Visa has partnered with South Korean fintech company DealMe to support the growing demand for more flexible cross-border payment solutions in Asia.
As part of the collaboration, a new installment payment service for international card payments is being launched. It offers Visa cardholders greater flexibility and convenience when making purchases abroad.
Vietnamese consumers will be the first to benefit from the new service, as they will be able to make installment payments at merchants in South Korea during their travels.
Dung Dang, Visa Country Manager for Vietnam and Laos, commented: “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.
“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.”
This initiative is aimed at supporting Vietnamese consumers, as Visa’s data shows that 75% of surveyed individuals in Vietnam plan to travel next year, with South Korea being the most popular destination, chosen by 18% of respondents.
Vietnamese tourists using Visa credit cards issued in the country will be able to shop at duty-free stores, department stores, and medical institutions in South Korea. This partnership between Visa and DealMe will provide foreign customers with the ability to make installment payments for goods and services at participating merchants — a service that was previously unavailable.
When international consumers use their Visa cards at selected points of sale, their eligibility for the cross-border installment program will be checked. If approved, customers can choose the installment duration and complete their payment.
DealMe plans to leverage Visa’s global network in accordance with the Memorandum of Understanding (MOU) signed with Visa’s Asia-Pacific office in November 2024.
Initially, DealMe will pilot the new service in South Korea in collaboration with Visa, with plans to expand it to other markets such as Vietnam, the U.S., Australia, Japan, and Singapore.
Kim Tae Hong, SVP of DealMe, noted: “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.”
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