VISA ADDS GOOGLE WALLET CAPABILITIES IN VIETNAM

Visa, the world’s leader in digital payments, is launching Google Wallet for cardholders in Vietnam in partnership with ACB, Sacombank, Shinhan Bank, Techcombank, TPBank, Vietcombank, and VPBank. With the launch, Android and Wear OS users will be able to enjoy secure and convenient digital payments with a single tap of their smart device.

Mobile devices are replacing notepads, computers, and now wallets too with Visa’s launch of the new payment capability in Vietnam. By saving their Visa card details on Google Pay within Google Wallet, customers will be able to use their devices to make fast and transparent purchases online, in store, and through digital apps.

Dung Dang, Visa country manager for Vietnam and Laos said, “Mobile devices are truly ubiquitous across Vietnam, with consumers using them to stay connected, do business, and source their entertainment. By launching support for Google, we are unlocking another core capability for Visa cardholders, providing them with a faster, safer, and more convenient way to pay with their smart devices.”

According to Visa’s Consumer Payment Attitudes 2021 study, three-quarters of consumers use mobile contactless payments in Vietnam at least once a week, with more than half of non-users being interested in trying mobile contactless payments. Two out of five consumers conducted e-commerce transactions through smartphone applications.

The launch also supports Vietnam’s strategy to broaden the use of non-cash payments by 2025. The Vietnamese government has rolled out various policy measures and initiatives to make cashless payments the standard, with the target of growing non-cash payments by 20-25 per cent annually,

Dang added, “Launching Google Wallet extends the benefits of digital payment to an even wider group of consumers, supporting the nation’s ambitious economic targets by enabling seamless digital payments for Android users.”

Google Wallet is designed to facilitate a swift payment experience for smart device users, while also helping them to conveniently and securely store digital versions of their boarding passes.

Chen Way Siew, Google Wallet Partnerships lead, Google Asia Pacific said, “According to the e-Conomy SEA 2022 report, digital payments are gaining popularity and are expected to hit $143 billion in gross transaction value in Vietnam by 2025. With millions of Vietnamese now using their phones every day to make payments, Google is excited to bring Google Wallet to the nation.”

“Google Wallet is easy to use as you don't need to transfer money into the app. It acts as a digital container that holds digital versions of physical items found in an actual wallet, such as payment cards. Simply add the payment card to Google Wallet and you can tap to pay securely in stores and at online checkouts. You can also easily access boarding passes when jetting off for year-end holidays. Google Wallet helps keep everything protected in one place, no matter where you go,” Siew added.

While empowering users to stay on top of their finances by supporting multiple cards, the applications are protected by multiple layers of security. Tokenisation technology safeguards cardholders’ information by generating a temporary alias for account numbers, helping to keep consumer data private and safely out of the reach of unauthorised persons.

Source: VIR