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Visa partners with Vietnamese e-wallet apps
Visa has 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 cardholders at participating small- and medium-sized enterprises (SMEs).
Visa cardholders will now be able to use their cards at merchants currently offering payments through QR codes from the three e-wallet companies.
Vietnam is set to reach 50 million active e-wallets by the end of 2024, a 40 per cent increase from 2023. This growth is driven by demand for the security, speed, and ease of use of the platforms and is in line with Vietnamese consumers increasingly embracing cashless payments. According to Visa’s 2023 Consumer Payment Attitudes study, 88 per cent of respondents have attempted to use cashless payments while 62 per cent of Vietnamese consumers use QR, up from 35 per cent in 2021.
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 to becoming a cashless society, this success will be driven by SMEs, which form a large part of the country's economy, making this collaboration vital to digital and financial inclusion here."
The move will likely fuel sales for SMEs and help them expand their customer base, and provide a better 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.
Do Khac Cuong, vice president of Payment Services Division at MoMo, said, "MoMo is delighted to be working with Visa and to be able to help expand its payment acceptance points nationwide by leveraging our significant advantage in this area. Our 30-million plus users will enjoy using their Visa cards while experiencing the convenience and security of mobile payments. This partnership clearly demonstrates the joint efforts of Visa and MoMo in promoting cashless payments."
Nguyen Huu Phuc, deputy general director of VNPAY, said "VNPAY has developed a comprehensive ecosystem encompassing payment, shopping, transportation, and entertainment. The payment feature via VNPAY-QR code has become widely recognised among users. This collaboration with Visa encourages customers to shop while boosting sales for merchants accepting VNPAY-QR."
Tran Ba Khoi Nguyen, CFO of ZaloPay, said, "We are dedicated to helping businesses grow and enhance their customer experience with a particular focus on SMEs. We are continuously expanding our collaborations to support small businesses in implementing cashless payments, ensuring the lowest operational costs while maximising benefits. By facilitating more convenient transactions for Visa cardholders, we aim to promote the adoption of cashless payment solutions at every point of sale across Vietnam."
Nguyen Phuong Huyen, deputy head of Retail Banking cum head of Product Development of Sacombank, stated, "Through this partnership, Sacombank is committed to working alongside Visa and e-wallets to provide customers with the fastest, safest, and most convenient payment experiences for goods and services. At the same time, we can help merchants save costs and increase revenue."
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