Vietnam’s Nexttech has signed a strategic three years partnership with Visa to spur digital payments among small businesses in the country. It is reported that both companies will carry out initiatives targeted at network expansion for buyers and sellers in the online marketplace. They will also work on new developments in improving the means for online payments over social media platforms such as Instagram and others.
According to Nexttech, the ecommerce segment is currently booming in Vietnam’s digital economy. It is reported that Vietnam’s ecommerce segment along with companies such as Google, Temasek and Bain had a combined valuation of worth $5 billion in 2019 and it is expected to break through the $23 billion milestone within five years.
NextTech group chairman Nguyen Binh said, told the media, “We expect this three-year partnership to deliver a host of electronic payment-related benefits to both buyers and sellers in ecommerce, one of the fastest expanding pillars of the digital economy.”
Visa will boost business operations more seamless for merchants by encouraging digital payments adoption. The company has assisted Bulgarian fintech Paynetics to acquire tokenisation capabilities. In another development, India’s RBL bank collaborated with Visa to launch an instant pay-out facility for fintech companies. The new partnership will strengthen ties between both companies despite the protracted pandemic.
Visa Vietnam and Laos country manager Dang Tuyet said that Visa’s payment-by-link initiative with NextTech Group will provide consumers a seamless payment getaway by simplifying the payment process. Visa has established another strong partnership in the ecommerce segment by collaborating with NextTech Group.