Visa, the global digital payments giant, has partnered with DealMe, a leading FinTech company, to introduce cross-border card installment payment services. This collaboration aims to cater to the growing demand for flexible payment solutions in international shopping, providing greater convenience for consumers in Vietnam and beyond.
Expanding Payment Flexibility for Vietnamese Shoppers
The new service will initially benefit Vietnamese cardholders with Visa credit cards issued locally. Starting soon, these cardholders will be able to access real-time installment offers at participating merchants in South Korea, one of the most popular travel destinations for Vietnamese tourists. This move enhances repayment flexibility while traveling and allows for easier and more manageable payments.
Visa’s data reveals that 75% of Vietnamese consumers plan to travel for leisure in the upcoming year, with South Korea being the top destination (18% of those planning to visit). Through this collaboration, Visa cardholders will have the opportunity to shop at popular spots in South Korea, such as duty-free shops, department stores, and medical institutions, with the added benefit of paying in installments.
How It Works: Cross-Border Installments
The collaboration between Visa and DealMe will enable card installment payments for international consumers at participating merchants, a service that was not previously available for cross-border transactions. When international consumers use their Visa cards at eligible merchants in South Korea, their cards will be checked for eligibility for the cross-border installment service. If eligible, customers will have the option to choose their preferred installment duration and complete the payment in easy installments.
This marks a significant shift in how international payments are processed, offering travelers a convenient and affordable way to manage their expenses abroad.
DealMe’s Expansion Plans with Visa’s Global Network
DealMe plans to make full use of Visa’s vast global network to expand this service. Following a Memorandum of Understanding (MOU) signed with Visa’s Asia-Pacific headquarters in November 2024, DealMe will pilot this service in South Korea in collaboration with Visa. The goal is to extend this service to additional markets, including Vietnam, the United States, Australia, Japan, and Singapore.
This strategic collaboration is set to revolutionize cross-border payment options, particularly in the context of tourism, by offering more payment flexibility for international travelers.
Strengthening Cross-Border Payments and Supporting Tourism Growth
Dung Dang, Visa’s Country Manager for Vietnam and Laos, commented on the partnership, “This collaboration with DealMe reinforces Visa’s commitment to enhancing cross-border payments in Vietnam. The timing is ideal, with South Korea a favored destination for Vietnamese travelers and Asia-Pacific travelers, and inbound tourism to Vietnam rebounding strongly. This innovative cross-border installment solution offers greater flexibility for both inbound and outbound travelers, supporting Vietnam’s future tourism payments and contributing to the nation’s digital transformation.”
With inbound tourism to Vietnam recovering and more travelers seeking hassle-free payment options, this collaboration promises to provide a seamless experience for both local consumers and international visitors.
A New Era of Payment Convenience for Travelers
Mr. KIM Tae Hong, Senior Vice President of DealMe, expressed his excitement about the partnership, stating, “We are delighted to partner with Visa to enable card installment payment on cross-border transactions. This gives consumers an additional payment option when traveling overseas.”
As tourism continues to rebound, this new payment solution will provide added convenience and flexibility for Vietnamese and international travelers alike, offering an enhanced shopping experience in top destinations across Asia and beyond.
Related topics:
- How to Get Dual Citizenship in Great Britain?
- How to Check Immigration Status Using Your Social Security Number?
- How Long Does It Take to Process 189 Visas?
