One month after launching the new version of the electronic wallet for ETC customers, VETC has recorded nearly one million downloads and approximately 250 thousand transactions from wallet users. Just a few simple steps on their smartphones, vehicle owners can quickly upgrade and proactively manage their financial accounts on the VETC wallet.
The VETC wallet guarantees practical advantages for VETC users, transforming payment behaviors of Vietnamese people
The mobile app VETC is developed by VETC Automatic Toll Collection Limited Liability Company, the market leader with the largest market share in the ETC industry, under the License no.23/GO-NHHH issued on April, 27, 2023 by the State Bank of Vietnam.
On October 26, 2023, VETC app released the new version as an e-wallet for ETC users, embarking on the journey of serving nearly 3 million users across the country. As of November 26, 2023, one month since the release, vehicle owners have made nearly 1 million downloads, with around 250 thousand uses through a simple upgrading process. VETC also introduces several promotional programs to bring practical benefits to customers who quickly update the new version.
Backed by technological strength, VETC accelerates the implementation of payment services to millions of users, especially those who are using ETC services. Customers can flexibly deposit/withdraw money from bank accounts; make cashless payments for ETC services, fuel; change E-tag attachment; make monthly payments for toll booths notifications, and transfer money between VETC wallets.
To conveniently keep track of account balances, users only need to link bank accounts with VETC wallets. VETC is currently connected to 5 banks: BIDV, Vietinbank, MBBank, Nam A Bank, TPBank and ATM cards registered for online payment services from over 30 banks within the Napas system. Also, VETC is finalizing partnerships with other banks like Vietcombank, Techcombank… to expand its services.
Upgrading to the e-wallet does not affect the E-tag already attached, which means car owners do not have to re-attach E-tags. All they need to do is to confirm their consent and proceed with identification in the VETC app. Identification helps enhance safety and security for account holders.
The VETC e-wallet not only helps users manage personal finance but also reinforces VETC’s commitment to advance the traffic industry in Vietnam. This significant movement ensures practical benefits and extra value for ETC account holders.
“With strong determination as the pioneer in smart technological adoption in Vietnam, VETC is keen to take the lead and promote the development of a mobile payment platform for the benefit of Vietnamese people. VETC have plans and solutions for different scenarios as well as detailed guidance to acquaint users with benefits and usage of the upgraded e-wallets from traffic accounts”, Mr. Nguyen Le Thang, VETC Vice General Director shared.
The inevitable trend of VETC, aiming for the next phase of ETC – no barriers
Nowadays, drivers are allowed to use ECT accounts to make payments for other services in many countries and territories such as Singapore or Hong Kong…
The ETC sector in Vietnam still holds significant potential. The Ministry of Transport sees the introduction of ETC in airports as an important move in the comprehensive transformation of airports into smart hubs towards the overarching goal of building smart cities (cashless payments at seaports, parking lots, vehicle registration fees…)
In the near future, VETC users can use comprehensive payment services developed by VETC, including insurance payment, overdraft…
Upgrading VETC traffic accounts to e-wallets also provides a sense of security to car owners when they use ETC, thus fostering the adoption of non-stop toll collection. With increased adoption, accuracy is enhanced, making the ETC system’s superiority more evident. As more vehicles attach E-tags, minimizing wait time at toll booths.
The upgrade lays the groundwork for VETC’s progression towards more advanced toll collection, ultimately eliminating toll booths and barriers. There will only be ETC devices hung on gantries so that cars can pass freely as in Taiwan and Singapore. Car owners can opt for post-payment, online payments according to their needs. This highly anticipated stage holds significant importance for both management bodies and road users.
VETC is committed to making every effort to bring customers more convenient payment services towards a future of cashless electronic toll payment.
