VISA EXPANDS DIGITAL PAYMENT ACCEPTANCE FOR ELECTRICITY BILLS IN VIETNAM

Visa, a world leader in digital payments, announced on July 21 that electricity consumers will now be able to enjoy the convenience and security of paying their energy bills with their Visa cards.

Consumers can make payments with the VNPAY or ZaloPay e-wallet, or through VBan.vn, at no additional fee – with Sacombank serving as the acquirer.

Visa is establishing partnerships with banks and other relevant players to ensure Visa services, such as pre-paid, debit, and credit cards, are accessible to as many consumers as possible.

Customers have the flexibility to pay their bills by using a credit card, experiencing enhanced convenience and enjoying automated monthly payments, to more easily manage their budgets. This initiative marks a significant step in Visa’s commitment to advancing the country's goal of a cashless society.

“Visa is thrilled to be expanding our digital payment acceptance footprint,” said Dung Dang, Visa country manager for Vietnam and Laos.

“Robust security measures protect consumer data and transactions, so users can feel confident that their payment information is safeguarded, minimising the risk of fraud or unauthorised access. This expansion of our acceptance footprint reflects Visa's commitment to supporting Vietnam's digital transformation by providing efficient digital payment methods,” she continued.

While cash use is still widespread, Vietnamese consumers are increasingly embracing cashless payment options.

According to the Visa Consumer Payment Attitudes Study 2022, 40 per cent of respondents said they pay bills using in-app services and 27 per cent use credit or debit cards online. 39 per cent stated that they still use cash.

This presents a huge opportunity for state entities and merchants to partner with digital payment solution providers to make the customer bill-paying experience more streamlined.

Cash usage is more common in categories such as public transport, fuel purchases, and food and beverages, while cashless payments are preferred for overseas travel and bill payments.

When asked what payment category could go fully cashless in the near future, bill payments were ranked first by 60 per cent of respondents. Mobile wallets were the top choice for making bill payments, being the go-to option for 28 per cent of respondents.

Visa has been working closely with Vietnam’s government to facilitate digital payments, such as through its extended collaboration with Ho Chi Minh City Department of Transportation to provide Visa's tap-to-ride technology on public transport.

As part of its effort to boost the awareness of cashless payment options, Visa also supports the annual Cashless Day (June 16) organised jointly by the State Bank of Vietnam and Tuoi Tre newspaper to drive the adoption of digital payments.

“As the government's digital payment agenda gains momentum, Visa remains dedicated to empowering individuals and businesses with seamless payment experiences. Through innovative solutions, strategic partnerships, and a commitment to customer satisfaction, Visa is at the forefront of driving Vietnam's digital revolution,” Dang concluded.

Source: VIR