Visa, the world’s leader in digital payments, and VNPAY, Viet Nam’s prominent fintech company, on Wednesday inked a strategic partnership to enhance the digital payments experience in Viet Nam.

The two companies will make cashless payments more accessible in Viet Nam through expanding and strengthening the fintech company's affiliate network of accepting merchants, as well as rolling out new services including Visa’s Tap to Phone acceptance solution, virtual Visa prepaid cards, fund transfers powered by Visa Direct service, and the Visa Instalment Solution (VIS), among others.

According to Visa’s Consumer Payment Attitudes study 2021, 80 per cent of consumers in Viet Nam are interested in using mobile contactless payments like tap to phone, said Dang Tuyet Dung, Country Manager of Visa Viet Nam and Laos.

She continued that Visa’s strategic partnership with VNPAY reinforces Viet Nam’s ongoing cashless and digital transition. While bringing VNPAY merchants and users into the highly secure and reliable Visa ecosystem, the implementation of digital capabilities will expand Visa’s network and spur the adoption of contactless payment.

VNPAY operates a network of nearly 200,000 locations nationwide, which accepts payment through the VNPAY-POS, VNPAY-QR and VNPAY-QR payment gateway.

The partnership between Visa and VNPAY is an opportunity for each enterprise to utilise each other’s strengths to drive growth while expanding Viet Nam's digital economy.

Vice Chairman of the Board of VNPAY Nguyen Tuan Luong voiced his belief that its strategic partnership with Visa will push digital payments in Viet Nam to grow faster than ever, bringing more benefits to users and partners. — VNS