Visa partners with top Vietnam e-wallets

Digital payments provider Visa on Friday announced a new partnership with three of the most popular e-wallets in Vietnam to provide a more convenient payment experience for Visa cardholders at participating small- and medium-sized enterprises (SMEs).

With Visa's new partnership with MoMo, VNPAY and ZaloPay, Visa cardholders will be able to access funds when making purchases at merchants currently offering payments via the three e-wallets’ QR codes.

This collaboration is poised to drive Vietnam's transition to a cashless society, by offering innovative, contactless, and cashless digital payment solutions benefiting both businesses and consumers, the company said in a release.

Dang Tuyet Dung, Visa country manager of Vietnam and Laos, said: "As Vietnam continues its journey in 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 the push for digital and financial inclusion in Vietnam."

"Meanwhile, Visa cardholders can also enjoy existing promotions and benefits offered by their banks, such as cashback, discounts, and accruing miles," she added.

Do Khac Cuong, vice president, payment services division at MoMo, commented: "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."

Vietnam is set to reach 50 million active e-wallets by the end of 2024, a 40% increase from 2023, according to a FiinGroup report.

This growth is driven by the momentum observed in recent years where consumers are drawn to the ease of use, seamless experiences, multi-service offered, security and speed of the transactions, Visa said. "This is in line with recent trends where consumers are increasingly embracing cashless forms of payments in Vietnam."

According to Visa’s Consumer Payment Attitudes study 2023, 88% of respondents have attempted to use cashless payments and 62% of Vietnamese consumers use QR to pay, up from 35% in 2021.