Payments giant visa It has announced new partnerships with three major e-wallets in Vietnam.peach, Payand ZalopeiThe aim is to improve the payment experience for small and medium-sized business cardholders.
The partnership will enable Visa cardholders to make payments with their cards using QR codes provided by these e-wallets, aiming to drive Vietnam’s transition to a cashless society.
The partnership aims to benefit both businesses and consumers by integrating Visa into these popular e-wallets.
Small businesses report that adding digital payment options can help increase sales, expand their customer base, and improve customer experience.
Meanwhile, consumers will benefit from existing bank promotions and offers, such as cashbacks and discounts.
Đỗ Khắc Cường, vice president of payment services at MoMo, highlighted that the partnership will enable Visa to expand its payment acceptance footprint across the country, noting that MoMo’s 30 million users will benefit from being able to pay with their Visa cards at a range of retailers, from high-end stores to mom-and-pop shops.
Echoing this sentiment, Nguyen Hou Phuc, Deputy General Manager of VNPAY, said the partnership is in line with VNPAY’s goal of providing convenient and secure services. The integration of Visa Card and VNPAY-QR aims to improve users’ payment experience and increase sales for merchants.
Similarly, Trần Bá Khôi Nguyên, Chief Financial Officer of ZaloPay, highlighted the partnership’s focus on supporting SMEs by providing comprehensive payment and marketing solutions, with the goal of driving the adoption of cashless payments across Vietnam and ensuring convenient transactions for Visa cardholders.
Dang Tuyet Dung
Đặng Tuyết Dung, country manager for Vietnam and Laos, Visa said:
“Visa is excited to partner with Vietnam’s leading e-wallet to provide everyone access to safe and efficient payments anywhere in the country.
As Vietnam continues on its journey towards a cashless society, success will depend on SMEs’ ability to embrace innovation and provide consumers with modern digital payment solutions.”
In Vietnam, the number of active e-wallet users is expected to reach 50 million by the end of 2024, a 40% increase from 2023.
Visa’s 2023 Consumer Payment Attitudes Study revealed that 88% of respondents have tried cashless payments, with 62% using QR codes, up from 35% in 2021.
