Visa has recently introduced its Click to Pay solution in Vietnam, collaborating with a number of banks and payment service providers to facilitate this expansion.
Secure Payment Simplification for Users
This innovation streamlines the online transaction process by securely storing payment information, thereby reducing the need for manual data entry during checkout. This feature is designed to enhance user convenience while ensuring the security of sensitive financial details.
Participating Banks and Mobile Applications
The implementation includes key Vietnamese banks such as Techcombank, VPBank, Vietcombank, VietinBank, and MB Bank. For instance, both Techcombank and VPBank have enabled Click to Pay through their respective mobile banking apps or selected online retailers. Cardholders can now easily register for the service and enjoy a seamless payment experience.
Merchants and Payment Platforms Integration
The acceptance of this solution has been supported by local acquirers including Alepay Gateway, Payoo, Sacombank, and VietinBank. Numerous merchants, such as retailers like Galaxy Cinema, KOI Thé, and Mai Nguyen Electronics, have begun integrating Click to Pay into their operations. Visa’s partnership with Payoo aims to extend the service across a broader merchant network, with more partners expected to join in the coming months.
Adoption and Benefits
EMVCo standards and Visa Token Service (VTS) are integral to Click to Pay, offering tokenization of sensitive payment details. According to Visa data from other Asia-Pacific markets, this process has significantly reduced fraud rates and improved transaction approval rates.
Visa emphasizes aligning with Vietnam’s digital commerce landscape and national objectives for cashless payments. They believe that a simpler online checkout process not only improves consumer convenience but also helps reduce shopping cart abandonment among retailers.
A recent Visa survey of 1,000 participants revealed that virtually all respondents have engaged in online shopping within the past year, indicating strong adoption trends. Click to Pay allows users to authenticate their identity via mobile number or email address, simplifying purchases without frequent re-entry of payment or shipping information.