IDEMIA Secure Transactions (IST) has announced a strategic partnership with the National Payment Corporation of Vietnam (NAPAS) to enrich and boost the digital payment landscape in Vietnam. With its newly acquired digital capabilities, NAPAS will be able to meet the rising demand of the Vietnamese population for contactless and digital payments.
The Vietnamese domestic scheme will integrate IST’s Token Platform into its extensive network reaching over 40 banks, empowering the Vietnamese payment community with a more streamlined and user-friendly payment experience.
This collaboration is particularly impactful for Vietnam’s young and tech-savvy population, with a large portion under 35 years old and possessing multiple smartphones. As more consumers in this demographic pivot towards digital services, there is a critical need for modern, secure, and convenient payment options that align with their expectations across the Asia Pacific Region.
The IST Token Platform empowers payment networks to seamlessly transition their affiliated issuers to digital payment solutions. It securely replaces sensitive card information with a unique identifier, or token, that can be used for transactions without exposing actual card details.
This agnostic Token Platform caters to a wide range of use cases, including mobile NFC payments, in-app purchases, remote and peer-to-peer transactions. IST’s solution can be easily integrated through a set of APIs, facilitating communication with various stakeholders in the digital payment ecosystem: token requestors (merchants using card-on-file methods), global xPay wallets, and participating issuers.
Through this partnership, NAPAS will be able to offer in-store payments via smartphone, using the bank’s mobile wallet for Android smartphones and Apple Pay for iOS devices. Furthermore, the Vietnamese community will have the possibility to make e-commerce purchases using in-app payments. This new modern way to pay eliminates the need for QR codes or cash, boosting contactless payments and making the experience more convenient and secure for end-users.
“We are excited that this collaboration will complement everyday transactions for the Vietnamese society, fostering wider adoption of digital payments. With QR code payments being commonplace in Vietnam for years now, the community views mobile contactless payments as an innovative evolution paving the way for a more cashless economy. Most importantly, our partnership with NAPAS marks a significant milestone in our commitment to supporting the government’s vision of realizing its non-cash payment goals in 2025.” said Isaac Lee, Regional Vice President and Head of Digital for Asia Pacific at IDEMIA Secure Transactions.
