Representatives of Cake, Be and Visa sign a co-operation agreement, launching the Be-Cake Visa card. — Photo Courtesy Visa Vietnam

HCM CITY — Digital bank Cake, ride-hailing platform Be and Visa announced their first collaborative co-branded credit card product called the Be-Cake Visa credit card, offering many exclusive benefits without annual fees and the highest cash-back rate in the market at 20 per cent. 

With the technological platform of Cake, Be-Cake Visa credit card applications are approved instantly. This enables clients to begin shopping online even before receiving the physical card. 

Notably, cardholders will get a 20 per cent refund, the highest on the market, for payments on the Be app and refunds for spending at other merchants. 

In addition, cardholders can convert transactions into installments and even set up an automatic payment schedule through their Cake account. 

“The new Be-Cake Visa credit card was designed for the modern Vietnamese. It was made primarily for Gen Z and young professionals who we know are striving to get the most value for money,” said Dung Đặng, Visa country manager of Việt Nam and Laos. “We are proud to launch the market’s very first collaborative card that offers consumers the best of three worlds: the speed and security of Visa digital payments, the versatility of Cake digital banking and Việt Nam’s top multi-service ecosystem managed by Be Group.” 

Cake empowers clients to manage their daily expenses through free-of-charge digital banking, while offering them extensive personalisation and attracting more than two million users.

“With the Be-Cake credit card, Cake becomes the first digital bank in Việt Nam which provides a comprehensive selection of necessary financial services, including payment, saving, lending, micro-investment and credit cards,” said  Quang Nguyễn, CEO of Cake by VPBank.

The launch of the Be-Cake co-branded credit card also shows the strength of Be Group’s open technology ecosystem. Nearly four years of operation, Be has expanded beyond ride-hailing to create an on-demand multi-service consumer platform offering transportation, delivery, shopping, travel, and telecom services.

By partnering with Visa, Be is proving its ability to scale its business model quickly to compete effectively and better serve users in Viet Nam.

Visa’s latest Consumer Payment Attitudes study highlighted growing momentum for digital payments among Vietnamese consumers. More than eight in 10 consumers now use cards and more than four in 10 foresee going fully cashless when paying for taxis and ride-sharing, retail shopping and food and dining. — VNS