Visa extends support of Vietnam’s Cashless Day to empower digital transformation

06/16/2022

Digital payments make it faster, safer and more convenient for people to pay and be paid

 

Visa, the world's leader in digital payments, is extending its support of Vietnam’s annual Cashless Day to drive awareness and usage of digital payments among consumers and businesses across the country.

Visa’s Consumer Payment Attitudes 2021 study shows¹ that almost half of Vietnamese consumers now use contactless cards. When the pandemic recedes, as many as 74 percent of consumers will continue shopping at big online marketplaces. Even offline, consumers have come to expect digital payments at physical stores and are showing a clear preference for vendors who can accommodate them.

Ms. Dung Dang, Visa Country Manager of Vietnam and Laos, said: “Change has reached a tipping point in Vietnam, crowding out more traditional forms of shopping, consumption and especially payment. Cashless Day is a celebration of this shift towards a swifter and more streamlined shopping experience built around what the consumer needs. Visa is proud to partner with some of the market’s leading brands once again to reinforce and build further the country’s digital economy.”

Visa has joined forces with a number of retailers to reward consumers for using their Visa contactless cards and purchases on eCommerce platforms. In addition, to raise awareness of Cashless Day on June 16, Visa will also run Visa super deal “16,600 Dong” for a Highlands largest size drink. The company will set up a small pop-up coffee store at Vincom Ba Trieu and Bitexco Financial Tower to sell cups of coffee at this special price, available to purchase using Visa contactless cards.

To accelerate the digital growth of small businesses in Asia Pacific, Visa has announced the launch of the Acceptance Fast Track Program. Small businesses in Vietnam will be able to begin accepting digital payments in a matter of minutes, thanks to new Visa solutions, onboarding processes and one of the first program participants, NextPay, a Vietnamese leading payment facilitator.

Going digital is key to small business success

As the world has shifted further to digital across all aspects of commerce, small businesses have had to adapt, from selling online, and digitizing their supply chain to vendor payments. Other major participants in Cashless Day include digital retail solution providers, Haravan or Sapo which will gift three months of free use after each yearly subscription.

Visa is also looking to promote digital transformation at local businesses through Visa Business Solutions, offering businesses the tools to succeed in modern trade while improving operational efficiency. Particularly, enterprises can make significant savings by using their Visa Commercial Cards to purchase digital services. The promotions include a potential 100% cashback on Google Ads or 10% monthly discounts on Facebook and Instagram advertising.

SMEs are also able to access the resources available at Visa’s Practical Business Skills platform offering essential knowledge from startup to managing and growing a business. The website is one of the many educational initiatives Visa is driving to deliver inclusive, sustainable and equitable growth around the world.

“In Vietnam, cashless payments and eCommerce have reached scale. As a trusted engine of commerce, Visa provides the technology and services that keep the wheels of the digital economy moving. We are delighted to expand our participation in this year’s Cashless Day as we take on a larger role in connecting stakeholders across the world,” added Ms. Dung Dang.

Annually, Cashless Day is organized jointly by the State Bank of Vietnam and Tuoi Tre (The Youth) Newspaper. For more information, please visit https://ngaykhongtienmat.tuoitre.vn.

 

 

¹ The Visa Consumer Payment Attitudes Study was prepared by CLEAR in Aug-Sep 2021, surveyed amongst 6,520 consumers in Singapore, Philippines, Malaysia, Indonesia, Thailand, Vietnam, and Cambodia. The study conducted online interviews with 1,000 Vietnamese consumers across the country who are working part or full time with a demographic mix that sought to create a representative mix of ages and genders.

 

About Visa Inc.

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.