The Hanoitimes - Visa and HCMC DOT intend to collaborate to increase the acceptance of digital payments and implement a secure open-loop payment system across all transportation networks.
The Ho Chi Minh City Department of Transportation (HCMC DOT) and Visa, a leading digital payments platform, have signed a Memorandum of Understanding (MOU) to drive the development and adoption of digital payments to achieve smart mobility in the city.
This MOU is in support of Ho Chi Minh City (HCMC)’s plans to become a smart city by 2017 – 2020, with a vision to 2025. As part of this, Visa and HCMC DOT intend to collaborate to increase the acceptance of digital payments and implement a secure open-loop payment system across all transportation networks.
Visa Country Manager for Vietnam and Laos Dang Tuyet Dung said Visa is committed to working with its clients, merchants, the government and partners like HCMC DOT to drive the adoption of digital payments in Vietnam.
“We are looking forward to bringing our expertise on digital payments and urban mobility to this partnership in the hope that we can accelerate HCMC’s smart mobility plans, providing people with secure, faster and more convenient ways to pay for their transport and everyday purchases,” she added.
The MOU positions Visa as HCMC DOT’s preferred partner in developing digital payment solutions for the city and outlines a series of initiatives they will be focusing on.
These initiatives may include leveraging Visa’s feasibility study on the Transit Payment System in HCMC to help educate relevant stakeholders and guide the future direction and policy making of the transit and transit adjacent payments infrastructure and ecosystem.
Visa also intends to work with HCMC DOT to explore the opportunity to upgrade the legacy closed-loop payment system by adopting an open-loop EMV contactless technology for all transportation networks.