Visa partners with e-wallets in Việt Nam

Saturday, May 25, 2024 11:16

Visa signs agreement with MoMo, VNPAY and ZaloPay to provide a more convenient payment experience for Visa cardholders. — Photo Courtesy of Visa Vietnam

Digital payments provider Visa on Friday announced a new partnership with three of the most popular e-wallets in Việt Nam - MoMo, VNPAY and ZaloPay - to provide a more convenient payment experience for Visa cardholders at participating small and medium enterprises (SMEs).

With this new partnership, Visa cardholders will be able to use their Visa cards as a source of funds when making purchases at merchants currently offering payments via the three e-wallets’ QR.

This collaboration is poised to drive Việt Nam's transition to a cashless society, by offering innovative, contactless, and cashless digital payment solutions benefiting both businesses and consumers, the company said.

Đặng Tuyết Dung, Visa Country Manager of Việt Nam and Laos, said: “Visa is thrilled to be partnering with the top e-wallets in Việt Nam to make secure and efficient payment methods available to anyone, anywhere in the country."

"As Việt Nam continues its journey in becoming a cashless society, this success will be driven by SMEs being able to embrace innovation and provide consumers with the latest digital payment solutions. SMEs form a large part of Vietnam’s economy, and this collaboration is key in the push for digital and financial inclusion in Việt Nam.”

Integrating Visa as a source of funds in three of the most popular e-wallets in Viet Nam will benefit both businesses and consumers. For SMEs, this will likely fuel sales, help them expand their customer base, and provide a better customer experience as consumers now have more digital payment options to choose from.

Meanwhile, Visa cardholders can also enjoy existing promotions and benefits offered by their banks, such as cashback, discounts, or accruing miles.

According to a FiinGroup’s report, Việt Nam is set to reach 50 million active e-wallets by the end of 2024, a 40 per cent increase from 2023.

This growth is driven by the momentum observed in recent years where consumers are drawn to the ease of use, seamless experiences, multi-services offered, and the security and speed of the transactions. This is in line with recent trends where consumers are increasingly embracing cashless forms of payments in Việt Nam.

According to Visa’s Consumer Payment Attitudes study 2023, 88 per cent of respondents have attempted to use cashless payments and 62 per cent of Vietnamese consumers use QR to pay, up from 35 per cent in 2021.

Through collaboration, Visa reaffirms its commitment and efforts to drive digital payment adoption and digital transformation towards an inclusive financial future in Việt Nam.

Aligned with the Government's shared vision and common objectives towards a cashless society, Visa is set to continue its partnership with the annual "Cashless Day" event for the sixth consecutive year. — VNS

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