22:37 (GMT +7) - Tuesday 25/06/2019

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PM & Visa CEO meet

Released at: 14:28, 27/03/2019

PM & Visa CEO meet

Photo: Visa

Visa leader's visit marks next phase of digital payment growth in Vietnam.

by Khanh Chi

Mr. Al Kelly, CEO of Visa Inc., the leading global payments technology company, headed a delegation of Visa executives on March 26 that are conducting meetings in Vietnam as the company reinforces its commitment to growing the adoption of digital payments and driving the digital economy.

The delegation met with Prime Minister Nguyen Xuan Phuc, State Bank of Vietnam Governor Le Minh Hung, as well as the heads of Vietnamese banks, to discuss the importance of digital payments and how the company can deepen its partnership across the ecosystem.

“Vietnam is one of the fastest-growing markets for Visa across the globe,” said Mr. Kelly. “With a young population, emerging middle class, and consistently strong economic growth, we are very optimistic about the future of digital payments here and the role we can play in supporting Vietnam as it continues on its path to becoming a developed economy.” 

Visa also used the visit to reinforce its support for the Vietnamese Government’s vision for a “less-cash” economy and the role the company can play in helping the country to achieve this.

“We strongly support Vision 2045 and will continue to partner with our clients, the government, and the broader ecosystem to help Vietnam realize this goal,” he said. “We have come a long way but there is still much to do. We’re committed to driving financial inclusion and financial literacy, and introducing new payment innovations that will make it faster, more convenient, and more secure for Vietnamese consumers and businesses to pay and be paid.”

Visa has a long-standing commitment to Vietnam, with the first Visa card payments being accepted by retailers back in 1995 and the first Visa credit card launched in the country two years later.

Visa will soon be launching its Future of Security Roadmap for Vietnam, working closely with the State Bank of Vietnam to design a robust approach for strengthening payments security in the country.

The company continues to be at the forefront of innovation, both enabling new payment experiences and co-developing these with local fintechs to bring global best-in-class payments to Vietnam. Last year Visa launched its inaugural Visa’s Everywhere Initiative in Vietnam, a global innovation program that aims to harness the creativity and talent within the startup community worldwide, to solve payments and commerce challenges. The strength of the entries received reinforced why Vietnam is earning a reputation internationally for being a fintech hub for the region.

Visa is also working closely with the government to enable digital payments across a variety of use cases, including transit, with developments underway on a smart ticketing system on city buses in Ho Chi Minh City.

“Vietnam is at a pivotal time in the evolution of its economy,” said Mr. Kelly. “While the country has a heavy reliance on cash, we are seeing some very positive signs of this changing, including an increasing uptake of digital payments such as debit cards and credit cards, the adoption of new payment technologies such as contactless payments, and a rise in e-commerce.”

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