Visa, VNPAY team up to drive digital payments in Vietnam

The two companies will make cashless payment more accessible in Vietnam 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).

“According to Visa’s Consumer Payment Attitudes study 2021, 80% of consumers in Vietnam are interested in using mobile contactless payments like tap to phone,” said Dang Tuyet Dung, Country Manager of Visa Vietnam and Laos at a ceremony on February 23 to announce the strategic partnership.

“Our strategic partnership with VNPAY reinforces Vietnam’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.

VNPAY-POS is an “all-in-one” solution, meeting all modern payment needs and assisting merchants in operation, cost optimization and revenue growth. VNPAY-QR is a payment solution that uses QR Code scanning function integrated into 33 mobile banking applications, VNPAY wallet and other 8 ewallets. This would enable more than 25 million consumers to pay immediately, securely, and easily for their purchases.

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

In addition, it will bring new and innovative payment solutions to the industry, one of which is Visa Tap to Phone. This innovative payment method transforms Android smartphones or tablets into contactless, software-based point of sale terminals without additional hardware. As a network, Visa plays a role in connecting buyers and sellers, and setting interoperable standards to ensure payments are consistent and convenient.

Visa prepaid cards will be issued virtually and linked to the VNPAY user’s wallet and can be used at both online and physical retailers everywhere Visa is accepted. Contactless payments can be made with a single tap of the phone. The cards can be topped up from the user’s VNPAY wallet or bank account and feature advanced security technologies such as tokenization and Visa Consumer Authentication Service, to ensure transactions are secure.

Visa Direct service is a payment network for peer-to-peer (P2P) transactions that allows VNPAY users to make payments or transfer funds almost instantly from the VNPAY wallet to other Visa cards and bank accounts and vice versa. Visa Instalment Solution enables customers to pay in instalments at in-store checkout.

“Visa is the premier multinational digital payments company. VNPAY believes our strategic partnership with Visa will push digital payments in Vietnam to grow faster than ever, bringing more benefits to our users and merchants. It will also make digital transformation easier for corporates, generating greater and more sustainable growth through smart electronic payment solutions,” said Nguyen Tuan Luong, Vice Chairman of the Board, VNPAY.