Visa has signed a memorandum of understanding with the HCM City Department of Transport to drive the development and adoption of digital payments to achieve smart mobility in HCM City.

It is meant to support plans to become a smart city by 2020.

Visa and the department intend to collaborate to increase acceptance of digital payments and implement a secure open-loop payment system across all transportation networks.

Dang Tuyet Dung, the company’s country manager for Vietnam and Laos, said: “Visa is committed to working with its clients, merchants, the Government and partners like the HCM City Department of Transport to drive adoption of digital payments in Viet Nam.

We are looking forward to bringing our expertise on digital payments and urban mobility to this partnership in the hope that we can accelerate HCM City’s smart mobility plans, providing people with secure, faster and more convenient ways to pay for their transport and everyday purchases.”

The MOU positions Visa as the department’s preferred partner in developing digital payment solutions for the city and outlines a series of initiatives they will be focusing on.

They may include leveraging Visa’s feasibility study for the city’s transit payment system to help educate stakeholders and guide the future direction and policy making of the transit and transit adjacent payments infrastructure and eco-system.

The company also intends to work with the department to explore opportunities to upgrade the legacy closed-loop payment system by adopting an open-loop EMV contactless technology for all transportation networks.

Finally, it intends to share best practices with the department through knowledge-sharing workshops and a study tour to meet with transport authorities to share its experience in delivering smart mobility solutions.

Visa is involved in more than 100 projects with public transport operators or authorities across the globe. — VNS