Visa has introduced its issuer-offered Click to Pay solution to the market.
Several banks in Vietnam, including Military Commercial Joint Stock Bank, Vietnam Technological and Commercial Joint Stock Bank (Techcombank), JSC Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), and Vietnam Prosperity Joint-Stock Commercial Bank (VPBank), have been early adopters of the service.
For Techcombank and VPBank, Visa cardholders can begin using the solution immediately.
On the acceptance side, Click to Pay has been adopted by Ngan Luong Payment Gateway JSC (Alepay Gateway), VietUnion Online Services Corporation (Payoo), Sacombank, and VietinBank.
Click to Pay aims to streamline online transactions by enabling cardholders to complete purchases with minimal clicks, removing the need to input extensive card and shipping details.
The system offers a faster, secure, and convenient checkout experience with global acceptance, as it is now supported at more online outlets where consumers wish to shop.
The solution allows users to verify their identity via an email address or mobile number, enabling them to avoid the traditional checkout process and reducing the amount of personal information required.
Additionally, Click to Pay employs advanced security standards and technology to protect transaction data, offering consumers increased confidence in online payments.
The system also aims to reduce cart abandonment rates, benefiting both consumers and retailers.
Dung Dang, Visa’s Country Manager for Vietnam and Laos, stated:
“With e-commerce being so prevalent in Vietnam and aligning with the Vietnamese government’s digitisation objectives, we are pleased to introduce this solution through our banking partners. Click to Pay with Visa has the potential to transform online shopping and support the development of a more connected digital economy.”
Cardholders of Techcombank and VPBank can now enrol in Click to Pay via their respective banking apps or participating online merchants.
Consumers should look for the Click to Pay icon at compatible online stores both in Vietnam and internationally to benefit from a quicker, more secure checkout process.
In Vietnam, Visa has partnered with Payoo, a payment platform serving as an intermediary for online retail networks, to integrate Click to Pay across Payoo’s merchant ecosystem.
Participating merchants include KOI Thé, UrBox Trading, AEONESHOP, Galaxy Cinema, ACFC, Maison Online, NEM, Elsa English, GearVN, Vietrace365, Hop on Hop off, among others.
In the near future, Visa cardholders using Click to Pay at Payoo-affiliated merchants will be eligible for exclusive promotional offers, promoting a shift towards a more seamless and cashless shopping environment.
Shoppers at platforms such as LG Electronics Vietnam, British Council, PVI Insurance, PropertyGuru Vietnam, Mai Nguyen Electronics, and Triumph International Vietnam will benefit from frictionless transactions, as payments are processed through the Alepay Gateway provided by Ngan Luong Payment Gateway JSC.
More merchants are expected to join in the coming months.
Click to Pay is designed to meet EMVCo standards for digital checkout and utilises the Visa Token Service to enhance security.
By replacing sensitive card information, such as the 16-digit Primary Account Number, with tokens, the system aims to reduce fraud by approximately 58% and increase authorisation rates by an average of 2.5% in the Asia Pacific region compared to transactions based on Primary Account Numbers.
The solution simplifies online checkout processes similarly to contactless payments in physical stores, but for digital commerce.
Featured image credit: Visa
