Digital payments giant Visa is introducing new resources to help merchants in Vietnam, with a focus on small and medium-sized businesses (SMBs), accept and take full advantage of Visa’s digital payment solutions.
The Visa toolkit provides step-by-step instructions and addresses common questions from merchants in Vietnamese and English, helping them successfully initiate and process contactless transactions.
The news comes as part of a Visa commitment to empower Vietnamese SMBs and boost the national economy, by accelerating their contactless payment acceptance.
The toolkit also showcases the universal Contactless Indicator featured on contactless Visa cards and the Contactless Symbol present on all contactless readers. Customers can tap their Visa card or any contactless-enabled device (such as a mobile phone, tag, or smartwatch) on a contactless terminal to make payments.
The Visa Consumer Payment Attitudes study found that the cashless wave in Vietnam maintained its progressive pace, with the majority of surveyed consumers (88 per cent) 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 per cent, doubling from 20192. In Vietnam, over 70 per cent of face-to-face transactions made on Visa cards are contactless. This reaffirms consumers’ rising confidence in contactless payments and the growing expectation for SMBs to meet this demand.
Dung Dang, Visa country manager for Vietnam and Laos
“Consumers in Vietnam and around the world are increasingly adopting contactless payments for their speed, convenience and security, prompting merchants to expand their range of accepted payment methods,” explained 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.”
Contactless payments could bolster business growth
Visa also recently collaborated with VNPAY to enable contactless payment via VNPAY SoftPOS, by enabling merchants to transform their smartphones into POS devices that accept tap-to-pay transactions.
It expects the tech 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 global tourism continues to recover since COVID-19, Visa predicts contactless payments will play an essential part in bolstering the tourism industry in Vietnam.
The country welcomed nearly nine million international visitors within the first half of 2024. Visa’s latest Global Travel Intentions study also found that 97 per cent of Asia Pacific travellers will bring their cards when travelling, and only 17 per cent 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.
Visa’s improved dispute program protects consumers and merchants through the network’s commitment to zero liability for unauthorised transactions. This enables businesses to secure their legitimately earned payments and consumers to shop with both convenience and peace of mind.
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