Visa, VNPAY join hands to speed up digital payments in Vietnam

At the launch ceremony (Photo: vov.vn)

Hanoi - Visa, the world’s leader in digital payments, and VNPAY, Vietnam’s prominent fintech company, inked a strategic partnership to enhance the digital payments experience in Vietnam during a ceremony held in Hanoi on February 23.

The two companies will make cashless payment more accessible in Vietnam through expanding and strengthening the fintech company's affiliate network of accepting merchants, as well as rolling out new services including Visa’s Tap to Phone acceptance solution, virtual Visa prepaid cards, fund transfers powered by Visa Direct service, and the Visa Instalment Solution (VIS), among others.

According to Visa’s Consumer Payment Attitudes study 2021, 80 percent of consumers in Vietnam are interested in using mobile contactless payments like tap to phone, said Dang Tuyet Dung, Country Manager of Visa Vietnam and Laos.

She continued that Visa’s strategic partnership with VNPAY reinforces Vietnam’s ongoing cashless and digital transition. While bringing VNPAY merchants and users into the highly secure and reliable Visa ecosystem, the implementation of digital capabilities will expand Visa’s network and spur the adoption of contactless payment.

VNPAY operates a network of nearly 200,000 locations nationwide, which accepts payment through the VNPAY-POS, VNPAY-QR and VNPAY-QR payment gateway.

The partnership between Visa and VNPAY is an opportunity for each enterprise to utilise each other’s strengths to drive growth while expanding Vietnam's digital economy.

Vice Chairman of the Board of VNPAY Nguyen Tuan Luong voiced his belief that its strategic partnership with Visa will push digital payments in Vietnam to grow faster than ever, bringing more benefits to users and partners.

It will also make digital transformation easier for businesses, generating greater and more sustainable growth through smart electronic payment solutions, he added.