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Payment service ‘mVisa’ to be expanded to also include merchants

Apr 02. 2017
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By Viet Nam News/ANN

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Visa Vietnam on Thursday announced that its mVisa, a quick response (QR) codebased payments service, would soon be expanded to merchants and consumers in 10 countries, including Vietnam.

Visa Vietnam on Thursday announced that its mVisa, a quick response (QR) codebased payments service, would soon be expanded to merchants and consumers in 10 countries, including Vietnam.

mVisa is a mobile payments soluฌtion that brings the benefits of easy and secure digital commerce to financial institutions, merchants and consumers, helping accelerate global migration from cash to electric payฌments.

The new payment service will also help merchants reduce their investฌments in expensive pointofsale infrastructure.

Sean Preston, Visa country manฌager for Vietnam, Cambodia and Laos, announced that his company was working with banks and merฌchants so that the service could come out late this year.

On the same day, Visa announced its 2016 Consumer Payment Attitudes Study, which said 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 carryฌing less cash the majority of conฌsumers said this was because of greater usage of cards and safety concern of carrying cash,” the study said.

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 all transaction conducted.

The company’s 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 uncovered positive attitudes towards some of the less frequently discussed aspects of electronic payments.

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

 

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