Visa launches toolkit to offer contactless payments for Vietnamese SMBs

By Gloria Mathias

Visa has introduced resources to help merchants in Vietnam, especially small and medium-sized businesses (SMBs), accept and fully utilize Visa’s digital payment solutions.

This is part of Visa’s commitment to empower Vietnamese SMBs and boost the national economy by accelerating their contactless payment acceptance.

The toolkit provides step-by-step instructions and addresses common questions from merchants in Vietnamese and English so that they can successfully initiate and process contactless transactions.

The toolkit also showcases the universal contactless indicator featured on contactless Visa cards and the contactless symbol present on all contactless readers. Customers can conveniently tap their Visa card or any contactless-enabled device (such as a mobile phone, tag, or smartwatch) on a contactless terminal to make payments.

The Visa Consumer Payment Attitudes study found that the cashless wave in Vietnam maintained its progressive pace, with the majority of surveyed consumers (88%) having attempted to go cashless. Globally, Visa’s tap-to-pay penetration reached 65%, doubling from 20192. In Vietnam, over 70% of face-to-face transactions made on Visa cards are contactless. This reaffirms consumers’ rising confidence in contactless payments and the growing expectation for SMBs to meet this demand.

“Consumers in Vietnam and around the world are increasingly adopting contactless payments for their speed, convenience and security, prompting merchants to expand their range of accepted payment methods,” shared Dung Dang, Visa Country Manager for Vietnam and Laos. “Visa is committed to empowering SMBs in Vietnam with the latest financial and payment solutions so that they can thrive on their growth potential. With this new online toolkit, we hope to facilitate the widespread adoption of digital payments among SMBs to address consumers’ preferences and demands and, in turn, accelerate the transition to a cashless society in Vietnam.”

The SMB toolkit is among Visa’s multiple initiatives aimed at supporting small businesses, fostering cashless payments, and driving increased participation in the digital economy. Most recently, Visa collaborated with VNPAY to enable contactless payment via VNPAY SoftPOS by allowing merchants to transform their smartphones into POS devices that accept “tap to pay” transactions.

The technology is expected to enhance the shopping experience, reduce equipment and cash management costs, and improve merchants’ financial reporting, as sales are directly connected to their bank and accounting systems.