July 20, 2023 | 13:30 GMT+7

Visa expands digital payment acceptance for electricity bills in Vietnam

Ngoc Lan -

Customers now able to pay power bills with their Visa card.

Visa has announced that electricity consumers will now be able to enjoy the convenience and security of paying their power bills with their Visa card.

Consumers can make payments with VNPay e-wallet, VBan.vn, or ZaloPay e-wallet, at no additional fee, with Sacombank serving as the acquirer.

Visa is actively establishing partnerships with banks and other relevant players to ensure Visa card services, such as pre-paid, debit, and credit, are accessible by as many consumers as possible. Consumers have the flexibility to pay their bills later by using a credit card, experience enhanced convenience, enjoy automated monthly payments, and more easily manage their budgets. This initiative marks a significant step in Visa’s commitment to advancing the country’s goal towards a cashless society.

“Visa is thrilled to be expanding our digital payment acceptance footprint,” said Ms. Dung Dang, Visa Country Manager for Vietnam and Laos. “Visa employs robust security measures to protect consumer data and transactions so consumers can feel confident that their payment information is safeguarded, minimizing the risk of fraud or unauthorized access. This expansion of our acceptance footprint reflects Visa’s commitment to supporting Vietnam’s digital transformation by providing efficient digital payment methods.”

While cash use is still widespread, Vietnamese consumers are increasingly embracing cashless payment options.

In the Visa Consumer Payment Attitudes Study 2022, 40 per cent of respondents said they pay bills using in-app services, 27 per cent use credit / debit cards online, while 39 per cent said they still use cash, presenting a huge opportunity for State entities and merchants to partner with digital payment solutions providers to make the bill-paying experience more streamlined.

Cash use is more common in categories such as public transport, petrol / gasoline, and food and dining, while cashless payments are preferred for overseas travel and bill payments. When asked what payment category could go fully cashless in the near future, bill payments was ranked first by 60 per cent of respondents.

Notably, mobile wallet was the top choice for making bill payments, preferred by 28 per cent of respondents.

Visa has been working closely with the Vietnamese Government to facilitate digital payments, such as through its extended cooperation with the Ho Chi Minh City Department of Transport to provide Visa’s tap-to-ride technology in public transport.

As part of its efforts to boost awareness about cashless payment options, Visa also supports the annual Cashless Day (June 16), held jointly by the State Bank of Vietnam (SBV) and Tuoi Tre newspaper to drive the adoption of digital payments.

“As the government’s digital payment agenda gains momentum, Visa remains dedicated to empowering individuals and businesses with seamless payment experiences,” said Ms. Dung. “Through innovative solutions, strategic partnerships, and a commitment to customer satisfaction, Visa is at the forefront of driving Vietnam’s digital revolution.”

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