For the first time, customers can buy gas first and pay later.

This is the first time consumers have access to this service through the cooperation between PV Oil and Ho Chi Minh City Development Bank - HDBank.

Accordingly, customers need to register for the PVOIL 4U application, provide personal information and have their credit approved by the bank (no proof of income required).

Each customer is given a maximum limit of VND 1 million and has 45 days to pay via a linked bank. This means that customers do not need to deposit money in advance but can still buy gasoline at nearly 900 stores of PV Oil and the Transportation Equipment and Materials Company (COMECO) nationwide via the application. If payment is made on time (45 days), customers will not have to pay interest; conversely, if payment is late, interest will be charged like a credit card.

This is different from before, when customers had to use electronic cards and pay for gas right at the time of purchase via QR code on mobile devices.

Mr. Cao Hoai Duong, CEO of Vietnam Oil Corporation (PV Oil), said that the "buy now, pay later" trend is becoming more popular and will help users have more flexible financial solutions. PV Oil expects that in the next year, this application will serve about 50,000 customers.

In 2018, the company also launched PV Oil Easy, a QR code payment application. In just six years, revenue from this application has increased 14 times, contributing 10% to the company's total retail revenue.