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Mastercard brings more payment choices to VPBank cardholders with Google Wallet
To meet growing consumer preference for more payment options, Mastercard has launched contactless payments via Google Wallet in Vietnam. Mastercard cardholders from VPBank can now save their credit and debit cards for Google Pay within Google Wallet, a digital wallet that enables users to store credit and debit cards, as well as boarding passes. They can then make hassle-free and secure payments in stores where contactless payments are accepted, as well as in apps and on the web, through their Android phones and WearOS devices. After the first launch in Singapore, Vietnam, Thailand and Malaysia are the next countries in Southeast Asia to support Google Wallet.
With e-commerce on the rise, consumers are increasingly turning to digital wallets to fuel their online transactions. They are also using their smartphones more and more in their everyday lives, from accessing important cards and passes to using their digital wallets to make in-store payments. The Mastercard New Payments Index 2022 reveals that 94 percent of consumers in Vietnam have used at least one digital payment method in the last year, with 60 percent having used a tappable smartphone mobile wallet in the same period. Consumers are also anticipating using mobile wallets more in the future, with 77 percent indicating that they intend to increase their use of tappable smartphone mobile wallets next year. The introduction of Google Wallet in Vietnam will enable consumers across all walks of life to have more ways to pay, especially access to digital payment capabilities that suit their evolving needs and lifestyles.
To save Mastercard cards on Android and WearOS devices, cardholders are only required to do a one-time setup by entering their card details and their one-time password on the Google Wallet app. Once they have added their card, they can start paying with that device right away. To check transaction history, cardholders simply need to open the app and tap on ‘insights’. Cardholders will continue to enjoy all the rewards and benefits offered by participating banks, similar to a regular card-based transaction, but with enhanced security and convenience.
Through tokenization integrated by Mastercard Digital Enablement Service (MDES) technology, payments made using digital wallets are done through a secure digital token without the need for cardholders to share their card details such as card number and expiry date with a merchant. Also, if the device is lost or stolen, the user could simply use the “Find my device” function to instantly lock the device from anywhere, secure it with a new password, or even wipe it clean of all personal information. These features enable an additional layer of security for payments, which reduces friction and improves the buying experience.
“Vietnamese consumers are showing a real openness and enthusiasm to emerging payment technologies, and carrying heaps of cash is now a thing of the past. As we move towards an increasingly digital-first world and continue to witness rapid digital enhancements, consumers are expecting better and faster payment solutions that are not only safe, but are also simple and convenient to use for their daily transactions. Mastercard is delighted to bring the convenience and security of Google Walllet to VPBank Mastercard cardholders in Vietnam so that they can pay anytime, anywhere with their smartphones, which has become ubiquitous in their lives. This is in line with Mastercard’s commitment to enable choice for cardholders, and at the same time, contribute to driving greater adoption of digital payments in the country,” said Winnie Wong, Country Manager, Vietnam, Cambodia and Laos, Mastercard.
“VPBank’s vision to be the most consumer-friendly bank through technology requires the ability to keep pace with constant creativity and innovation and launch new digital offerings for Vietnamese consumers at speed. Today we are excited to introduce Google Wallet support for our VPBank Mastercard credit and debit cards, which will allow our customers to make seamless and secured payments across a wide range of contactless points of sale, whether online or offline. This initiative is an extension of VPBBank’s long-standing partnership with Mastercard, and we look forward to introducing more innovative digital solutions for Vietnamese consumers together,” said Phung Duy Khuong, Standing Deputy CEO cum Head of Retail Banking Division, VPBank.
“According to the e-Conomy SEA 2022 report, digital payments are gaining popularity and are expected to hit US$143 billion in gross transaction value in Vietnam by 2025. With millions of Vietnamese now using their phones everyday to make payment, Google is excited to bring Google Wallet to Vietnam,” said Chen Way Siew, Google Wallet Partnerships Lead, Google Asia Pacific. “Google Wallet is easy to use as you don't need to transfer money into the app. It acts as a digital container that holds digital versions of physical items found in an actual wallet, such as payment cards. Simply add the payment card to Google Wallet and you can tap to pay securely in stores. You can also easily access boarding passes when jetting off for their yearend holidays. Google Wallet helps keep everything protected in one place, no matter where you go.”
VietNam Economic News
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