Cake by VPBank: A safe, simple, and smart digital financial journey

Digital bank Cake by VPBank has launched a series of convenient features such as opening accounts for people from 15 years old to accompany the digital citizen generation to proactively and safely manage finances and launching the Click to Pay feature to help customers make online payments faster, more conveniently and securely.

Open an account for people from 15 years old

Cake by VPBank is the first digital bank in Vietnam to allow customers from 15 to under 18 years old to open online payment accounts through eKYC, marking a new step in the journey to promote financial inclusion and spread the culture of early financial management among young people.

With this service package, customers from 15 years old, with citizen identification, can proactively open a Cake digital bank account in just a few minutes right on their mobile phone. Users are free to open and maintain an account, free to transfer money and pay on the Cake App, use the phone number as the account number - easy to remember, easy to transfer, convenient for all transactions.

Applicable services include: 24/7 money transfer - withdrawal, savings, group funds, QR payment, phone top-up, bill payment, insurance, and many other utilities such as contributing to a common fund, sharing group expenses.

Cake also integrates modern banking security standards with biometric authentication, Smart OTP codes and instant transaction notifications to ensure maximum benefits, safety and convenience for young people.

Cake Launches 'Click to Pay' Quick Payment Feature

Cake introduces Click to Pay, which helps users pay online faster, more securely, and without having to re-enter card information, thanks to multi-layer security technology.

The feature was developed on the Visa Click to Pay platform, officially deployed by Visa in Vietnam since September. Vietnam is the first country in Southeast Asia to apply this technology and Cake is one of the first banks to implement it. When paying on websites with the Click to Pay icon, Cake Visa card users only need to enter their registered phone number and email. The system will automatically recognize the linked card and complete the transaction in just a few seconds.

Click to Pay offers a higher level of security than conventional online payment methods. Tokenization technology converts real card information into a one-time “virtual code” that is invalid if stolen. In addition, the system integrates two-factor authentication and 3D Secure security, ensuring the cardholder’s identity before the transaction is completed.

Customers aged 15 and over, with a citizen identification card, can proactively open a Cake digital bank account in just a few minutes right on their mobile phones. (Photo: Vietnam+)

Mr. Nguyen Huu Quang, CEO of digital bank Cake by VPBank, said that the implementation of Click to Pay is part of the bank's strategy to bring a simpler, faster and safer payment experience to users. This feature is in line with the orientation of modern digital banking and puts customers at the center.

For users, Click to Pay shortens the payment time to just a few seconds, while eliminating the risk of card information disclosure thanks to multiple layers of security. For e-commerce businesses, this is a solution to help reduce cart abandonment rates and increase successful transaction rates. Currently, many big brands such as ACFC, Aeoneshop, Maison Online, Mainguyen Mobile, KOI Thé, GearVN, Galaxy Cinema, Triumph... have integrated Click to Pay and recorded positive feedback from customers.

The feature makes the online shopping experience faster, safer and more convenient. In particular, physical or virtual Cake Visa card users can use this feature immediately without registering an additional account.

According to data from the Ministry of Industry and Trade , Vietnam is in the top 10 countries with the highest e-commerce growth rate in the world, with a scale of more than 25 billion USD in 2024, accounting for about 2/3 of the value of the digital economy. However, the payment step is still a "bottleneck" affecting user experience and order completion rate.

According to the Shopping Cart Abandonment Statistics 2025 report by SellersCommerce, 70% of online shopping carts are abandoned globally, with 25% of shoppers concerned about security risks and 22% saying the checkout process takes time. Having to manually enter a lot of information such as card number, CVV code, cardholder name, and expiration date makes users reluctant to complete the transaction, while also causing businesses to lose revenue opportunities.

Click to Pay shortens payment time to just a few seconds. (Photo: Vietnam+)

The launch of Click to Pay helps to address customers' concerns and is an important step in shaping a more seamless, secure and user-friendly payment standard for Vietnamese users, where with just one click, all transactions are completed quickly and safely.

Cake Wins 4 Prestigious AI Awards in October

After making a mark at the Better Choice Awards with two important AI awards: Outstanding AI-applied digital banking and Pioneering “Make in Vietnam” AI platform, recently at the Vietnamese Language and Speech Processing Conference (VLSP 2025), Cake made a mark with two awards for the audio quality assessment task (Speech Quality Assessment – SQA) and the Vietnamese speech recognition and sentiment analysis task (ASR + SER).

Also in October 2025, Cake was honored by Visa as the leading digital partner in total card transaction volume of the year, and received the "Vietnam Pride" card design award for the "Freedom 2in1" card product in collaboration with Vietnam Post.

These achievements demonstrate Cake's ability to master technology and AI Bank orientation, where artificial intelligence is deeply applied to simplify the experience, creating a smarter and closer communication bridge between digital banks and Vietnamese users./.

(Vietnam+)

Source: https://www.vietnamplus.vn/cake-by-vpbank-hanh-trinh-tai-chinh-so-an-toan-don-gian-thong-minh-post1074763.vnp