Visa, the world leader in digital payments, has partnered with Vietnamese banks to make it easier for Visa debit cardholders to receive remittances using MoneyGram and Remitly. Powered by Visa Direct, cardholders will receive funds directly into their accounts in near real time.
Vietnam is one of the 10 largest remittance recipient countries with about 5.3 million Vietnamese living and working in more than 130 countries. This partnership connects Visa Vietnam debit cardholders with a global money transfer network, making the process of receiving money simple, fast and secure.
“Collaborating with MoneyGram, Remitly and our banking partners will provide a fast and reliable channel for Vietnamese to receive money from their loved ones on the other side of the world,” said Ms. Tuyet Dung, Country Director of Visa Vietnam said. Laos. “This service will streamline and speed up the remittance process for all Visa debit card holders in Vietnam (who have a bank account and Visa debit card linked to that account), support the country's economic recovery and facilitate the transition to digital payments and a cashless society. "
Mr. Nguyen Tam Khoa, Director of Card Center of ACB, shared: “On the Visa Direct platform, Visa cardholders from abroad can transfer money directly to ACB Visa debit cards in Vietnam in a handy and modern service connecting the remitters and their loved ones. The new feature makes sending and receiving remittances far simpler, more convenient, and safer than ever before without any documents or procedures because the fund is automatically made available to ACB Visa debit cardholders.”
Visa Direct enables the fast transfer of funds from the sender to the recipient’s bank account or Visa debit card in near real-time (under 30 minutes) 24 hours a day, 365 days a year. Funds received can be used as soon as they are posted to the account, eliminating time wasted waiting in line to withdraw funds as well as the risk of having to carry large amounts of cash from the remittance intermediary to the bank.
“Remittances are a significant source of foreign currency for the economy and we are constantly working to make these transactions as simple, enjoyable and convenient as possible. The Visa Direct solution that we have implemented recently will contribute to increasing inbound remittances. In the future, we will integrate international fund transfer service into our digital banking platform so that customers can transact anytime, anywhere,” said Mr. Nguyen Minh Tam, Deputy General Director of Sacombank.
The service operating through Visa Direct will allow customers to send and receive remittances via their Visa debit cards, allowing them to support friends and family wherever in the world they may be – while enjoying the ever-expanding portfolio of fast and convenient services Visa cards offer. From now to 30 September 2021, Vietnamese cardholders receiving a remittance to their Visa debit card will also receive a US$5 incentive statement credit. Terms and conditions apply.
Mr. Nguyen Cuu Tinh, Deputy General Director of Personal Financial Services Division of Saigon Commercial Joint Stock Bank (SCB), added: “The prospect of Vietnam's economy is brighter as there are more and more relationships with customers. Strategic partnerships like this continue to bring countless benefits to Vietnamese consumers. We believe that together with Visa, SCB can bring the most modern and secure payment technologies when entering the digital era.”
Innovation and constant growth are emerging as key drivers of Vietnamese banks, with 60% already having digital transformation initiatives by the end of 20193 to streamline operations and make themselves become more attractive to a large unbanked adult population.
About Visa Inc.
Visa Inc. (NYSE: V) is a global leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payments network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of processing more than 65,000 transaction messages per second. The company's relentless focus on innovation is the catalyst for the rapid growth of digital commerce on any device for anyone, anywhere. As the world moves from analog to digital, Visa is applying our brands, products, people, networks and scale to reshape the future of commerce. For more information visit About Visa, visa.com/blog and @VisaNews.