The initiative comes amidst scaling demand for flexible payment options among Vietnamese and international consumers. Through this move, Visa credit cardholders based in the region are set to be able to access real-time instalment offerings at merchants operating in South Korea, in turn improving convenience for travellers. Visa conducted research through which the company discovered that 75% of surveyed Vietnamese consumers intend to travel for leisure in 2025, with South Korea being among the top destinations for 18% of respondents.
Furthermore, Vietnamese Visa credit cardholders can leverage the newly launched solution at South Korean duty-free shops, department stores, and medical institutions. Additionally, the partnership between Visa and DealMe expands instalment payment options to international consumers utilising Visa cards at participating South Korean merchants. As detailed in the press release, eligible cardholders can select their preferred instalment duration when conducting transactions.
Formerly inaccessible for cross-border payments, the service focuses on scaling payment flexibility for global shoppers. As part of the collaborative agreement, DealMe is set to use Visa’s network under a Memorandum of Understanding (MoU) signed with the company’s Asia-Pacific headquarters in November 2024. Initially, the two companies aim to launch the solution in South Korea, with plans to expand to Vietnam, the US, Australia, Japan, and Singapore afterwards.
Latest news on Visa’s support for Vietnam’s payments landscape
Besides launching this service in partnership with DealMe, Visa collaborated with several QR payment providers in
November 2024 to enable consumers to leverage their digital wallets for POS QR payments when travelling abroad. QR payment providers involved in the project included Lakala (Mainland China), Touch 'n Go Digital (Malaysia), FOMO Pay (Singapore), LINE Pay (Taiwan), VNPay, and Zalopay (Vietnam). These providers were set to integrate Visa’s payment network to allow simplified and secure payments for users. Also, Visa was working with Juspay, a payments technology company, to offer technical support for the initiative.
