IDEMIA Secure Transactions and the National Payment Corporation of Vietnam (NAPAS) have forged an alliance to enhance the digital payment infrastructure in Vietnam.
The initiative will incorporate IDEMIA’s Token Platform into NAPAS’s network, which connects over 40 banks.
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This partnership is said to focus on Vietnam’s young population, the majority of whom are under 35 years old and frequently use multiple smartphones.
The Platform is designed to facilitate the shift of affiliated issuers towards digital payment solutions by substituting “sensitive” card details with a secure token for transaction processing.
The platform caters to various payment scenarios, including mobile NFC payments, in-app purchases, and remote peer-to-peer transactions.
It can be integrated through APIs, which enables communication with different stakeholders in the digital payment ecosystem, such as token requestors, global xPay wallets, and participating issuers.
NAPAS will offer smartphone-based in-store payments, leveraging mobile wallet applications for Android and Apple Pay for iOS devices.
The partnership will also enable Vietnamese consumers to conduct e-commerce transactions using in-app payments.
NAPAS payment technology department head Nguyen Thanh Tung said: “This week marks another great achievement in our partnership with IDEMIA Secure Transactions, which began by enabling seamless tap-to-pay experiences through bank applications powered by HCE wallet solutions.
“We are excited about the journey ahead as we continue to expand global wallet access and introduce other innovations together, shaping the future of digital payments across the region.”
IDEMIA Secure Transactions Asia Pacific head of digital and regional vice president Isaac Lee stated: “We are excited that this collaboration will complement everyday transactions for the Vietnamese society, fostering wider adoption of digital payments.
“Most importantly, our partnership with NAPAS marks a significant milestone in our commitment to supporting the government’s vision of realising its non-cash payment goals in 2025.”
This February, IDEMIA collaborated with R3 to explore offline payment solutions, with a focus on central bank digital currencies (CBDCs).
