US-based Visa has announced its collaboration with three Vietnamese e-wallets, aiming to offer improved payment experiences to cardholders and SMEs. To offer more convenient payments to Visa cardholders and small and medium-sized enterprises (SMEs) in Vietnam, Visa partnered with MoMo, VNPAY, and ZaloPay, three e-wallets which operate in the region.

The move is set to allow Visa cardholders to leverage their Visa card as a source of funds when shopping at merchants currently providing payments with the three e-wallets’ QR. By joining forces, Visa and the three companies focus on advancing Vietnam’s transition to a cashless society, by delivering contactless and cashless digital payment solutions that support both businesses and consumers. Visa’s plans in Vietnam Considering Vietnam’s growth trajectory when it comes to active e-wallets, Visa intends to make secure and efficient payment methods available to anyone, despite their location in the country.

In addition, while Vietnam advances its mission of becoming a cashless society, the success is set to also be supported by SMEs being able to embrace innovative solutions and offer consumers improved digital payment solutions. As SMEs represent a pillar in the country’s economy, the collaboration between the four companies intends to further assist them whilst supporting financial inclusion in the region. Furthermore, the integration of Visa as a source of funds in the three e-wallets is set to provide benefits to both businesses and consumers, with SMEs being expected to increase sales, expand their customer base, and offer an enhanced user experience. Also, Visa cardholders can benefit from existing promotions and capabilities offered by their banks, including cashback, discounts, and accruing miles.

According to officials, the e-wallets intend to enable Visa to rapidly expand its payment acceptance points nationwide, while maximising benefits and facilitating convenient transactions for users. Additionally, by collaborating with companies operating in the financial landscape, Visa solidifies and advances its commitment and effort to drive digital payment adoption and transformation towards an inclusive financial environment in Vietnam. .