9Pay Becomes Direct Payment Partner with Visa
9Pay has established a direct connection with Visa through CyberSource, making it a direct payment partner and offering a new route for foreign payment providers and merchants into Vietnam’s card payment market. This integration positions 9Pay as one of the few payment intermediaries in Vietnam with card infrastructure capabilities that meet international operating standards. The collaboration combines Visa’s global network with 9Pay’s domestic processing power, providing international payment gateways, Payment Service Providers, and multinational corporations with compliant cash flow management solutions without requiring a local legal entity or a Vietnamese payment intermediary license. This direct connection is expected to reduce processing latency, improve transaction approval rates, and lower cart abandonment, while also allowing end-users in Vietnam to make payments in VND without hidden currency conversion fees and access services like Apple Pay and Google Pay.
9Pay’s direct integration with Visa through CyberSource signifies a crucial advancement for Vietnam’s digital payment landscape, enhancing its connectivity with the international payments ecosystem. This move is particularly impactful for foreign Payment Service Providers and merchants looking to enter the Vietnamese market, as 9Pay now offers a streamlined, compliant pathway that bypasses the need for establishing a local legal entity or obtaining a Vietnamese payment intermediary license. Such developments are vital for fostering cross-border e-commerce and investment in Southeast Asia, a region characterized by rapidly digitizing economies and increasing consumer demand for seamless payment solutions.
Furthermore, this partnership underscores a broader trend of local payment intermediaries in Asia strengthening their infrastructure to meet global standards and attract international partners. By offering advanced capabilities like foreign exchange coordination, risk management, and tax advisory, 9Pay is not only simplifying market entry for foreign entities but also improving the overall efficiency and security of digital transactions within Vietnam. This aligns with Visa’s strategic objective to enhance payment acceptance and security across emerging markets, ultimately supporting businesses in reaching customers more effectively and building trust in digital transactions across the continent.
