Samreen Ahmad · · 1 min readVNPay, Visa 🤝 to make digital payments push in Vietnam
VNPay, a Vietnam-based fintech startup, has struck a deal with Visa to enhance digital payments in the country.
Photo credit: VNPay
The aim of the deal is to make cashless payment more accessible in Vietnam by expanding and strengthening the fintech firm’s affiliate network of merchants. It will also spur the rollout of new services, including Visa’s tap-to-phone acceptance solution, virtual Visa prepaid cards, fund transfers powered by Visa direct service, and the Visa installment solution.
“Our strategic partnership with VNPay reinforces Vietnam’s ongoing cashless and digital transition,” said Dang Tuyet Dung, country manager of Visa Vietnam and Laos, adding that 80% of consumers in Vietnam were interested in using mobile contactless payments like tap to phone, according to a study it conducted in 2021.
VNPay is present in nearly 200,000 locations nationwide and enables payment through its point-of-sale and QR gateways. The QR code-scanning function has been integrated with 33 mobile banking applications, VNPay wallet, and eight other e-wallets. This enables more than 25 million consumers to make payments immediately, said VNPay.
See also: Vietnam’s newest unicorn has been hiding in plain sight
Editing by Arpit Nayak
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