Visa set to transform payments in Vietnam with new innovation hub

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Visa has announced the opening of its latest Innovation Space hub in Hanoi’s Hoa Lac Hi-tech Park (NIC). 

The announcement is part of Vietnam’s international innovation framework – an initiative committed to developing digital transformation and driving economic growth in the country. 

Visa’s Innovation Space in the NIC will produce payment technologies that will introduce various quality of life solutions for the Vietnamese population, particularly in public transportation, home shopping, as well as mixed reality retail experiences. 

This in term would enhance user convenience and support SMEs via IoT payments, with Visa’s latest Consumer Payment Attitudes report highlighting that four out of five Vietnamese are already aware of Augmented Reality shopping, and three in 10 having used it in the past – with the highest concentration of users being among Gen Z and Gen X shoppers. 

Dung Dang, Visa Country Manager for Vietnam and Laos, commented: “Visa is committed to digital transformation and we’re aligned with the government’s vision for a cashless economy. The collaboration among all project stakeholders will lead to multifaceted success and contribute to the prosperity of Vietnam in this new technological era. 

“The innovation and payment space will be a platform for NIC, Visa, and other relevant public and private agencies to develop initiatives that promote cashless payments in Vietnam.”

In the example of urban traversal, new payment experiences in public transportation offered by Visa will allow commuters to tap their Visa cards on specifically-designed bus touchpads, removing the need for physical bus tickets. The roll-out phase of this service will be handled by Visa’s Urban Mobility Team, which will also offer guidance and assistance for similar contactless payments public transport projects in the future.  

Dung added: “The Visa Experience Journey at NIC Hoa Lac, the largest innovation space in Vietnam, promises to be a captivating and enlightening experience, showcasing Visa’s pioneering role in innovative payment solutions that redefine the future of commerce. 

“Through this initiative, Visa is shaping the digital payments landscape and revolutionising how we engage with the world of transactions, offering convenience, security, and endless possibilities.”