Google and Visa, in partnership with seven local banks, launched Google Wallet in Hanoi on November 15.
| Delegates attend the event. Photo: Phi Nhat |
Starting today, Visa credit and debit cardholders of ACB, Sacombank, Shinhan Bank, Techcombank (credit only), TP Bank, Vietcombank, and VPBank will be able to add their payment cards to Google Wallet.
The launch is expected to support Vietnam’s strategy to broaden the use of non-cash payments by 2025. According to Visa, the Vietnamese government has rolled out various policy measures and initiatives to make cashless payments the standard, with the target of growing non-cash payments by 20-25% annually.
Speaking at the launching ceremony, Visa Country Manager of Vietnam and Laos Dung Dang said mobile devices are truly ubiquitous across Vietnam, with consumers using them to stay connected, do business and source their entertainment. "By launching support for Google, we are unlocking another core capability for Visa cardholders, providing them with a faster, safer, and more convenient way to pay with their smart devices.”
According to the e-Conomy SEA 2022 report, digital payments are gaining popularity and are expected to hit $143 billion in gross transaction value in Vietnam by 2025.
Chen Way Siew, Google Wallet Partnerships Lead, Google Asia Pacific, said users don't need to transfer money into the app. He added that it acts as a digital container that holds digital versions of physical items found in an actual wallet, such as payment cards.
In the coming weeks, Visa cardholders of MB Bank and Mastercard cardholders of select banks can add their payment cards to Google Wallet.
