The two companies will make cashless payment more accessible in Vietnam through expanding and strengthening the fintech company's affiliate network of accepting merchants, as well as rolling out new services including Visa’s Tap to Phone acceptance solution, virtual Visa prepaid cards, fund transfers powered by Visa Direct service, and the Visa Instalment Solution (VIS), among others.
According to Visa’s Consumer Payment Attitudes study 2021, 80% of consumers in Vietnam are interested in using mobile contactless payments like Tap to Phone. Visa’s strategic partnership with VNPAY emphasizes Vietnam’s ongoing cashless and digital transition. While bringing VNPAY merchants and users into the Visa ecosystem, the implementation of digital capabilities will expand Visa’s network and spur the adoption of contactless payment.
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