Visa ties up with NextPay

Wednesday, Apr 01, 2020 13:54

A customer buys goods with cashless payment. Visa and NextPay are cooperating to promote cashless payments in Viet Nam. — VNS Photo

The digital payment provider, Visa, and NextPay, a provider of comprehensive digital transformation solutions, on March 31 signed a Memorandum of Understanding (MoU) to promote cashless payments in Viet Nam.

With the co-operation, the two companies aim to strengthen the network of merchants that accept digital payments in Viet Nam and expedite the application of innovative technologies and payment platforms globally.

According to the MoU, Visa will provide consulting on business strategy, technological support, and practical global experience in implementing and developing e-payments, helping NextPay to deploy appropriate plans and strategies for the Vietnamese market.

The two parties will also co-operate on branding and other actions to encourage customers to use e-payments instead of cash.

NextPay and Visa will be working together on developing economic potential across 64 provinces and cities nationwide by providing the market with innovative payment methods and services.

The comprehensive cooperation between NextPay and Visa will be of great significance in the context of rapid evolution of digital payments, promising to bring the most optimal payment solutions for a cashless society in Viet Nam and together aiming for digital transformation.

Tuyet Dung, Visa Country Manager for Viet Nam and Laos, said: “Mobile Point-of-Sale [mPOS] technology allows us to connect with more merchants and cardholders in Viet Nam than ever before, which is why we’re so excited to be launching this partnership with NextPay. SMEs make up the vast majority of businesses in Viet Nam, and mPOS makes it even easier for these businesses to accept digital payments, allowing more individuals and businesses to participate in the digital economy.”

mPOS uses a small payment card reader and a mobile app, giving merchants similar functionality to a traditional POS system.

mPOS systems can also accept contactless payments, which allow consumers to simply tap their card, phone, or wearable against a terminal to pay.

According to the Visa Consumer Payment Attitudes study, 37 per cent of Vietnamese consumers said they are using contactless card payments, while 42 per cent are currently using mobile contactless payments.

In recent years, NextPay has been one of the pioneers in developing the mPOS payment network. The company, in co-operation with key banks in Viet Nam, has released more than 40,000 of these payment terminals to the market and has become the leading enterprise in helping to develop a network of new merchants.

NextPay has set a goal of further expanding to a community of 300,000 merchants in Viet Nam by 2023.

Increasing cashless payments is one of the major priorities of the Government of Viet Nam in order to accelerate economic growth, digitise the payment infrastructure, and minimise the circulation of cash.

In addition to promoting and developing innovative and convenient payment methods for consumers, expanding the network of accepting merchants is one of the key objectives to help develop a more cashless society in Viet Nam. — VNS

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