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Banking & Finance

Visa announces Future of Security Roadmap for Vietnam

Released at: 17:40, 01/04/2019

Visa announces Future of Security Roadmap for Vietnam

Photo: Visa

Security remains a key consideration for Vietnamese consumers as they adopt new payment methods.

by Hung Cao

Visa, the world’s leader in digital payments, has launched its Future of Security Roadmap for Vietnam, outlining a robust approach for strengthening payments security in the country over subsequent years.  

Visa’s Roadmap focuses on a number of key initiatives that will enable security to evolve at the same pace as the technologies changing the way we pay. These security initiatives include devaluing data by removing sensitive data from the ecosystem and making stolen account details useless, protecting data by implementing safeguards to protect personal data as well as account details, harnessing data by identifying potential fraud before it occurs and increasing confidence in approving good transactions, and empowering everyone, including accountholders and third-party providers and merchants, to play an active role in securing payments.

“We are proud to be launching our Vietnam Future of Security Roadmap,” said Ms. Dang Tuyet Dung, Visa’s Country Manager for Vietnam & Laos. “Securing the commercial ecosystem is our highest priority and one we view as a shared responsibility between payment networks, consumers, banks, and the government.”

“Technology has enabled new innovative ways to pay and be paid, but it has also brought unique risks. To stay ahead of fraud, we need to work together and give security the same attention and investment we do the innovations driving new commerce experiences.”

The release of Visa’s Roadmap comes at a time of rapid change for payments in Vietnam, with innovations such as mobile payments set to enhance the payment experience for consumers. According to Visa’s Consumer Payment Attitude study, security remains a key consideration for consumers across Southeast Asia, with 67 per cent concerned about the safety of their personal information when using their mobile phone to make payments.

When asked specifically about what their top 3 concerns were when using their mobile phones to make payments, consumers in Vietnam said losing their phone or having it stolen, their phone getting hacked or someone intercepting their data, and malware or viruses being installed.

Visa works with industry stakeholders including financial institutions, merchants, policy makers, law enforcement, and accountholders to secure payments. The Visa Future of Security Roadmap is the product of comprehensive consultations and collaboration, making it an authoritative document on Vietnam payments security.

Visa is delivering roadmaps around the world to ensure the security of the global commerce ecosystem, as well as working with Vietnam’s industry bodies to align security initiatives.

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