With this new partnership, Visa cardholders will be able to connect their Visa cards as a payment source when paying by QR code on MoMo, VNPAY-QR and ZaloPay at businesses that have implemented payment acceptance with the above 3 e-wallets.

The cooperation is part of Visa's efforts to promote digital transformation towards a cashless society in Vietnam, through providing a variety of payment methods, thereby bringing many benefits to both businesses and consumers.

The number of e-wallet users in Vietnam is forecast to increase by 40% compared to 2023, reaching 50 million e-wallets by the end of 2024, based on the remarkable growth momentum in recent years when many e-wallet utilities were recognized such as ease of use, friendly experience, quick operation, multiple services, transaction speed and safety.

This growth is also in line with consumer tastes as more and more people are embracing cashless payments in Vietnam.

According to Visa's study on Consumer Payment Attitudes in 2023, up to 88% of Vietnamese users are prioritizing cashless payments and 62% of users have used QR payments - compared to the usage rate in 2021 at only 35%.

Ms. Dang Tuyet Dung - Director of Visa Vietnam and Laos - emphasized that Vietnam is gradually transforming into a cashless society, and this process will be accelerated thanks to the SMEs (small and medium enterprises) sector that are ready to innovate, bringing consumers advanced and creative digital payment solutions.

Mr. Do Khac Cuong - Deputy General Director of MoMo's Payment Services Business Division - said that the cooperation with Visa will help the unit quickly expand the scale of payment acceptance points nationwide.

“In particular, for our more than 30 million users, the experience of using Visa cards not only for payment and shopping at luxury chain stores, but now experiencing mobile payment, safety with Visa cards at all household stores... will be an extremely interesting experience. This cooperation is the clearest proof of the efforts to promote cashless payments of the two units” - Mr. Cuong emphasized.