Millions of people in Vietnam are set to experience a significant leap forward in how they pay for things. IDEMIA Secure Transactions (IST), a company known globally for its secure payment technology, has teamed up with the National Payment Corporation of Vietnam (NAPAS), the network powering payments across the nation. This partnership aims to make using digital payments in Vietnam much easier and safer for everyone.
NAPAS will now use IST’s advanced technology for digital cards and a security feature called tokenization. This means that the way you pay with your phone or online is getting a major boost.
This move is especially important for Vietnam’s young population. Many Vietnamese are under 35, own multiple smartphones, and are quickly adopting digital services for everything from shopping to getting around. They expect payment options that are modern, secure, and fit right into their mobile-first lives.
Here is how it works and why it matters: When you use a physical payment card, your sensitive card number and details are often involved in the transaction process. With tokenization, IST’s platform replaces your actual card information with a unique, temporary code – a ‘token’. This token can be used to complete a transaction, but it doesn’t reveal your real card number. If someone were to intercept the token, it is useless to them because it holds no sensitive data.
This technology works for various payment methods you use every day, like tapping your phone to pay in a store (NFC payments), buying things within mobile apps, or making purchases online without your card physically present. The IST system connects smoothly with different parts of the payment world, including merchant websites, global digital wallets like Apple Pay, and the banks that issue your cards.
Through this collaboration with IST, NAPAS is bringing these secure, tokenized payments to its network of over 40 banks in Vietnam. This opens up exciting new ways to pay. Now, paying in person can mean simply using your bank’s mobile wallet on an Android phone or using Apple Pay on an iPhone, by holding your device near the payment terminal. You can also complete purchases inside apps with just a few taps.
This modern way of paying reduces the need for older methods like cash or even scanning QR codes for these specific transaction types, making the experience faster, safer, and much more convenient.
“We are excited that this collaboration will complement everyday transactions for the Vietnamese society, fostering wider adoption of digital payments,” said Isaac Lee, Regional Vice President and Head of Digital for Asia Pacific at IDEMIA Secure Transactions. He added that while QR code payments have been common, mobile contactless payments are seen as the next step, helping move Vietnam closer to its goal of a less-cash economy by 2025. This partnership is a clear step towards that national vision.
