Visa extends support of Cashless Day to drive growth of non-cash payments in Vietnam

June 17, 2021 | 10:26
Visa, the world’s leader in digital payments, is celebrating Cashless Day in Vietnam by raising awareness to the benefits cashless payments provide businesses and consumers across the country.
Visa extends support of Cashless Day to drive growth of non-cash payments in Vietnam
Visa will highlight the benefits of non-cash payments in Vietnam for Cashless Day

The COVID-19 pandemic has been a major disruptor for businesses and consumers alike, bringing significant changes in the way people buy and sell goods and services. Banks, fintech companies, and merchants are looking at a transformed landscape where success lies in offering consumers convenient, frictionless, and safe payment methods while educating non-users of the potential gains in going digital.

According to the Visa Consumer Payment Attitudes study, Vietnamese consumers expect the country’s transition to a cashless society to happen as soon as 2030, with the majority (84 per cent of respondents) already having attempted to go digital and get by without using cash. The pandemic has resulted in the growth of e-commerce and food delivery services with a study by Kantar suggesting most “new normal habits” acquired during the pandemic are here to stay.

Dang Tuyet Dung, Visa country manager for Vietnam and Laos, said that, “Visa is ecstatic to once again support Cashless Day and to promote the adoption of digital payments in Vietnam, bringing our cutting-edge payment technologies and extensive partner network to accelerate the shift towards safer, more convenient payment methods.”

Vietnamese consumers are increasingly choosing new ways to pay including digital wallets and QR code payments. 57 per cent of consumers are holding up to three apps with mobile wallets on their smartphones, while 55 per cent have one preferred app to use for all their transactions. Additionally, further long-term increases are forecast in the use of contactless cards, mobile phone payments, or QR code payments for in-store purchases.

To help drive the increased use of digital payments, Visa has extended its lineup of merchant partners for Cashless Day bringing significant discounts and benefits for Visa cardholders. Visa and its partner, Moca – a leading digital payments service in Vietnam – are offering users linking their Visa card-on-file on Grab app a one-time discount of VND40,000 ($1.743) for a minimum of VND80,000 ($3.48) bill per order on GrabFood on weekdays.

Visa extends support of Cashless Day to drive growth of non-cash payments in Vietnam
Visa has extended its lineup of merchant partners for Cashless Day with more discounts and benefits for Visa cardholders

Visa cardholders making e-commerce purchases on Lazada, Shopee, Tiki, Now or paying with Moca e-wallet on the Grab app will benefit from discounts up to VND50,000 ($2.17). Discounts and cashback incentives will also be available from Agoda, Booking.com and premier luxury fashion platforms Net-a-Porter and Farfetch. Visa contactless cardholders can also benefit from rewards and discounts at popular chains like Phuc Long tea and coffee chain, CGV cinemas, and Mai Linh taxi.

Visa is also supporting small- to medium-sized enterprises (SMEs) through the Visa Commercial Offers programme. This programme provides discounts and support to SMEs wanting to take their business online, enhance business efficiency, and improve their bottom line, including advertising, customer engagement, commercialisation, and networking tools for purchases made through Visa commercial cards.

“SMEs form the backbone of the Vietnamese economy and we at Visa are ready to provide them with all the tools and help they need to digitise their operations,” said Dung. “As part of these ongoing efforts, we are pleased to leverage our global Practical Business Skills platform offering free educational resources for SMEs with online training materials, including videos, business templates, and infographics to help small business owners start up, manage their business, and lead it to successful growth.”

Held annually, Cashless Day is organised jointly by the State Bank of Vietnam and Tuoi Tre (The Youth) Newspaper.

Visa extends support of Cashless Day to drive growth of non-cash payments in Vietnam
Visa is also supporting SMEs through the Visa Commercial Offers programme

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