Prudential Vietnam digitizes fee collection, targets 2027 for full cashless operations

Prudential Vietnam is accelerating its digital transformation by digitizing all fee collection processes, a move designed to enhance security and convenience for its customers.

The life insurance company announced its roadmap to fully digitize fee collection, with a target of achieving 100% cashless transactions by 2027. This initiative began on April 2, allowing Prudential customers nationwide to make insurance premium payments entirely without cash at all service points.

Prudential emphasizes that adopting digital payments significantly boosts transaction transparency and minimizes the risks inherent in handling physical currency. This digital shift is being implemented across all customer touchpoints, including customer care centers, general agency offices, and the network of consultants throughout the country.

Recognizing the varied levels of technological access across different regions and customer demographics, Prudential has set a phased approach. The period leading up to 2027 is considered a transition phase, during which consultants will play a crucial role in guiding customers through mobile transactions. Simultaneously, customers can still opt for payments at nearby collection points, maintaining their familiar transaction habits.

To support this transition, Prudential has forged partnerships with over 15 payment providers. It has also developed a diverse range of digital payment channels, including PRUOnline, internet banking, payment cards, e-wallets, and QR code payments. This comprehensive ecosystem aims to provide customers with flexible and convenient options that align with their technological preferences and usage patterns.

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Applying digital payments helps improve transaction transparency and also reduces the risks arising from using cash.