Mastercard commits to support Viet Nam to realise cashless economy

Thursday, Aug 11, 2022 08:59

Expert shares insights and expertise in the market and consumer trends at the Mastercard Customer Forum 2022 in Viet Nam on August 10. — Photo courtesy of Mastercard

Mastercard committed to supporting Viet Nam to drive a strong recovery post-pandemic and toward a cashless society at the Mastercard Customer Forum 2022 in Viet Nam on August 10.

The event aims to connect Mastercard with its strong network of local financial institutions and issuers, as well as prestigious experts and guest speakers in new finance and payment services.

The forum has helped sketch the big picture of the current payment landscape, drawing how Mastercard and its key partners join hands to increase payment capability and better serve the population of 100 million people in Viet Nam.

At the event, experts from Mastercard, Thales, Moneythor and Ampverse shared insights and expertise in the market and consumer trends, the role of technology in the country’s future, and the outlook for Viet Nam’s thriving payments landscape.

The discussions revealed the importance of technology solutions in supporting recovery for all businesses - from helping to form new digital assets to promoting strong cash flows and empowering a new generation of customers.

Safdar Khan, Division President, Southeast Asia, Mastercard, said: “Viet Nam is on the path of imperative growth, in parallel with peer nations in the Southeast Asia region and has shown a remarkable ability to adapt and evolve to achieve progress."

"With this remarkable achievement, all market players must work together to ensure sustainable growth.

"Beyond offering new payment technologies to partners, Mastercard is committed to working closely with the Vietnamese Government and businesses to develop solutions that empower a more financially inclusive society in Viet Nam and help the country realise its cashless economy vision.”

Winnie Wong, Country Manager, Vietnam, Laos and Cambodia, Mastercard, also affirmed the company’s stronger commitment to the market through innovative partnerships: “Despite the challenges from the pandemic, it’s exciting to see such fast and positive progress in Viet Nam, thanks to the trust and cooperation with Mastercard’s valued partners. Mastercard is honoured to be able to support the Vietnamese Government and partners to drive a strong recovery post-pandemic and toward a cashless society.”

At the event, Mastercard also introduced the Viet Nam version of its “Sound of Trust” – the Mastercard melody recognised by consumers worldwide in storefronts, at payment terminals, in apps and online.

Previously, the localised melody has been integrated into several assets under the latest “Make a Priceless Moment with Mastercard” campaign to inspire Vietnamese consumers across an array of sensory touch points, facilitating trust and peace of mind for Vietnamese consumers at checkout, knowing their transactions are safe and secured on Mastercard’s network.

Viet Nam is among the fastest-growing economies in the Asia Pacific, experiencing the fourth payment revolution and showing great growth potential, thanks to a young population with a digital mindset. Despite the negative impacts brought by COVID-19, the Asian Development Bank forecasts that the country’s GDP will reach 6.5 per cent in 2022, increasing 2.5 times from 2021’s figure and reflecting the most impressive economic recovery across Southeast Asia.

In 2021, apart from maintaining a positive GDP figure, Viet Nam recorded a 13 per cent increase in credit growth and a 9 per cent increase in foreign investments, alongside the US$21 billion valued internet economy, driven by eight million new digital consumers during the pandemic. — VNS

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