Ho Chi Minh City, Vietnam – Visa, a digital payments firm, has recently teamed up with fintech company DealMe to jointly address the rising demand for cross-border shopping and flexible payment solutions.
Through this partnership, the two parties will introduce cross-border card installment services, making payments more convenient for consumers in Vietnam and other international consumers.
Said move will also be an advantage for Vietnamese shoppers, as Visa credit cardholders in the country will soon be able to access real-time installment plans at South Korean merchants, simplifying repayments while abroad.
Vietnamese travellers with Visa credit cards issued in Vietnam will further be able to shop at duty-free shops, department stores, and medical institutions in South Korea.
According to the firm, this partnership also enables both companies to offer card installment payments for foreign customers at participating merchants.
Additionally, international Visa cardholders shopping at these merchants will have their cards assessed for eligibility for the cross-border installment service. If they qualify, they can select their preferred installment period and finalise their payment.
“This collaboration with DealMe reinforces Visa’s commitment to enhancing cross-border payments in Vietnam. The timing is ideal, with South Korea a favoured destination for Vietnamese travellers and Asia Pacific travellers, and inbound tourism to Vietnam rebounding strongly,” stated Dung Dang, country manager for Vietnam and Laos at Visa.
“This innovative cross-border installment solution offers greater flexibility for both inbound and outbound travellers, supporting Vietnam’s future tourism payments and contributing to the nation’s digital transformation,” she further shared.
KIM Tae Hong, SVP at DealMe, also remarked, “We are delighted to partner with Visa to enable card installment payment on cross-border transactions. This gives consumers an additional payment option when travelling overseas.”
After securing an MOU with Visa’s Asia-Pacific headquarters in November 2024, DealMe intends to tap into Visa’s extensive international network. In particular, the company will initially pilot this service in South Korea, in partnership with Visa, and plans to expand it to other markets such as Vietnam, the United States, Australia, Japan, and Singapore.
