MoMo, VNPAY, and ZaloPay Enable QR Payments for Visa Cardholders in Vietnam – Fintech Singapore

Payments giant 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 their cards to pay using QR codes provided by these e-wallets, aiming to drive Vietnam’s shift towards a cashless society.

By integrating Visa into these popular e-wallets, the partnership aims to benefit both businesses and consumers.

SMEs can reportedly expect increased sales, an expanded customer base, and improved customer experiences due to the additional digital payment options.

Meanwhile, consumers will benefit from existing bank promotions and benefits, such as cashback and discounts.

MoMo’s Vice President, Payment Services Division, Đỗ Khắc Cường, emphasised that the partnership will help Visa expand its payment acceptance points nationwide. He noted that MoMo’s 30 million users will benefit from using Visa cards for payments at various retail outlets, from luxury stores to family-run shops.

Echoing this sentiment, 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.

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

Đặng Tuyết Dung

Đặng Tuyết Dung, Visa Country Manager of Vietnam and Laos, said,

“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.

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• Source: https://fintechnews.sg/96442/vietnam/momo-vnpay-and-zalopay-enable-qr-payments-for-visa-cardholders-in-vietnam/