Visa Continues to Join Efforts with HCM City to Transform Urban Mobility

9:04:34 AM | 2/27/2023

Visa, the world’s leader in digital payments, has renewed its Memorandum of Understanding (MoU) with the Ho Chi Minh City Department of Transportation to transform urban mobility across the city.

The partnership aims to develop modern public transit systems featuring open-loop EMV tap-to-ride technology, allowing riders to tap their existing payment cards, mobile wallets or wearables to pay for their transit fare, e-tickets, electric vehicle charging, toll fees and car-park fees.

Tap-to-ride is becoming increasingly popular, with Visa’s network having processed over one billion tap-to-ride transactions on global transit systems in ten months. Visa’s recent Future of Urban Mobility Survey found that 91 percent of riders expect public transit systems to offer contactless payments, and nearly a third cited contactless payments as a top feature that would entice them to use public transit.

Ms. Dung Dang, Visa Country Manager of Vietnam and Laos, said: “The use of contactless payments will improve the travel experience for all commuters, making journeys more smart, seamless and secure. Going cashless and paperless will also help to reduce the environmental footprint in the city. We are excited to continue our collaboration with the Ho Chi Minh City Department of Transportation to implement more acceptance points across the city as this is an important part of the nation’s smart city agenda.”

In Vietnam, the pandemic has altered payments in various aspects, including the leap from physical cards to contactless payments and from cash to cashless. According to the 2022 Visa Consumer Payment Attitudes Study, Vietnam has seen an increase in contactless payment usage since 2021. 83 percent of consumers are aware of contactless transit cards, with usage ranging from mobile apps, prepaid cards, and debit cards. Four in five consumers said they used contactless cards for transit at least once a week or more often, with Gen X, Boomers, and the Affluent segment using contactless cards most often. Benefits of this digital innovation include a faster payment process compared with other methods and the safety of not carrying cash around.

T.H (Vietnam Business Forum)