05:43 (GMT +7) - Wednesday 18/09/2019

Banking & Finance

Visa & HCMC Department of Transportation sign MoU

Released at: 14:18, 10/08/2019

Visa & HCMC Department of Transportation sign MoU

Photo: Visa

Digital payment firm partners with local authority to deliver smart mobility.

by Hung Cao

Visa, the world’s leader in digital payments, and the Ho Chi Minh City Department of Transportation (DoT), have signed an MoU to drive the development and adoption of digital payments to achieve smart mobility in the city.

The MoU is in support of the city’s plans to become a smart city in 2017-2020 and vision to 2025. Visa and the DoT intend to collaborate to increase the acceptance of digital payments and implement a secure open-loop payment system across all transportation networks.

“Visa is committed to working with its clients, merchants, the government and partners like the Ho Chi Minh City Department of Transportation to drive the adoption of digital payments in Vietnam,” said Ms. Dang Tuyet Dung, Visa Country Manager for Vietnam and Laos.

“We are looking forward to bringing our expertise on digital payments and urban mobility to this partnership in the hope that we can accelerate the city’s smart mobility plans, providing people with secure, faster, and more convenient ways to pay for their transport and everyday purchases.”

The MoU positions Visa as the DoT’s preferred partner in developing digital payment solutions for the city and outlines a series of initiatives they will be focusing on.

These initiatives include leveraging Visa’s feasibility study on the Transit Payment System in Ho Chi Minh City to help educate relevant stakeholders and guide the future direction and policy making of the transit and transit-adjacent payments infrastructure and ecosystem.

Visa also intends to work with the city’s DoT to explore opportunities to upgrade the legacy closed-loop payment system by adopting an open-loop EMV contactless technology for all transportation networks.

Visa also intends to share best practices with the DoT through knowledge-sharing workshops and a study tour to meet with transport authorities and share experience in delivering smart mobility solutions.

It has a successful history of supporting clients and public transport operators deliver contactless payments acceptance in the mass transit industry, with an involvement in more than 100 projects with public transport operators or authorities across the globe.

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