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.
This collaboration aims to provide a more convenient payment experience for Visa cardholders at participating small and medium enterprises (SMEs).
The partnership’s primary goal is to drive Vietnam’s transition to a cashless society by offering innovative, contactless, and cashless digital payment solutions that benefit both businesses and consumers.
Visa cardholders will be able to use their Visa cards as a source of funds when making purchases at merchants that accept payments via the three e-wallets’ QR codes. This integration is expected to boost sales for SMEs, expand their customer base, and enhance the overall customer experience. Additionally, Visa cardholders can continue to enjoy promotions and benefits offered by their banks, such as cashback, discounts, and accruing miles.
Đặng Tuyết Dung, Visa Country Manager of Vietnam and Laos, stated: “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, and this collaboration is key in pushing for digital and financial inclusion in Vietnam.”
Đỗ Khắc Cường, Vice President of the 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.”