Visa partners with e-wallets in Vietnam
Digital payments provider Visa recently announced a new partnership with three of the most popular e-wallets in Vietnam - 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 Vietnam's transition to a cashless society, by offering innovative, contactless, and cashless digital payment solutions benefiting both businesses and consumers, the company said.
Dang Tuyet Dung, Visa Country Manager of Vietnam and Laos, said, “Visa is thrilled to be partnering with the top e-wallets in Vietnam to make secure and efficient payment methods available to anyone, anywhere in the country."
"As Vietnam 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 Vietnam.”
Integrating Visa as a source of funds in three of the most popular e-wallets in Vietnam 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, Vietnam is set to reach 50 million active e-wallets by the end of 2024, a 40% 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 Vietnam.
According to Visa’s Consumer Payment Attitudes study 2023, 88% of respondents have attempted to use cashless payments and 62% of Vietnamese consumers use QR to pay, up from 35% in 2021.
Through collaboration, Visa reaffirms its commitment and efforts to drive digital payment adoption and digital transformation towards an inclusive financial future in Vietnam.
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.
