Payment and connectivity services company IDEMIA Secure Transactions (IST) and National Payment Corporation of Vietnam (NAPAS) have announced a strategic partnership to boost the digital payment landscape in Vietnam.
The Vietnamese domestic scheme will integrate IST’s Token Platform into its extensive network reaching over 40 banks, and empowering the Vietnamese payment community with a more streamlined and user-friendly payment experience. With its newly acquired digital capabilities, says IST, NAPAS will be able to meet the rising demand from the Vietnamese population for contactless and digital payments.
IST points out that a large portion of Vietnam’s population is under 35 years old and possesses multiple smartphones. As more consumers in this demographic pivot towards digital services, there is, says IST, 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.
The agnostic Token Platform caters to a wide range of use cases, including mobile NFC payments, in-app purchases, and 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, says IST, 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 be able to make e-commerce purchases using in-app payments.
IST adds that 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.
