Vietnamese telco VNPT announced on Sunday that its digital services unit, VNPT-Media, has signed a partnership deal with Visa to develop advanced digital payment solutions and boost financial inclusion for consumers and SMBs in Vietnam.
VNPT-Media runs the telco’s payments service VNPT Money, along with the infrastructure and ecosystem of digital financial services associated with its various digital service offerings.
Under the new partnership, VNPT-Media and Visa will integrate Visa's Pay by Wallet payment solutions and Unified Commerce Solutions (Cybersource) into the VNPT Money digital financial ecosystem to create more advanced digital payment solutions and open up new payment methods for consumers and merchants.
The partnership will also explore ways to make it easier for VNPT customers to access digital financial services and make cross-border payments, said Vu Van Trieu, deputy general director of VNPT-Media.
“By integrating Visa's advanced payment solutions, we hope to provide superior payment experiences, aiming to provide personal financial solutions for VNPT customers to easily access digital financial services, thereby contributing to the country's goal of building a cashless society,” he said in a statement.
VNPT-Media and Visa will also develop solutions targeting enterprises and the public sector.
On the enterprise side, the companies will leverage data insights to build alternative credit risk scoring mechanisms for SMBs to help them easily access capital, which could ideally encourage financial institutions to expand funding opportunities for SMBs.
“We believe that small and medium-sized enterprises play an important role in the development of Vietnam's economy,” said Dang Tuyet Dung, Visa country manager for Vietnam and Laos. “By applying Visa's advanced payment technologies, we hope to support businesses to access the necessary capital, develop sustainably and contribute to the country's overall prosperity.”
Meanwhile, Visa and VNPT-Media also plan to develop payment strategies using Visa Government Solutions to increase transparency, security and efficiency for public sector transactions.
VNPT-Media is already heavily integrated into the e-government services ecosystem, including the National Public Service Portal that provides government services online. VNPT Money is the exclusive payments provider for the portal.
