Visa unveils SMB online toolkit to maximize benefits of contactless payments for Vietnamese SMBs
07/31/2024
Visa, a world leader in digital payments, is introducing resources to help merchants in Vietnam, especially small and medium-sized businesses (SMBs), accept and take full advantage of Visa’s digital payment solutions. This is part of Visa’s commitment to empower Vietnamese SMBs and boost the national economy, by accelerating their contactless payment acceptance.
The toolkit, available at Accept Payments | Visa Merchant Accounts, provides step-by-step instructions and addresses common questions from merchants in Vietnamese and English, so that they can successfully initiate and process contactless transactions. The toolkit also showcases the universal Contactless Indicator featured on contactless Visa cards and the Contactless Symbol present on all contactless readers. Customers can conveniently tap their Visa card or any contactless-enabled device (such as a mobile phone, tag, or smartwatch) on a contactless terminal to make payments – a preferred way to pay since COVID-19.
The Visa Consumer Payment Attitudes study1found that the cashless wave in Vietnam maintained its progressive pace, with majority of surveyed consumers (88%) having attempted to go cashless. Vietnamese consumers also showed an emerging preference for contactless payments, both on physical cards and mobile digital payments. Globally, Visa’s tap to pay penetration reached 65%, doubling from 20192. In Vietnam, over 70% of face-to-face transactions made on Visa cards are contactless3. This reaffirms consumers’ rising confidence in contactless payments and the growing expectation for SMBs to meet this demand.
“Consumers in Vietnam and around the world are increasingly adopting to contactless payments for their speed, convenience and security, prompting merchants to expand their range of accepted payment methods,” says Ms. Dung Dang, Visa Country Manager for Vietnam and Laos. “Visa is committed to empowering SMBs in Vietnam with the latest financial and payment solutions, so that they can thrive on their growth potential. With this new online toolkit, we hope to facilitate the widespread adoption of digital payments among SMBs to better address consumers’ preferences and demands, and in turn, accelerate the transition to a cashless society in Vietnam.”
The SMB toolkit is among Visa’s multiple initiatives aimed at supporting small businesses, fostering cashless payments, and driving increased participation in the digital economy. Most recently, Visa collaborated with VNPAY to enable contactless payment via VNPAY SoftPOS, by allowing merchants to transform their smartphones into POS devices that accept "tap to pay" transactions. The technology is expected to enhance the shopping experience, reduce costs of equipment and cash management, and improve financial reporting for merchants, as sales are directly connected to their bank and accounting systems.
As tourism rebounds globally, contactless payments will play an essential part in bolstering the tourism industry in Vietnam. The country welcomed nearly 9 million international visitors within the first 6 months of 2024, according to the General Statistic Office4. Visa's latest Global Travel Intentions (GTI) study5 found that 97% of Asia Pacific travelers will bring their cards when travelling, and only 17% intend to bring cash (foreign currency). As travelers demand more efficient and secure payment services, local businesses that offer contactless payment options will be able to enhance customer experience, and in turn, increase their potential revenue and business growth.
Furthermore, SMBs can leverage the trust inherent in the Visa brand, recognized as the world’s most valuable payments brand6 and the sixth most valuable brand in the world7. Visa’s improved dispute program protects consumers and merchants through the network’s commitment to zero-liability for unauthorized transactions8. This allows businesses to secure their legitimately earned payments and consumers to shop with both convenience and peace of mind.
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1 The Visa Consumer Payment Attitudes Study was prepared by CLEAR M&C Saatchi in Oct-Nov 2023, surveyed amongst 6,550 consumers in Singapore, Philippines, Malaysia, Indonesia, Thailand, Vietnam, and Cambodia. The study conducted 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 (18-65), genders and income levels.
2 VisaNet Data, December 2023, December 2019.
3 VisaNet Data, end of June 2024.
4 The General Statistic Office: https://vneconomy.vn/gan-9-trieu-luot-khach-quoc-te-den-viet-nam-trong-6-thang-dau-nam-2024.htm
5 The Visa Global Travel Intentions Study 2023 was conducted by 4SIGHT Research & Analytics in April to June 2023 and surveyed 15,467 respondents across Australia, Hong Kong, India, Indonesia, Japan, Mainland China, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. Spanning over a decade, the biennial GTI survey sheds light on travel and payment behaviours while capturing emerging trends in the travel landscape.
6 Kantar 2023 Brand Z Most Valuable Brands, https://www.kantar.com/campaigns/brandz-downloads/kantar-brandz-most-valuable-global-brands-2023, Visa ranks first in the payment ecosystem brands category.
7 Forbes World’s Most Valuable Brands List, https://www.forbes.com/powerful-brands/list, Visa ranks ahead of all other financial services brands.
8 Visa’s Zero Liability Policy does not apply to certain commercial card and anonymous prepaid card transactions or transactions not processed by Visa. Cardholders must use care in protecting their card and notify their issuing financial institution immediately of any unauthorized use. Contact your issuer for more detail.
About Visa
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. 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.