Visa taps Vietnam’s Leading E-Wallets to Promote Cashless Payments

Visa has announced a new partnership with three of Vietnam’s leading e-wallets—MoMo, VNPAY, and ZaloPay—to enhance the payment experience for its cardholders at small and medium enterprises (SMEs). This collaboration allows Visa cardholders to use QR codes provided by these e-wallets, promoting Vietnam’s transition to a cashless society.

By integrating Visa into these popular e-wallets, the partnership aims to benefit both businesses and consumers. SMEs can expect increased sales, an expanded customer base, and improved customer experiences through additional digital payment options. Consumers will benefit from existing bank promotions, such as cashback and discounts.

Đỗ Khắc Cường, Vice President of MoMo’s Payment Services Division, highlighted that the partnership will help Visa expand its payment acceptance points nationwide. MoMo’s 30 million users will be able to use Visa cards for payments at a variety of retail outlets, from luxury stores to family-run shops.

Nguyễn Hữu Phúc, Deputy General Director of VNPAY, stated that the partnership aligns with VNPAY’s goal of providing convenient and secure services. The integration of Visa cards with VNPAY-QR aims to enhance user payment experiences and boost sales for merchants.

Trần Bá Khôi Nguyên, Chief Financial Officer of ZaloPay, emphasised the partnership’s focus on supporting SMEs by offering comprehensive payment and marketing solutions. The goal is to promote the adoption of cashless payments and ensure convenient transactions for Visa cardholders across Vietnam.

Đặng Tuyết Dung, Visa Country Manager of Vietnam and Laos, expressed excitement about the partnership, stating, “Visa is thrilled to be partnering with the top e-wallets in Vietnam to make secure and efficient payment methods available to anyone, anywhere in the country. 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.”

Vietnam is projected to have 50 million active e-wallet users by the end of 2024, a 40% increase from 2023. Visa’s Consumer Payment Attitudes study in 2023 revealed that 88% of respondents have tried cashless payments, and 62% use QR codes, up from 35% in 2021.