“mVisa” Mobile Payment Service Coming To Vietnam

Visa Vietnam announced that its mVisa, mobile payments solution that brings the benefits of easy and secure digital payment system, which benefits financial institutions, merchants and consumers will launch in Vietnam and throughout Southeast Asia later this year.

The mVisa system is a quick response (QR) code-based payments service that will accelerate global migration from cash to electric payments. For consumers, mobile payment systems mean that they don’t have to carry as much cash with them, and for merchants, the new payment service will allow them to reduce their investments in expensive point-of-sale infrastructure.

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Sean Preston, Visa country manager for Việt Nam, Cambodia and Laos, announced in a press conference on March 30th (2017) that Visa was working with banks and merchants across Southeast Asia to begin the service in late 2017.

At the same time, Visa announced its 2016 Consumer Payment Attitudes Study, which highlights attitudes and issues with mobile payments across Southeast Asia.

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The report surveyed consumers in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Highlights of the report (related to Vietnam):

* In Vietnam ... 62% of consumers are leaving cash at home and prefer electronic payments. Consumers said they are carrying less cash because of acceptance of cards by merchants and safety concern of carrying cash.

* 72% of Vietnamese respondents were comfortable with the use of biometrics such as fingerprints and face recognition for payment authentication.

* 77% of Vietnamese respondents prefer automated payments to eliminate the physical process of payments such as taxi apps.

* 83% of respondents said that they shop online at least once each month and prefer to use electronic payments with companies that they trust.

Visa also noted recent announcements from the Vietnamese Government that it wants to encourage digital payment and electronic transactions in future years across business and consumer industries and sectors.

To read the Visa Southeast Asia report ... click here: http://www.vietnambusiness.tv/en/market-research/categories/marketing-media/650/the-road-ahead-consumer-payment-trends-in-southeast-asia

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