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Mar 13, 2024 / 08:22

Standard Chartered and IATA partner to launch IATA Pay in Vietnam

IATA Pay in Vietnam is powered by Standard Chartered’s Straight2Bank Pay.

Standard Chartered, in partnership with the International Air Transport Association (IATA), has launched IATA Pay in Vietnam, bringing payment innovation to the Vietnamese airline industry. 

 An overview of the launch. Photo: Standard Chartered Vietnam

Through this co-creation and partnership, the two sides offer the airline industry a new payment proposition which is a “win-win” solution for all stakeholders within the IATA’s ecosystem such as consumers, airlines, and IATA.

IATA Pay, the industry's account-to-account payment solution, was jointly developed by IATA and the airlines several years ago in response to emerging global payment trends. This efficient payment solution is specifically designed to support airlines in their business-to-consumer (B2C) direct channel (B2C e-commerce) and is already operational in 27 markets. It is the world's leading account-to-account solution, with over 28 airlines currently using it and a further 50 set to activate in the coming months.

The launch of IATA Pay in Vietnam is in line with both Standard Chartered's commitment to co-create innovative solutions with its clients and IATA's focus on promoting efficient and cost-effective solutions for the airline industry. In line with evolving market dynamics and consumer preferences, the debut of IATA Pay in Vietnam leverages the growing popularity of instant QR payments, particularly VietQR, with banks and merchants.

Michele Wee, CEO of Standard Chartered Vietnam, said: "This launch contributes to increasing financial inclusion and promoting cashless payments in Vietnam, thereby fostering a sustainable ecosystem."

Javier Orejas, IATA Global Head Banking, said IATA Pay underpins our focus on leveraging open banking and real-time payment solutions that serve as a cost-effective alternative to traditional payment methods and bring efficiency to the way money is collected and settled.

Building on successful implementations in India, Singapore and other markets, IATA Pay's arrival in Vietnam underlines a shared commitment to driving efficiency and innovation in the airline industry.