Hanoi (VNS/VNA) - The digital payment system, Apple Pay,developed by Apple, has expanded its reach to Vietnam, making it the thirdnation in Southeast Asia to support this service, following Malaysia andSingapore.

Available from August 8, this strategic move strengthens Apple'sstanding in over 80 countries and regions globally, in partnership with morethan 10,000 banking institutions.

Apple Pay is a mobile payment and digital wallet service by Apple that allowsusers to make payments using an iPhone, Apple Watch, or on the web.

Apple Pay digitalises and replaces the credit or debit magnetic stripe cardtransaction at credit card terminals.

Rumours about ‌Apple Pay‌ coming to Vietnam first surfaced in July, and severalbanks have been working on support for the service.

The advent of Apple Pay in Vietnam is seen as a landmark in the nation's questfor digital transformation and a cashless economy. In the initial phase,Apple's payment service is teaming up with top Vietnamese banks, including Vietcombank,MB Bank, Techcombank, ACB, VPBank, and Sacombank. This alliance will offertheir customers an unprecedented level of convenience and security intransactions.

With the roll-out of Apple Pay's services in Vietnam, customers can now makepurchases using their Apple devices at various leading retail systems likeStarbucks, Phuc Long, McDonald's, Highlands Coffee, CGV, and Winmart.

This partnership offers consumers a streamlined and secure contactless paymentsolution, matching the rising trend of cashless transactions in the country andglobally. It also shows the potential for further collaboration between Vietnamand global corporations in the fintech industry.

Apple Pay's foray into Vietnam signifies a substantial stride in Apple'songoing efforts to internationalise its digital wallet service. Given theescalating demand for digital payment services in Southeast Asia, thisexpansion underscores the region's potential as a burgeoning hub for fintechinnovation and growth.

In the coming months, Apple Pay anticipates broadening its scope to includemore retail outlets and banking partners, thereby bringing a convenient andsecure digital payment option to millions more Vietnamese consumers.

The launch of Apple Pay in Vietnam bears testament to the country's rapidlygrowing digital economy and mirrors the global shift towards digital paymentsolutions. By welcoming this advanced payment method, Vietnam reaffirms itscommitment to financial inclusivity and digital progress./.