The collaboration is expected to enable NAPAS to leverage IST’s tokenisation and digital card solutions, offering benefits to banks and end-users across Vietnam. With the newly acquired capabilities, NAPAS will be able to meet the rising demand for contactless and digital payments. The Vietnamese domestic scheme will integrate IST’s token platform into its existing network of over 40 banks, supporting the Vietnamese payment community.
With the country’s population consisting of largely individuals under 35 years old and possessing multiple smartphones, the collaboration will be particularly impactful for Vietnam’s young citizens. As more consumers in this demographic lean towards digital services, the two companies aim to tailor their services to include modern secure, and convenient payment options.
The IST token platform supports payment networks to transition their affiliated issuers to digital payment solutions by replacing sensitive card info with a unique identifier that can be utilised for transactions without exposing card details. This caters to a wide range of use cases, including mobile NFC payments, in-app purchases, and remote and peer-to-peer transactions.
The solution can be integrated through APIs, facilitating communication with various stakeholders in the ecosystem such as token requestors, global xPay wallets, and issuers. NAPAS will be able to offer in-store payments via smartphone, using the bank’s mobile wallet for Android smartphones and Apple Pay for iOS devices. Furthermore, the Vietnamese community will have the possibility to make ecommerce purchases using in-app payments. This way to pay eliminated the need for QR codes or cash, boosting contactless payments.
The partnership began by enabling tap-to-pay transactions through bank apps powered by HCE wallet solutions. NAPAS is committed to expanding global wallet access and introducing other new solutions together with ISP, optimising the digital payments landscape of Vietnam.
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