Visa paving the way to an inclusive digital economy

The pandemic has accelerated an already strong shift towards digital across the world, redrawing how we live, work, and pay.

Visa’s Consumer Payment Attitudes 2021 study shows that over half of Vietnamese consumers now regularly shop online and expect to be able to pay by card or mobile even in small physical stores.

“As the architect of many of the solutions enabling this change, Visa is leveraging its world-leading digital expertise to make sure this transformation is inclusive and equitable,” said Dung Dang, Visa country manager of Vietnam. “We believe the digital economy will create global prosperity because economies that include everyone everywhere.”

Visa – Towards a comprehensive digital economy

Innovation

Workable strategies to go digital and embrace innovation are becoming essential. Around 90 per cent of small businesses with a digital presence attributed their pandemic survival to e-commerce, according to the 2022 Visa Global Back to Business Study.

Visa is heavily invested in creating an ecosystem of services and technologies to empower users with secure, innovative transactions fitting their needs. Over the past five years, Visa has invested $9 billion in cybersecurity to combat fraud and money laundering. Our principle of responsible innovation – keeping a safety-first approach while developing products and services for the digital economy – has been our guiding star.

“Innovation is the foundation of our business and is driving the future of money movement,” she explained. “Apart from building the tools of the digital economy, we are also supporting stakeholders across the spectrum to tap into digital.”

For instance, the Visa Acceptance Fast Track Programme helps small and medium businesses set up digital payment capabilities in a matter of minutes. The programme allows them to avail themselves of Visa’s leading digital expertise with minimal investment.

The strength of the Visa network lies in its diversity. Visa connects individuals, businesses, and governments in myriad places and ways. The ubiquity of Visa services and its network make it more dynamic and inclusive, benefiting all participants.

Trust is the cornerstone of this. Visa operates the largest, most dynamic open network of technology, partnerships, and people.

Consumers want to know their money is safe when transacting with Visa, while business owners rely on our ecosystem to provide speed and convenience to scale their businesses.

With increasing consumers’ habit of cashless payment purchases, instalments are flexing a new muscle for a new generation of consumers looking for flexible, uncomplicated ways to pay. Buy now pay later (BNPL) options are accelerating along with the rise in a range of digital conveniences – from shopping online to tapping to pay and curbside pickup.

Visa has also just launched a new partner programme, Visa Ready for BNPL, enabling tech companies that would like to have their own BNPL solution and reach Visa’s vast network of clients, helping boost their visibility.

Visa continuously reinforces this trust by enhancing our security capabilities and rolling out new products and services to make digital transactions more accessible to all.

Prosperity for all

“Our company purpose is to uplift everyone everywhere by being the best way to pay and be paid,” said Dung Dang. “This is our core belief and Visa is doing everything in its power to ensure our products and services are not only safe but widely accessible.”

For the past ten years, Visa has also been promoting financial literacy among students and offering our repository of Practical Business Skills to practising and would-be entrepreneurs.

Through the Where You Shop Matters campaign, Visa has been supporting SMEs to digitalise their operations so that they can thrive under the new normal.

Visa kicks off new journey to support Female Vietnamese entrepreneurs Visa has chosen Vietnam as one of 10 new destinations in its journey to support female entrepreneurs in capital mobilisation, business governance, and development through the She’s Next Grant programme.

Vietnam witnessing speedy growth in digital payments Vietnamese consumers are rapidly adopting a range of digital payment methods, accelerated due to the global restrictions of the past couple of years.

Visa makes effort to drive awareness of digital pay Digital payment giant Visa is extending its comprehensive support, especially on Vietnam’s annual Cashless Day on June 16, to drive awareness and usage of digital payments among consumers and businesses across the country.