Visa Partners With VNPAY for Digital Payments Push in Vietnamby Fintech News Singapore March 8, 2022
Visa has entered into a strategic partnership with Vietnamese electronic payment solutions provider VNPAY to enhance the digital payments experience in the country.
The partnership aims to make cashless payment more accessible in Vietnam through the expansion of VNPAY’s affiliate network of accepting merchants.
Both entities will also be 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).
Additionally, Visa prepaid cards will be issued virtually and linked to the VNPAY user’s wallet and can be used at both online and physical retailers everywhere Visa is accepted.
Visa Direct service will allow VNPAY users to make payments or transfer funds almost instantly from the VNPAY wallet to other Visa cards and bank accounts and vice versa.
The partnership will also enables customer to pay in instalments at in-store checkout with the Visa Instalment Solution.
VNPAY operates a network of nearly 200,000 locations nationwide, which accepts payment through the VNPAY-POS, VNPAY-QR and VNPAY-QR payment gateway.
Dang Tuyet Dung, Country Manager of Visa Vietnam and Laos said,
“Our 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.”
Nguyen Tuan Luong, Vice Chairman of the Board, VNPAY said,
“Visa is the premier multinational digital payments company. VNPAY believes our strategic partnership with Visa will push digital payments in Vietnam to grow faster than ever, bringing more benefits to our users and merchants.
It will also make digital transformation easier for corporates, generating greater and more sustainable growth through smart electronic payment solutions,”