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With the theme A World Beyond Cash – Accelerating, Innovating, Connecting you to Priceless Possibilities, the forum has helped sketch the big picture of the current payment landscape, drawing the ways how Mastercard and its key partners join hands to increase the capability of payment and better serve the population in Vietnam.
Vietnam is now among the fastest-growing economies in Asia-Pacific, experiencing the fourth payment revolution and showing great growth potential, thanks to a young population with a digital mindset.
Despite the negative impacts brought by the pandemic, the Asian Development Bank forecasts that the country’s GDP will reach 6.5 per cent in 2022, increasing 2.5 times from 2021’s figure and reflecting the most impressive economic recovery across Southeast Asia.
In 2021, apart from maintaining a positive GDP figure, Vietnam recorded a 13 per cent increase in credit growth and a 9 per cent increase in foreign investments, alongside the $21 billion valued internet economy, driven by 8 million new digital consumers during the pandemic.
Safdar Khan, Mastercard's division president for Southeast Asia said, “Vietnam is on the path of imperative growth, in parallel with peer nations in the Southeast Asia region and has shown a remarkable ability to adapt and evolve to achieve progress. With this remarkable achievement, all market players must work together to ensure that this growth is sustainable."
Khan added, "Beyond offering new payment technologies to partners, Mastercard is committed to working closely with the Vietnamese government and businesses to develop solutions that empower a more financially inclusive society in Vietnam and help the country realise its cashless economy vision. By leveraging Mastercard’s global expertise, Mastercard stands with Vietnam on the pathway towards a more globally connected and competitive economy," he added.
At the Mastercard Customer Forum 2022, Mastercard has also presented a series of awards celebrating its partners’ achievements in accelerating payment services in 2021 in recognition of their leadership in payment business performance and growth, both domestically and cross-border.
|Winnie Wong, Mastercard's country manager for Vietnam, Laos, and Cambodia|
|Winnie Wong, Mastercard's country manager for Vietnam, Laos, and Cambodia asserted the company’s stronger commitment to the market through innovative partnerships, saying that “despite the challenges from the pandemic, it’s exciting to see such fast and positive progress in Vietnam, thanks to the trust and cooperation with Mastercard’s valued partners."|
She added that Mastercard also looks forward to bringing their most innovative payment technologies and solutions as well as global expertise to offer tailored and best-in-class programmes and solutions to meet the needs of partners, businesses, organisations, and people.
Together with collaborative efforts to facilitate a cashless and inclusive economy, Mastercard is going an extra mile to establish and reinforce its presence in the market with the debut of the Vietnam version of its Sound of Trust – the Mastercard melody recognised by consumers worldwide in storefronts, at payment terminals, in apps, and online.
Meanwhile, Mastercard also makes efforts to realise its long-standing commitment to enabling priceless experiences, introducing Vietnamese consumers to the power of personal connection and emotional fulfilment with the extension of its award-winning Priceless platform.
Mastercard goes the extra mile to bring Priceless to life for its partners and customers by bridging connections over a shared passion for food – one among nine leading passion points at Mastercard.
Distinguished guests were invited on a bespoke culinary experience, specifically curated by top celebrity chefs with domestic and international acclaim, and enjoyed the flavours of Vietnam in a unique and priceless way never before seen.
Being the first Mastercard Customer Forum in Asia-Pacific since the pandemic, the 2022 event sets a new milestone in Mastercard’s journey in Vietnam while highlighting the next developmental phase of cashless payment with the active participation of local players.
The event also solidifies the global payment technology company’s commitment to Vietnam as one of its major markets in the Asia-Pacific, and how the country has been integrating deeply in terms of cashless payment vision, heading towards a dynamic, flexible, and sustainably developed digital economy.
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While not yet through the darkness, greater access to vaccines and better treatments illuminate a future without a crippling global health pandemic, says Winnie Wong, Mastercard country manager for Vietnam, Cambodia, and Laos.
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As consumers increasingly turn to online channels for their everyday purchases, the value propositions on their World and World Elite cards are evolving to derive maximum value.
|The next frontier in delivering great customer experiences |
COVID-19 has tremendously changed how businesses and consumers interact with each other. For both, digital-first has become a norm and a necessity. As we emerge from the pandemic, it’s time to reflect on the most important changes we have witnessed, the key lessons learned, and understand how businesses can adapt to the new normal.