Apple Pay debuts in Vietnam

Highlighting the shift towards digital means, Jennifer Bailey, vice-president of Apple Pay and Apple Wallet, commented, "Contactless payments are steadily embedding themselves in the daily lives of Vietnamese customers. Today, we are elated to bring Apple Pay to Vietnam, providing a convenient, secure, and private payment alternative on Apple devices."

Apple's robust commitment to security and privacy is evident in the features of Apple Pay. Customers are poised to benefit from unparalleled protection of personal information, transaction data, and both credit and debit card details. When adding a card, real card numbers aren't stored on the device or Apple servers. A unique Device Account Number is generated, encrypted, and safely housed within the secure element of the device. Each transaction is then authorised with a dynamic one-time security code.

Crucially, Apple maintains that they don't retain customer-specific transaction information. All transactions are exclusively processed between the consumer, the retailer or app developer, and the issuing bank or card institution.

For added security, if an iPhone is misplaced or stolen, users can instantly access the 'Find My iPhone' feature, allowing them to locate, lock, or even halt payments from that device.

The procedure for Apple Pay is crafted for simplicity: a double-click of the side or home button, authentication through Face ID or Touch ID, and positioning the device near a contactless reader completes a transaction. Online shopping is even more seamless, eliminating the need for separate merchant accounts or manually entering billing details. Each Apple Pay transaction online is further secured with Face ID, Touch ID, or a device-specific password, bolstered by the dynamic security code.

To utilise Apple Pay, Vietnamese users will need an iPhone 6 or newer with iOS 12.5.2 or higher. The service is also compatible with Apple Watch Series 4 and newer models, provided they run watchOS 9 and are paired with at least an iPhone 8.

At its debut, Apple Pay has garnered the support of some key Vietnamese banks: ACB, MB, Sacombank, Techcombank, Vietcombank, and VPBank. Customers with these banks can effortlessly register their debit cards online via bank apps, with instant issuance and immediate integration into Apple Pay for prompt transactions.

Apple Pay's retail acceptance in Vietnam is impressive. From fashion brands like Adidas to global food chains like McDonald’s and Starbucks, the service is swiftly gaining traction. Moreover, renowned Vietnamese retailers such as Dien May Xanh, Emart, FPT Shop and Mobile World Group have jumped on board. Popular apps and websites, including Shopee, BAEMIN, and Mytour, are also offering Apple Pay as a payment method.

To date, Apple Pay is flourishing in over 70 countries and territories and partners with a staggering 10,000+ banking institutions worldwide.

Apple Pay set to launch in Vietnam Apple Pay, the popular mobile payment service from the American tech giant, is soon to make its debut in Vietnam.

Fintech groups and banks linking up for new payment partnerships Vietnam’s payment fintech landscape is witnessing a surge in partnerships between foreign giants like Apple Pay and local banks, while local payment apps are teaming up with international firms, signalling promising growth prospects for the digital payment sector.