VietUnion, banks ink net deal (03-06-2009) HCM CITY — The VietUnion Online Service Joint Stock Co and four local banks signed an agreement yesterday on the use of the company’s e-wallet service Payoo. VietUnion company signed the agreement with the Viet Nam Bank of Agriculture and Rural Development (Agribank), Viet Nam Bank for Industry and Trade (VietinBank), Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) and Nam Viet Commercial Joint Stock Bank (NaviBank). “Significant rise in the number of mobile and internet subscribers has created a favourable condition to develop electronic commerce, especially in the context of global recession,” said Nguyen Hoang Ly, general director of the VietUnion company. The Payoo service, which has been running on a pilot basis by the State Bank of Viet Nam, will allow consumers to shop online without submitting credit card details or personal bank information. Administered by VietUnion, the service co-operates with the four banks as well as more than 100 companies. A fixed sum of money from the customer’s account from the four banks will be transferred to their Payoo e-wallet account. The company expects that with the four banks’ wide distribution network, customers will receive the most favourable e-commerce conditions. According to VietUnion, the Payoo service plays an intermediary role among banking, credit, financial organisations, companies and customers. Customers can easily register their e-wallet accounts at the four banks. They will be able to transfer money from their banking account to their Payoo account via their mobilephones or the internet….