Vietnam, 24 May 2024 – Visa, a world leader in digital payments, announces a new partnership with three of the most popular e-wallets in Vietnam – MoMo, VNPAY and ZaloPay – to provide a more convenient payment experience for Visa cardholders at participating small and medium enterprises (SMEs). With this new partnership, 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 . This collaboration is poised to drive Vietnam's transition to a cashless society, by offering innovative, contactless, and cashless digital payment solutions benefiting both businesses and consumers.

Vietnam is set to reach 50 million active e-wallets by the end of 2024, a 40% increase from 2023 . This growth is driven by the momentum observed in recent years where consumers are drawn to the ease of use, seamless experiences, multi-service offered, security and speed of the transactions. This is in line with recent trends where consumers are increasingly embracing cashless forms of payments in Vietnam. According to Visa’s Consumer Payment Attitudes study 2023 , 88% of respondents have attempted to use cashless payments and 62% of Vietnamese consumers use QR to pay, up from 35% in 2021.

Ms. Đặng Tuyết Dung, Visa Country Manager of Vietnam and Laos, said: “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 in 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 and this collaboration is key in the push for digital and financial inclusion in Vietnam.”

By integrating Visa as a source of funds in Vietnam’s three of the most popular e-wallets, this will benefit both businesses and consumers. For SMEs, this will likely fuel sales, help them expand their customer base, and provide a better customer experience as consumers now have more digital payment options to choose from. Meanwhile, Visa cardholders can also enjoy existing promotions and benefits offered by their banks, such as cashback, discounts, or accruing miles.

Representatives of Visa and MoMo signed a cooperation agreement.Source: Visa

Mr. Đỗ Khắc Cường, Vice President, Payment Services Division at MoMo, expressed: “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. This partnership clearly demonstrates the joint efforts of Visa and MoMo in promoting cashless payments.”

Mr. Nguyễn Hữu Phúc, Deputy General Director of VNPAY, shared: “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. To further enhance payment experience for users, VNPAY has partnered with Visa, enabling Visa cardholders to fully utilize the VNPAY-QR payment method. This collaboration not only encourages customers to shop but also boosts sales for merchants accepting VNPAY-QR.”

Representatives of Visa and VNPay signed a cooperation agreement.Source: Visa

Mr. Trần Bá Khôi Nguyên, Chief Financial Officer of ZaloPay, highlighted: “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. Our ultimate goal is to enhance the payment experience for end customers. By facilitating more convenient transactions for Visa cardholders, we aim to promote the adoption of cashless payment solutions at every point of sale across Vietnam.”

Visa and ZaloPay signed a cooperation agreement.Source: Visa

Ms. Nguyễn Phương Huyền, Deputy Head of Retail Banking cum Head of Product Development of Sacombank, stated: “Sacombank is currently leading the payment acceptance network in Vietnam thanks to our pioneering efforts in implementing a wide range of modern payment methods that are designed to meet the business needs of enterprises, from online to offline payments, and from chain businesses to small individual businesses. Through this partnership, Sacombank is committed to working alongside Visa and e-wallets to provide customers with the fastest, safest, and most convenient payment experiences for goods and services. At the same time, we help merchants save costs and increase revenue.”

Through collaboration, Visa reaffirms our commitment and efforts to drive digital payment adoption and digital transformation towards an inclusive financial future in Vietnam. Aligned with the government's shared vision and common objectives towards a cashless society, Visa is set to continue its partnership in the annual "Cashless Day" event 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 consumers and businesses alike.

Source: Brands Vietnam