Visa and DealMe join forces for flexible international payments

Visa and DealMe, a fintech specialized in payment solutions, join forces to meet the growing demand for flexible payment solutions for international consumers. By launching a payment service several times for cross-border shopping, this collaboration aims to provide a more accessible and convenient shopping experience, especially for Vietnamese travellers in South Korea.

FACTS

• Visa and DealMe work together to offer multiple payments for cross-border purchases.

• Visa cardholders issued in Vietnam will have access to payment offers in several real-time at traders in South Korea.

• The service will be available in:

  • duty-free shops

  • department stores and medical establishments in South Korea for Vietnamese consumers with local Visa cards.

• When purchasing Visa cards will be checked to see if they allow payment in multiple times. If so, consumers will be able to choose the number of monthly instalments to pay back.

ISSUES

• Meeting demand for flexible payments and cross-border shopping: Visa estimates that 75% of Vietnamese consumers plan to travel next year, with South Korea as the main destination (18% of travellers). The cooperation between Visa and DealMe will therefore allow the introduction of card split payment services, providing greater payment flexibility for Vietnamese and international consumers.

• Strengthening cross-border payments in Vietnam: Vietnam, now a key tourist destination, benefits from the expansion of cross-border payments. DealMe plans to operate Visa's vast global network following a Memorandum of Understanding (MOU) signed in November 2024 with Visa's Asia-Pacific headquarters. Fintech wants to expand to other markets, including Vietnam, the United States, Australia, Japan and Singapore, to boost Vietnam's international competitiveness.

PERSPECTIVE

• The digitalization of our purchasing and payment behaviour has transformed e-commerce standards. The growth of cross-border payments could encourage the growth of e-commerce platforms such as Amazon Shopify or eBay and enable consumers to easily buy internationally and stimulate global e-commerce.

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