Vietnamese ‘mVisa’ to come out later this year

Visa Vietnam announced at the end of March that its mVisa, a quick response (QR) code-based payment service, will soon be expanded to merchants and consumers in 10 countries, including Vietnam.

Sean Preston, Visa country manager for Vietnam, Cambodia and Laos talks about consumption in Vietnam (Photo: VNA)

mVisa is a mobile payment solution that brings the benefits of easy and secure digital commerce to financial institutions, merchants and consumers, helping accelerate global migration from cash to electric payments.

The new payment service will also help merchants reduce their investments in expensive point-of-sale infrastructure.

Sean Preston, Visa country manager for Vietnam, Cambodia and Laos, announced that his company was working with banks and merchants so that the service could come out late this year.

On the same day, Visa announced its 2016 Consumer Payment Attitudes Study, which said that consumers in Vietnam were increasingly leaving their cash at home, with 62 percent preferring to use electronic payments.

“When asked why they are carrying less cash the majority of consumers said this was because of greater usage of cards and safety concern of carrying cash,” the study said.

Visa said that its findings come on the back of an announcement that the Vietnamese Government plans to make transactions almost totally electronic by 2020.

The company’s survey also showed that 83 percent of respondents said they shopped online at least once a month, an increase of 11 percent over 2015.

It also uncovered positive attitudes towards some of the less frequently discussed aspects of electronic payments.

For instance, 77 percent of Vietnamese respondents had a favourable view of services that use automated payments to eliminate the physical process of paying, such as taxi apps.

In addition, 72 percent said that they were comfortable with the use of biometrics such as fingerprints and face recognition for payment authentication.

The survey, conducted in October last year, was an online study of payment behavior and trends across Singapore, Malaysia, Thailand, Indonesia, Vietnam and the Philippines.

Respondents were people above the age of 18 with a monthly personal income of 5 million VND and above.

Source: Vietnamplus

Other news

Most view

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18 (Photo: VNA)

VN-Index rises over 21 points

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18, with 223.9 million shares worth over 4.9 trillion VND (211 million USD) traded. 


VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


185 leading domestic & in't enterprises join in VN ETE 2018

The Vietnam Exhibition of Electrical Technology and Equipment (Vietnam ETE 2018) and the Exhibition of Products, Technologies for Energy Saving and Green Power (ENERTEC EXPO 2018) yesterday kicked off in HCMC’s Saigon Exhibition Convention Center in district 7.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

SAS profits VND 118bln

The Southern Airports Service Joint Stock Company (Sasco) which is listed under code SAS on the Unlisted Public Company Market (UPCoM), announced its second quarter’s financial report with net revenue at VND 634.5billion, an increase of 14 percent compared to last year.