Standard Chartered and IATA partner to launch IATA Pay in Việt Nam

Tuesday, Mar 12, 2024 12:15

Michele Wee, CEO of Standard Chartered Vietnam, delivered a speech at the launching ceremony. — Photo courtesy of the bank

Standard Chartered, in collaboration with the International Air Transport Association (IATA), has launched IATA Pay in Việt Nam, bringing payment innovation to the Vietnamese airline industry.

IATA Pay in Việt Nam is powered by Standard Chartered’s Straight2Bank Pay. Through this co-creation and partnership, Standard Chartered and IATA offer the airline industry a new payment proposition which is a “win-win” solution for all stakeholders within the IATA’s ecosystem such as consumers, airlines and IATA.

IATA Pay, the industry account-to-account payment solution, was collaboratively developed by IATA and airlines several years ago in response to emerging global payment trends. This effective payment solution is specifically crafted to assist airlines in their B2C direct channel (B2C e-commerce) and is already operational in 27 markets. It stands out as the leading global account-to-account solution, with over 28 airlines currently utilising it and an additional 50 set to activate it in the coming months.

The client event, held recently, introduced IATA Pay in Việt Nam, along with updates on the market and payment landscape, for representatives from foreign and domestic airlines operating in Việt Nam.

The launch of IATA Pay in Việt Nam aligns with both Standard Chartered's commitment to co-creating innovative solutions with its clients and IATA's focus on fostering efficient and cost-effective solutions for the airline industry. Aligning with the evolving market dynamics and consumer’s preference, the debut of IATA Pay in Việt Nam taps into the rising popularity of instant QR payments, notably VietQR, along with banks and merchants.

Michele Wee, CEO of Standard Chartered Vietnam, said: “We are proud to partner with IATA in launching this new service for the aviation industry in Việt Nam. This initiative reaffirms our dedication to driving payment innovation and building solutions that are not just fit-for-purpose, but also benefit all ecosystem participants. This launch contributes to increasing financial inclusion and promoting cashless payments in Việt Nam, fostering a sustainable ecosystem.”

IATA Global Head of Banking Javier Orejas said: “We remain steadfast in our commitment to simplify the payment process and drive enhanced experience for airlines and air travellers. IATA Pay underpins our focus on leveraging open banking and real-time payment solutions that will serve as a cost-effective alternative to conventional payment methods and bring efficiency to how money is collected and settled.”

Building on successful implementations in India, Singapore, and other markets, IATA Pay's arrival in Việt Nam underscores a shared commitment to driving efficiency and innovation within the aviation sector. — VNS

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