Visa, VNPAY join hands to speed up digital payments in Vietnam
Visa, the world’s leader in digital payments, and VNPAY, Vietnam’s prominent fintech company, inked a strategic partnership to enhance the digital payments experience in Vietnam during a ceremony held in Hanoi on February 23.
Hanoi (VNA) - Visa, the world’s leader in digital payments, and VNPAY, Vietnam’s prominent fintech company, inked a strategic partnership to enhance the digital payments experience in Vietnam during a ceremony held in Hanoi on February 23.
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), among others.
According to Visa’s Consumer Payment Attitudes study 2021, 80 percent 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.
She continued that Visa’s 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.
The partnership between Visa and VNPAY is an opportunity for each enterprise to utilise each other’s strengths to drive growth while expanding Vietnam's digitalꦆ econo𓂃my.
Vice Chairman of the Board of VNPAY Nguyen Tuan Luong voiced his belief that its strategic partnership with Visa will push digital payments in Vietnam to grow faster than ever, bringing more benefits to users and partners. It will also make digital transformation easier for businesses, generating greater and more sustainable growth through smart electronic payment solutions, he added./.
The COVID-19 pandemic has contributed to forming online shopping and online payment habits, a trend that is likely to continue after the pandemic, held experts.
The COVID-19 pandemic, with its complicated developments, has given a boost to e-commerce, with non-cash payments accounting for 70 percent of total retail transactions in Vietnam last year.
More than 463,000 people have used Mobile Money as of February 11, over one month after the Viettel Military Industry and Telecoms Group (Viettel) and the Vietnam Posts and Telecommunications Group (VNPT) launched the cashless payment service, according to the Ministry of Information and Communications.
Cashless payment has become more popular in all sectors, including restaurant and catering services, according to Winnie Wong, Mastercard’s Country Manager for Vietnam, Cambodia and Laos.
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Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
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According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
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The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
At the launch ceremony (Photo: vov.vn) 
