What's Happening?
Visa and fintech company DealMe have introduced NanuPay, a new service allowing Vietnamese Visa credit cardholders to select installment plans while shopping abroad. This service is initially available
in South Korea, targeting Vietnamese consumers who frequently travel and shop there. NanuPay offers interest-free installments at checkout without requiring app downloads or new card applications. The pilot program is available to cardholders from Techcombank and Sacombank at select beauty and medical tourism providers in Seoul and Gangnam, as well as Shinsegae Duty Free stores. This initiative aims to support Vietnam's digital transformation and cashless economy vision by providing flexible and secure cross-border payment options.
Why It's Important?
The launch of NanuPay is significant as it aligns with Vietnam's ambition for a cashless, digitally inclusive economy. By offering interest-free installment plans, Visa and DealMe are facilitating more responsible spending among Vietnamese consumers, particularly Gen Z and Millennials, who are inclined towards big-ticket purchases in healthcare and travel. This service enhances financial inclusion and supports Vietnam's digital transformation by making international spending simpler and safer. Additionally, it strengthens the economic ties between Vietnam and South Korea, a popular destination for Vietnamese travelers and shoppers.
What's Next?
Visa and DealMe plan to expand NanuPay's interest-free installment experience to Visa credit cardholders in other global markets, including the United States, Japan, Singapore, Hong Kong, Malaysia, Indonesia, and the Philippines. This expansion will provide greater convenience for international visitors and further support Vietnam's cashless economy vision. The success of this pilot program in South Korea could lead to broader adoption of similar payment models in other countries, enhancing cross-border commerce and financial inclusion.
Beyond the Headlines
The introduction of NanuPay highlights the growing importance of personalized and seamless digital payment experiences for Gen Z consumers. As these consumers prioritize convenience and transparency in their financial transactions, services like NanuPay could drive significant shifts in payment preferences and behaviors. Moreover, the collaboration between Visa and DealMe underscores the role of fintech innovations in transforming traditional payment systems and fostering global economic connectivity.
