Apple Pay debuts in Vietnam, marking another significant step in its ongoing expansion across Southeast Asia.
Apple has expanded its digital payment system, Apple Pay, to Vietnam, making it the third nation in Southeast Asia to support the service, following Singapore and Malaysia. This strategic move strengthens Apple’s presence in over 80 countries and regions globally, in collaboration with more than 10,000 banking institutions.
Apple Pay, a mobile payment and digital wallet service developed by Apple, enables users to make payments using an iPhone, Apple Watch, or on the web. The service digitalises and replaces magnetic stripe card transactions at credit card terminals.
The introduction of Apple Pay in Vietnam is viewed as a milestone in the nation’s journey towards digital transformation and a cashless economy. In this initial phase, Apple has partnered with leading Vietnamese banks including Vietcombank, MB Bank, Techcombank, ACB, VPBank, and Sacombank to provide customers with transaction convenience and security.
With the launch of Apple Pay’s services in Vietnam, customers gained the ability to make purchases using their Apple devices at various retail outlets such as Starbucks, Phuc Long, CGV, and Winmart. This partnership also highlights the potential for further cooperation between Vietnam and global corporations in the FinTech sector.
Apple Pay’s entry into the country marks a significant step in the company’s ongoing efforts to internationalise its digital wallet service. Given the growing demand for digital payment services in Southeast Asia, this expansion underscores the region’s potential as a thriving hub for FinTech innovation and development
For the rest of 2023, Apple Pay aims to extend its reach to encompass additional retail outlets and banking partners, offering a convenient and secure digital payment option to millions more Vietnamese consumers.
Featured banner image credit: vir.com.vn
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