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|Visa supports Cashless Day in joint effort to promote non-cash payments in Vietnam|
Visa is celebrating this year’s Cashless Day in a joint initiative organised by the State Bank of Vietnam, Tuoi Tre (The Youth) newspaper, the Vietnam E-Commerce Association, and National Payment Corporation of Vietnam. Cashless payments present consumers with safer, more convenient ways to pay.
Figures from Visa’s Consumer Payment Attitudes study show cashless payment is on the rise, with 74 per cent of consumers in Vietnam expecting to increase their use of cashless payments in the next 12 months. Through initiatives like Cashless Day, Visa continues to support this trend by delivering payment solutions that help ensure the safety and security of merchants and consumers, a commitment that is more relevant than ever with the onset of the global pandemic.
Dang Tuyet Dung, Visa country manager for Vietnam and Laos, said, “Visa is delighted to be partnering with Tuoi Tre and key Cashless Day contributors to promote the adoption of digital payments in Vietnam. Through our commitment to providing cutting-edge payment technologies, and in our strong partnership with merchants and service providers, we are proud to be facilitating safer, more convenient payment methods at a time when consumers need it most.”
The global pandemic has created unprecedented challenges for how societies live and work, and this includes how we shop and make payments. Early indications suggest a rise in global contactless payments, and a shift in consumer spending toward every day, essential segments such as in grocery and pharmacy products. This shift reflects a greater need to avoid contact when making face-to-face transactions, with consumers looking to limit physical interaction during the checkout process.
Contactless payments provide a faster and more convenient way to pay without compromising security. Contactless payments are protected by dynamic EMV chip technology, which has proven to drastically reduce counterfeit fraud. As a result, contactless payment is fast becoming the preferred way to pay. In Vietnam, we are witnessing a trend in favour of contactless payment, with 85 per cent consumers using this payment method more frequently than they did two years ago.
Beyond contactless payments, the group also seeing a shift towards digital-first commerce in a broader sense. Leading companies and brands are delivering cohesive, omni-channel strategies that seamlessly integrate mobile, online, and in-store commerce, and with social distancing practices remaining a key priority, these channels look set to gain momentum.
As millions of buyers look towards digital commerce for food, everyday staples, and household essentials, initiatives like Cashless Day strengthen consumer awareness and incentivise faster adoption of digital payments.
Working in collaboration with NextPay, NowFood, Saigon Co.op, Starbucks, and CGV, Visa has announced a range of promotions, benefits, and digital payment options to consumers as part of the Cashless Day campaign. Activities surrounding the initiative also include free issuance of Sacombank Tiki Visa Platinum card, cashback incentives, and promotional discounts of up to 50 per cent with major brands and retailers when paying with your Visa card.
In partnering with NextPay, an all-in-one payment platform for SMEs, Visa is also supporting the acceptance of cashless payments among merchants and retailers. Cashless Day promotions will include 100 free Mobile Point-of-Sale (mPOS) terminals for the first 100 merchants to register for the programme, as well as a 50 per cent discount on mPOS terminals and one-year free use of NextShop – a business management software – for others who sign up. The collaboration is also offering a 70 per cent discount for small merchants registering for a three-year service package of the software.
In addition to providing opportunities for merchants to reach more potential customers, Visa is also partnering with NowFood to offer up to VND30,000 ($13) discounts on orders paid for using your Visa card. Among several other promotions being announced, consumers can also gain access to Visa rewards when spending over VND400,000 ($17.40) with Visa contactless payment at Co.opmart, get VND10,000 (43 US cents) discounts for drinks in a single receipt at Starbucks by Visa contactless payment, and can purchase CGV movie tickets at a discounted rate when purchasing online or with Visa contactless payment. By joining the digital ecosystem created by Visa and its partners, consumers can benefit from a seamless digital payment experience.
In advocating Cashless Day, Visa continues to collaborate with partners to support Vietnam in its efforts to become a cashless nation. By combining the efforts of government departments, merchants, banks, media, the fintech industry ,and other stakeholders, the country’s vision of instilling lasting cashless payment habits is swiftly becoming a reality.