Visa partners with Top e-Wallet Apps in Vietnam to facilitate Digital Payments
KEY FACT: Visa has partnered with top e-wallet apps in Vietnam to facilitate Visa cardholders to make hassle-free purchases at participating small and medium enterprises, and to drive Vietnam’s transition to a cashless society. The e-wallet providers include MoMo, VNPAY, and ZaloPay.
Created on Corel Paint, Image source: Vietnam, VISA
Visa partners with Top e-Wallet Apps in Vietnam
Visa, a world leader in digital payments, has announced a new partnership with three of the most popular e-wallets in Vietnam - MoMo, VNPAY, and ZaloPay. The partnership aims to facilitate a seamless and convenient payment experience for Visa cardholders at participating small and medium enterprises (SMEs).
This partnership is to facilitate innovative, contactless, and cashless digital payment solutions that will benefit both businesses and consumers. Visa has reaffirmed that the collaboration will drive digital payment adoption and digital transformation toward an inclusive financial future in Vietnam, which is in alignment with the government's shared vision and common objectives toward a cashless society.
Going forward, Visa cardholders will be able to use their Visa card as a source of funds when making purchases at merchants currently offering payments via the three e-wallets’ QR codes. This integration will fuel sales for SMEs, expand their customer base, and enhance the overall customer experience. There are other benefits and promotions for Visa cardholders such as cashback, discounts, and accruing miles.
Visa says it will continue to partner with the government in the annual "Cashless Day" event which has been held for the sixth consecutive year. Visa anticipates that Cashless Day will continue to serve as a milestone marking the transition of Vietnam's digital economy, bringing forth more convenient, fast, and secure payment experiences for participants.
Representatives of VISA, MoMo, VNPAY, and ZaloPay. Source: VISA
Representatives of Visa and the e-wallet providers spoke in succession on their insights on the collaboration. Ms. Đặng Tuyết Dung, Visa Country Manager of Vietnam and Laos, said the collaboration is key in the push for digital and financial inclusion in Vietnam. He furthered that:
“Visa is thrilled to be partnering with the top e-wallets in Vietnam to make secure and efficient payment methods available to anyone, anywhere in the country. As Vietnam continues its journey to becoming a cashless society, this success will be driven by SMEs being able to embrace innovation and provide consumers with the latest digital payment solutions. SMEs form a large part of Vietnam’s economy.”
On his part, Mr. Đỗ Khắc Cường, Vice President, of the Payment Services Division at MoMo, expressed his delight in the collaboration which he termed innovative, and security-enhancing:
“MoMo is delighted to partner with Visa on this innovative product. Through our collaboration, MoMo is able to help Visa rapidly expand its payment acceptance points nationwide, leveraging MoMo's significant advantage in this area. Notably, our 30 million plus users will not only enjoy using their Visa cards for payments and shopping at luxury retail chains, but they will also experience the convenience and security of mobile payments with Visa cards at various family-run shops and stalls.”
Mr. Nguyễn Hữu Phúc, Deputy General Director of VNPAY harped that the collaboration not only encourages customers to shop but also boosts sales for merchants accepting VNPAY-QR. He furthered:
“Driven by the goal of providing customers with convenient and secure services that cater to a diverse range of needs, VNPAY e-wallet has developed a comprehensive ecosystem encompassing payment, shopping, transportation, and entertainment. Notably, the payment feature via VNPAY-QR code has become widely recognized among users.
Mr. Trần Bá Khôi Nguyên, Chief Financial Officer of ZaloPay, highlighted their goal to enhance the payment experience for end customers:
“In our effort to provide comprehensive solutions, ranging from payment methods to marketing services, we are dedicated to helping businesses grow and enhancing customer experiences, with a particular focus on SMEs. We are continuously expanding our collaborations to support small and medium-sized enterprises in confidently implementing cashless payment methods, ensuring the lowest operational costs while maximizing benefits.”
Collage of Moments during the Partnership Signing Ceremony. Source: VISA
More about VISA, MoMo, VNPAY, and ZaloPay
Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Visa's mission is to connect the world through the most innovative, convenient, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive.
MoMo is a Vietnamese Fintech unicorn that provides super-app and payment services and is one of the world's fastest-growing and largest fintech apps. MoMo's mission is to improve Vietnamese people's and merchants' lives by using technology to provide superior, simpler, and affordable financial solutions and daily services.
VNPAY has partnered with over 40 banks and domestic and international payment organizations to develop a wide range of payment services, notably Mobile Banking, Omni Channel for both individuals and businesses, eKYC - Online Customer Identification, Biometric Technology, Soft OTP Authentication Technology and other solutions.
ZaloPay is a leading online payment solutions platform developed by ZION JSC in Vietnam. ZaloPay is integrated with various unique features to comprehensively fulfill users’ payment needs in their personal daily and business conveniently and quickly.
Final Thoughts
Indeed, collaboration is a powerful tool for the advancement of the gains of technology. Visa, MoMo, VNPAY, and ZaloPay are proving this in Vietnam.
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MoMo, VNPAY, and ZaloPay. So these three e-wallets have agreed to collaborate with Visa for business expansion and development. Through this innovative product things are going to work out for good in our country and nationwide. I'm blessed that I have come to the knowledge of this.
Thank you for sharing with us, sir.
It's great to see how these companies are leveraging and taking advantage of technology to enhance financial inclusion and convenience in Vietnam.
Wow, I believe this synergy will mark a moment in the digital payment space of Vietnam, promising substantial benefits for consumers and merchants.
Visa's partnership with top e-wallet apps in Vietnam is set to enhance digital payments, making transactions more convenient and secure. This move also complements the rise of cashback sites and shopping rebate programs, like those featured on https://cashbackhunter.io/ These platforms allow users to save money on their purchases by offering rebates and cashback, adding further value to the digital payment ecosystem in Vietnam.