Funds big Visa has introduced a brand new partnership with three of Vietnam’s main e-wallets—MoMo, VNPAY, and ZaloPay—to boost the fee expertise for its cardholders at small and medium enterprises (SMEs).
This collaboration permits Visa cardholders to make use of their playing cards to pay utilizing QR codes supplied by these e-wallets, aiming to drive Vietnam’s shift in the direction of a cashless society.
By integrating Visa into these in style e-wallets, the partnership goals to profit each companies and shoppers.
SMEs can reportedly count on elevated gross sales, an expanded buyer base, and improved buyer experiences because of the further digital fee choices.
In the meantime, shoppers will profit from current financial institution promotions and advantages, similar to cashback and reductions.
MoMo’s Vice President, Fee Companies Division, Đỗ Khắc Cường, emphasised that the partnership will assist Visa increase its fee acceptance factors nationwide. He famous that MoMo’s 30 million customers will profit from utilizing Visa playing cards for funds at numerous shops, from luxurious shops to family-run retailers.
Echoing this sentiment, Nguyễn Hữu Phúc, Deputy Normal Director of VNPAY, said that the partnership aligns with VNPAY’s objective of offering handy and safe companies. The combination of Visa playing cards with VNPAY-QR goals to boost person fee experiences and increase gross sales for retailers.
Equally, Trần Bá Khôi Nguyên, Chief Monetary Officer of ZaloPay, highlighted the partnership’s deal with supporting SMEs by providing complete fee and advertising options. The objective is to advertise cashless fee adoption and guarantee handy transactions for Visa cardholders throughout Vietnam.
Đặng Tuyết Dung
Đặng Tuyết Dung, Visa Nation Supervisor of Vietnam and Laos, mentioned,
“Visa is thrilled to be partnering with the highest e-wallets in Vietnam to make safe and environment friendly fee strategies accessible to anybody, anyplace within the nation.
As Vietnam continues its journey in changing into a cashless society, this success will likely be pushed by SMEs with the ability to embrace innovation and supply shoppers with the most recent digital fee options.”
Vietnam is projected to have 50 million energetic e-wallet customers by the top of 2024, a 40% enhance from 2023.
Visa’s Client Fee Attitudes research in 2023 revealed that 88% of respondents have tried cashless funds, and 62% use QR codes, up from 35% in 2021.
