Visa, ShopNEXT launch Vietnam shop-to-earn platform
American financial services giant Visa and Vietnam’s ShopNEXT have rolled out a blockchain-based Web3 platform enabling users in the country to shop conveniently and obtain token rewards.
The duo expect this partnership to help merchants grow businesses and promote the development of Web3 in Vietnam, where revolutionary blockchain concepts are encouraged as a new growth driving factor.
Kelvin Utomo (L), director, consumer product & digital solutions at Visa, and ShopNEXT CEO Le Khanh Linh at their partnership launch on October 7, 2022 in HCMC. Photo courtesy of ShopNEXT.
In the partnership, Ho Chi Minh City-based ShopNEXT uses the Visa Offers Platform’s card-linked feature to enable users to link a Visa card to their mobile app. Through Visa’s electronic payments network VisaNet, the Vietnamese firm can track card payment transactions and reward users with its token as loyalty points.
In addition, the Vietnamese firm has introduced in-app gameplay and non-fungible token (NFT) cards to offer users options to boost their earning rewards.
“More consumers now shop online than ever before and they are showing great appetite for new digital experiences like token rewards based on blockchain technology and NFTs. Our partnership will help consumers shop without worries while enjoying the speed and security of Visa payments and earn exciting novelties like NFTs,” Dung Dang, Visa country manager, Vietnam and Laos, said in a release on Friday.
ShopNEXT CEO Le Khanh Linh said, “Our collaboration with Visa will help us accelerate the process of acquiring merchants and users efficiently.”
Web3, also written out as web 3.0, is a new iteration of the world wide web that hosts decentralized apps that run on blockchain technology. It is seen as a platform for decentralized finance and trading NFTs.
- Related News
- Read More
Vietnamese EV maker VinFast signs loans worth $190 mln for Indonesia plant
VinFast, the electric vehicle arm of Vietnam's leading private conglomerate Vingroup, has secured a long-term syndicated loan agreement worth IDR1.85 trillion ($110 million) and an $80 million accordion facility from two Indonesian banks to finance the construction of its plant in Indonesia.
Companies - Sun, May 4, 2025 | 12:55 pm GMT+7
Vietnam's logistics major Transimex targets 20% profit growth in 2025
Transimex, a top logistics firm in Vietnam, targets net profit of over VND204 billion ($7.8 million) for 2025, up 20% year-on-year, on revenue of over VND3.36 trillion ($129.2 million), up 1%.
Companies - Sun, May 4, 2025 | 12:23 pm GMT+7
Vietnam's retail giant Petrolimex seeks foreign partnership in green energy technologies
Vietnam's biggest gasoline retailer Petrolimex has started selling biofuels and is actively seeking opportunities to partner with international players to invest in green energy technologies. Chau Anh reports.
Companies - Sun, May 4, 2025 | 9:37 am GMT+7
Vietnam's major tire maker Danang Rubber to be supplier of EV maker VinFast
Danang Rubber JSC (DRC), a subsidiary of Vietnam’s state-owned chemical giant Vinachem, will develop a dedicated line of electric vehicle (EV) tires while rolling out products to support its new partnership with the country's leading EV manufacturer VinFast.
Economy - Sun, May 4, 2025 | 8:00 am GMT+7
Vietnam’s VN-Index world’s second-worst performer in Apr amid US tariff turmoil
Vietnam’s benchmark VN-Index dropped by more than 80 points, or 6.2%, in April, ranking as the second-worst performing stock index globally, according to data compiled by IndexQ.
Finance - Sat, May 3, 2025 | 6:48 pm GMT+7
American International School Vietnam chairwoman arrested for disrupting public order
Ho Chi Minh City police's investigative agency on Thursday initiated legal proceedings against and detained chairwoman of American International School Vietnam (AISVN) Nguyen Thi Ut Em for "disturbing public order.”
Companies - Sat, May 3, 2025 | 5:07 pm GMT+7
Nike, Adidas ask President Trump for tariff exemption over business shutdown concerns
Major footwear and apparel brands, including Nike and Adidas which outsource a large portion of their output from Vietnam, are asking U.S. President Donald Trump for a tariff exemption due to concerns over looming cost surges and business shutdown.
Economy - Sat, May 3, 2025 | 1:12 pm GMT+7
Vietnam's Novaland wins lawsuit against Korean giant Taekwang Vina over HCMC project
Vietnam's leading developer Novaland has won a legal dispute with South Korea’s Taekwang Vina regarding a major real estate project in Thu Duc city, Ho Chi Minh City.
Companies - Sat, May 3, 2025 | 11:20 am GMT+7
Vietnamese approves two-year sandbox trial of P2P lending
Vietnam will roll out a two-year sandbox trial of peer-to-peer (P2P) lending, credit scoring, and data sharing via open application programming interfaces, starting July 1, according to a newly-issued government decree.
Banking & Finance - Sat, May 3, 2025 | 8:17 am GMT+7
Hyundai Vietnam joint venture to spend $100 mln on shipbuilding capacity expansion
Hyundai Vietnam Shipbuilding Co., Ltd. (HVS), a joint venture between South Korea and Vietnam, is set to invest an extra $100 million in expanding its shipbuilding capacity in Vietnam.
Industries - Fri, May 2, 2025 | 8:03 pm GMT+7
Vietnam's economic hub HCMC moves closer to establishing int’l financial center
After more than two decades of planning, the vision of establishing an international financial center in Ho Chi Minh City is finally gaining real momentum as the Politburo has officially endorsed the proposal, drawing significant attention from investors.
Southeast Asia - Fri, May 2, 2025 | 6:04 pm GMT+7
Vietnam cuts LNG import tariff to boost clean energy transition
The Vietnamese Government has reduced the preferential import tariff on LNG from 5% to 2% under a decree issued on March 31, which marks a key step in accelerating the country’s shift from fossil fuels to cleaner energy.
Southeast Asia - Fri, May 2, 2025 | 3:26 pm GMT+7
Vietnam races against time to have EC’s 'yellow card' lifted before Sept 15
Vietnam's Ministry of Agriculture and Environment has proposed Prime Minister Pham Minh Chinh issue an action plan to address the European Commission's (EC) “yellow card” warning and prepare for the fifth EC inspection.
Southeast Asia - Fri, May 2, 2025 | 3:21 pm GMT+7
Vietnam's property market sees mixed prospects in Q2: analysts
Vietnam’s real estate market is expected to see positive developments in Q2, with developers launching new projects, but uncertainties from U.S. trade policies may influence market sentiment and consumer confidence, said analysts.
Real Estate - Fri, May 2, 2025 | 3:14 pm GMT+7
Vietnam’s largest container fleet operator records 478% profit growth in Q1 on surging shipping rates
Vietnam’s Hai An Transport and Stevedoring JSC (HAH) reported after-tax profit of nearly VND274 billion ($10.54 million) in Q1/2025, skyrocketing 478% year-on-year, thanks to soaring shipping rates.
Companies - Fri, May 2, 2025 | 3:00 pm GMT+7
Vietnam's leading construction contractor Hoa Binh targets US market amid low domestic profit
Hoa Binh Construction Group, one of Vietnam's top contractors, is negotiating a joint venture agreement with American partners to pave the way for implementing major projects in the U.S.
Companies - Fri, May 2, 2025 | 2:04 pm GMT+7
- Consulting
-
Rethinking resilience: How typhoon Yagi redefines supply chain strategies in northern Vietnam
-
Remove roadblocks to lure foreign investment into Vietnam: HSBC exec
-
AI can be a game changer for Vietnam tourism
-
In trade and investment, ASEAN and China are better together
-
Investment opportunities in LNG-to-power projects in Vietnam
-
Pepper prices 2024: will the dream of 'black gold' repeat?
