Apple Pay set to launch in Vietnam

Vietnamese consumers who own iPhones and Apple Watches will soon have the convenience of making direct payments for services at retail outlets, eliminating the need for credit or debit cards.

On July 14, a prominent Vietnamese bank announced its forthcoming support for Apple Pay services, allowing users to easily link their bank's credit and debit card information to the Apple Pay platform via Apple Wallet or the dedicated app.

Moreover, individuals using an Apple Watch with their iPhone will also be able to independently make secure payments.

At least three other major banks in Vietnam are reportedly working on launching updated versions of their mobile banking applications to facilitate Apple's contactless payment system, with an expected rollout scheduled for the end of this month.

The introduction of Apple Pay in Vietnam marks a significant development in the country's digital payment landscape, offering users a convenient and secure alternative to traditional card-based transactions.

Apple Pay, initially launched in the United States in October 2014, revolutionised the payment industry by leveraging near-field communication technology.

Instead of relying on physical cards, iPhone and Apple Watch users can simply place their devices near payment terminals in supermarkets, stores, and restaurants to initiate transactions. Authentication methods such as fingerprint scanning (via Touch ID) or facial recognition (via Face ID) ensure the utmost security during the payment process.

Apple has reassured users that their credit and debit card information is stored securely on their devices, with encryption measures in place within the Bionic chip to safeguard against unauthorised access.

Each transaction is further authenticated using a unique and non-repeating code sequence, ensuring the privacy of customer data. This level of security surpasses that of traditional physical cards, as store employees or merchants cannot view card numbers or security codes during the payment process.

As Apple Pay gains traction globally, the service has grown in popularity among consumers and merchants due to its seamless functionality and the absence of additional service fees. This applies to the numerous markets where Apple Pay is already available, with the fees being covered by the issuing banks.

While Apple Vietnam has yet to issue an official statement regarding the reports, the upcoming availability of Apple Pay in the Vietnamese market is expected to transform the way individuals conduct transactions, bringing enhanced convenience, security, and efficiency to the country's payment ecosystem.

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