Visa has partnered with South Korea-based fintech company DealMe to support the demand for more flexible cross-border payment options in Asia.
The partnership sees the introduction of a cross-border card instalment payment service, offering cardholders with locally issued Visa credit cards greater flexibility when it comes to making international payments.
Consumers in Vietnam will be the first to gain access to the new payment service and can start to make installment transactions at merchants within South Korea when travelling.
Dung Dang, Visa Country Manager for Vietnam and Laos, said: “This collaboration with DealMe reinforces Visa’s commitment to enhancing cross-border payments in Vietnam. The timing is ideal, with South Korea a favoured destination for Vietnamese travellers and Asia Pacific travellers, and inbound tourism to Vietnam rebounding strongly.
“This innovative cross-border installment solution offers greater flexibility for both inbound and outbound travellers, supporting Vietnam’s future tourism payments and contributing to the nation’s digital transformation.”
This initiative seeks to benefit Vietnamese shoppers, as Visa’s data indicates that 75% of surveyed Vietnamese consumers plan to travel for leisure next year, with South Korea being the top destination – 18% plan to travel there.
Vietnamese travellers with Visa credit cards issued in Vietnam will be able to shop at duty-free shops, department stores, and medical institutions in South Korea, allowing Visa and DealMe to provide card installment payments for foreign customers at participating merchants, a service that was previously unavailable.
When international consumers use their Visa cards at selected merchants, their cards will be checked for eligibility for the cross-border installment service. If eligible, consumers can choose the installment duration and complete their payments.
DealMe plans to leverage Visa’s extensive global network, following a Memorandum of Understanding (MOU) signed with Visa’s Asia-Pacific headquarters in November 2024.
DealMe will initially pilot the service in South Korea, in collaboration with Visa, and plans to expand it to other markets, including Vietnam, the US, Australia, Japan, and Singapore.
Kim Tae Hong, SVP of DealMe, added: “We are delighted to partner with Visa to enable card installment payment on cross-border transactions. This gives consumers an additional payment option when travelling overseas.”