SmartPay, OpenWay launch financial inclusion wallet in Vietnam

Monday 1 July 2019 11:50 CET | News

SmartPay has launched a financial inclusion wallet in Vietnam, in partnership with OpenWay, targeting 25 million consumers and 6 million small and medium merchants.

After downloading the SmartPay app and completing the KYC, one can become fully enrolled and able to make the first transaction. The wallet is powered by the WAY4 platform, provided by OpenWay, a global provider of software solutions for card issuing, merchant acquiring, transaction switching, and digital wallets.

The digital wallet is aimed to streamline the payment and finance management experience for retail customers by offering them digital payments, loans, savings, loyalty programs, bill payments, money transfers, and data-driven services on mobile. For merchants, both SMEs and individual sellers, the wallet enables acceptance of QR-code payments without additional investments in POS infrastructure.

SmartPay is relying on WAY4 as the technological platform for its wallet. WAY4 Wallet is an open software platform developed by OpenWay, which manages B2C and B2B wallet accounts, enables acceptance of QR code and NFC payments, and processes card- and account-based transfers online. It automates customer onboarding, claim management, and other workflows, ensures security and BI, and provides APIs to integrate with payment schemes and partners.

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Keywords: SmartPay, OpenWay, financial inclusion, mobile wallet, Vietnam, SME, merchant
Countries: World