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VNPAY And Visa Collaborate To Build Digital Payment Ecosystem In Vietnam

Visa collaboration with VNPay is part of the ongoing cashless and digital transition sweeping across Vietnam. 80% of Vietnam consumers were interested in the idea of contactless mobile payments like tap to phone.

VNPAY And Visa Collaborate To Build Digital Payment Ecosystem In Vietnam

Visa, the world’s leading digital payment service, and VNPAY, Vietnam’s leading fintech business, formed a strategic collaboration to improve digital payments in Vietnam on February 23, at a ceremony held in Hanoi.

The agreement aims to make cashless payments more accessible in Vietnam by growing and improving the fintech firm’s merchant affiliate network. It will also accelerate the introduction of new services, such as Visa’s tap-to-phone acceptance solution, Visa instalment solution, Visa direct service powered financial transfers and virtual Visa prepaid cards.

Country manager of Visa Vietnam and Laos, Dang Tuyet Dung, said that their collaboration with VNPay is part of the ongoing cashless and digital transition sweeping across Vietnam. Dang added that according to a study performed in 2021, 80 percent of Vietnam consumers were interested in the idea of contactless mobile payments like tap to phone.

VNPay is available in almost 200,000 locations across the country and accepts payments via its point-of-sale and QR gateways. QR code scanning is now available in 33 mobile banking apps, the VNPay wallet, and eight additional e-wallets. According to VNPay, this allows more than 25 million users to make payments promptly.

From this collaboration, the cards, which incorporate sophisticated security technologies like Visa Consumer Authentication Service and tokenisation, may be topped up directly from the user’s bank account or VNPAY wallet.

Visa Direct Service is a peer-to-peer payment network that enables VNPAY customers to make payments or transfer funds virtually immediately from their VNPAY wallet to other bank accounts and Visa cards, and vice versa. Customers may pay in instalments at the in-store checkout with the Visa Instalment Solution.

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