roadmap, the finance and banking sector plays a very important role. It is known that Sacombank is also very interested in ESG factors. Is Sacombank's promotion of cashless payment solutions in the transportation sector also aiming for ESG, madam?

Absolutely! We see ESG not only as a trend but also as an indispensable part of the bank's long-term development strategy. It's not just now that we've been interested in ESG. Over the past 33 years, Sacombank has always put social responsibility alongside business goals, aiming for the common prosperity of the economy and the community.

It is undeniable that the finance and banking sector plays a central role in supporting businesses and society in transforming into sustainable growth models. Sacombank has been focusing credit on green sectors such as sustainable agriculture/forestry, renewable energy, clean industry, etc. Many preferential loan programs have also been implemented to support businesses and individuals whose business activities are associated with environmental protection.

Digitalizing payments in public transport is just one part of Sacombank’s ESG strategy to promote the digital economy and green transformation of Vietnam. We have also been researching and applying the model of synchronous, comprehensive connected financial solutions including digital payment systems, digital cooperation, financing, etc. to other important areas such as education and healthcare.

We believe that with close cooperation between banks, regulators and businesses, ESG will not only be a goal but will become a core value in all socio-economic activities, towards a more sustainable future for Vietnam.

Thank you!

Source: https://thoibaonganhang.vn/mo-loi-tuong-lai-sacombank-dong-hanh-phat-trien-giao-thong-xanh-thong-minh-163534.html