Visa, the world’s leader in digital payments, and Moca, a leading digital payments service in Vietnam, have teamed up to encourage consumers to save their Visa payment card-on-file to make fast, convenient, and secure online payments via Moca's payment solutions on the Grab app and other e-commerce platforms.
|Visa and Moca are promoting online payments on e-commerce platforms |
The Southeast Asia Regional Report 2019 estimated that Vietnam’s online food ordering and delivery market will reach $302 million by 2020, with users expected to continue rising from 10.5 million to 17 million by 2024.
At the announcement of the partnership, Dang Tuyet Dung, Visa country manager for Vietnam and Laos, shared, “As the payment landscape evolves rapidly around us, it is important for us all to adapt. Visa’s partnership with Moca offers speed, convenience, and security to consumers, especially in the context of the COVID-19 pandemic and social distancing. We are hoping our partnership will bring these benefits to even more consumers across Vietnam.”
The Visa Consumer Payment Attitudes study found at least half of Vietnamese consumers are using a super app on their mobile device. 87 per cent of consumers are using home delivery and 98 per cent of them have increased their usage during the pandemic. Consumers also rank some of their top security concerns as having sufficient security to protect mobile transactions, personal details, and financial details.
Card-on-file (COF) – saving card details on a trusted platform to simplify future purchases – offers consumers security and convenience whilst shopping online, with immediate updates on their transactions. This feature will be a significant push towards the adoption of e-commerce by making the purchasing journey even more seamless, onboarding more regular consumers, and generating more customers for vendors. The technology offers significant benefits to consumers and small businesses while keeping them safe with Visa’s tokenisation technology that replaces sensitive payment information with a unique identifier, or “token”.
|Online shoppers will be eligible for significant discounts when using Visa for their purchases |
Throwing their considerable weight behind this year’s Cashless Day campaign by the State Bank of Vietnam’s Payment Division and Tuoi Tre newspaper, Visa and Moca also offer an attractive promotion for first-time Visa cardholders who link their Visa cards on the Grab app. Specifically, users will enjoy a discount of up to VND40,000 ($1.75) for one GrabFood order with a minimum value of VND80,000 ($3.50) on weekdays from now to September 1, 2021.
Nguyen Xuan Viet Binh, CEO of Moca said: “Over the years, Moca has developed new payment products and solutions, ensuring the smooth and seamless connection of services, sales of goods, and payment for consumers. As a result, Moca has not only retained existing users but also attracted a significant number of first-time cashless users. The partnership with Visa will help us better meet the growing demand for cashless payments and online food delivery during the COVID-19 pandemic.”
Up to now, Moca has partnered with 25 banks and a digital bank in Vietnam, helping users make safe, secure, and convenient cashless payments. Moca users can not only pay for mobility, food, package, and grocery delivery services on the Grab superapp platform, they can also conduct a range of transactions beyond the Grab app such as paying bills, topping up their mobile, and even paying online on FPTShop.