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Banking & Finance

‘mVisa’ to expand to 10 countries

Released at: 21:23, 01/04/2017

‘mVisa’ to expand to 10 countries

Illustrative image. Photo: icicibank.com

As a mobile payments solution, Visa's mVisa provides easy and secure digital commerce to financial institutions, merchants, and consumers.

by Nguyen Quoc

Visa in Vietnam announced on March 30 that its mVisa, a quick response (QR) code-based payments service, will soon be expanded to merchants and consumers in ten countries, including Vietnam.

According to a report in Vietnam News on April 1, mVisa is a mobile payments solution that brings the benefits of easy and secure digital commerce to financial institutions, merchants and consumers, helping accelerate global migration from cash to electric payments.

The new payment service will also help merchants reduce their investments in expensive point-of-sale infrastructure.

Mr. Sean Preston, Visa Country Manager for Vietnam, Cambodia and Laos, said that the company was working with banks and merchants so that the service could come out late this year.

Visa also released its 2016 Consumer Payment Attitudes Study on March 30, which found that consumers in Vietnam were increasingly leaving their cash at home, with 62 per cent preferring to use electronic payments.

“When asked why they are carrying less cash the majority said it was because of greater usage of cards and safety concerns about carrying cash,” the study found.

Visa said that its findings come on the back of an announcement that the Vietnamese Government plans to make transactions almost totally electronic by 2020, with the goal of having only 10 per cent of transactions conducted by cash.

The survey also showed that 83 per cent of respondents said they shopped online at least once a month, an increase of 11 per cent over 2015.

It also identified positive attitudes towards some of the less frequently discussed aspects of electronic payments.

For instance, 77 per cent of Vietnamese respondents had a favorable view of services that use automated payments to eliminate the physical process of paying, such as taxi apps.

In addition, 72 per cent said that they were comfortable with the use of biometrics such as fingerprints and face recognition for payment authentication.

The survey, conducted in October last year, was an online study of payment behavior and trends across Singapore, Malaysia, Thailand, Indonesia, Vietnam, and the Philippines.

Respondents were aged 18 and above with a monthly personal income of VND5 million ($220) or more.

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