IDEMIA Safe Transactions (IST) has partnered with the Nationwide Cost Company of Vietnam (NAPAS) to assist develop the nation’s digital funds infrastructure.
By means of the partnership, NAPAS will combine IST’s tokenisation expertise into its home fee community, which connects over 40 banks.
The transfer helps Vietnam’s rising demand for digital and contactless funds, notably amongst youthful, tech-savvy customers.
IST’s Token Platform replaces delicate card particulars with safe tokens, which can be utilized for transactions throughout varied channels—together with cellular NFC, in-app purchases, and distant funds—with out exposing the precise card quantity.
The platform connects with token requestors resembling retailers and international digital wallets by way of APIs, making it simpler for issuers to roll out safe, user-friendly fee experiences.
Vietnamese customers will quickly be capable of make in-store funds utilizing their financial institution’s cellular wallets on Android smartphones, or by Apple Pay on iOS units.
E-commerce purchases by way of in-app funds may even be supported, providing an alternative choice to money or QR code-based transactions.
This collaboration builds on earlier efforts between IST and NAPAS, resembling enabling tap-to-pay options by Host Card Emulation (HCE) pockets options.
“This week marks one other nice achievement in our partnership with IDEMIA Safe Transactions, which started by enabling seamless tap-to-pay experiences by financial institution functions powered by HCE pockets options.
We’re excited concerning the journey forward as we proceed to develop international pockets entry and introduce different improvements collectively, shaping the way forward for digital funds throughout the area.”
mentioned Nguyen Thanh Tung, Head of Cost Know-how Division at NAPAS.
“With QR code funds being commonplace in Vietnam for years now, the neighborhood views cellular contactless funds as an progressive evolution paving the best way for a extra cashless economic system.
Most significantly, our partnership with NAPAS marks a big milestone in our dedication to supporting the federal government’s imaginative and prescient of realizing its non-cash fee targets in 2025.”
mentioned Isaac Lee, Regional Vice President and Head of Digital for Asia Pacific at IDEMIA Safe Transactions.
Featured picture credit score: Edited from Freepik
