Hanoi (VNA) –🌳 The “buy now and pay later” service is now available on a recently launched Petrovietnam Oil Corporation (PVOIL) application called PVOIL 4U, as announced at a press conference by the company on September 30.

With the PVOIL 4U app, available on App Store and Google Play, individual customers can purchase petrol in advance and pay later at nearly 900 stores of the corporation and the Materials – Petroleum Joint Stock Company (COMECO) nationwide. The petrol purchase via the app is made with simple procedures, no income verification requirement, and no interest rate with payment made on time, according to PVOIL Chairman Cao Hoai Duong. The financing is provided by Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank). Each customer is granted a credit limit of 1 million VND (over 40.4 USD) and has 45 days to make payments through their affiliated bank. Other standout functions of the application include a fuel voucher gift, transaction management solution for fuel purchase for customer groups, a check on traffic fines, and the purchase of vehicle insurance. Duong said the app is expected to serve around 50,000 customers over the next year. PVOIL 4U was developed in 11 months, undergoing various safety and security audits from Apple and Android. At the event, Be Group CEO Vu Hoang Yen said with the convenience brought by PVOIL 4U, the ride-hailing companies will likely encourage its drivers to use the app. The first 9,999 customers successfully buying petrol on the app will get a gift voucher worth 200,000 VND for the next purchase. Meanwhile, customers with HDBank accounts have a chance to join the “lucky spin” programme on the app until December 15, with various prizes up for grab. As the second-largest oil retailer in the country, PVOIL provides more than 5.5 million cubic metres of fuel to the domestic market each year, accounting for approximately 22-25% of the market share. It is also a leading firm nationwide in applying digital solutions into production and business to improve management capacity. The firm launched PVOIL Easy, an application for smartphones and tablets that allows users to buy petrol and manage their purchases via a QR code in 2018 and PVOIL B2B for wholesale customers three years later. To date, the volume of petrol sold through PVOIL Easy has increased 14-fold against the amount in 2018 and made up over 10% of the corporation’s total retail sales.

The corporation currently operates 850 gas stations and 600 dealerships. During January-September, the corporation’s output and earning surpassed the set targets by 5% and 27%, respectively. PVOIL predicts revenue of around 120 trillion VND in 2024. The corporation also expects to develop more than 100 petrol stations this year./.