Visa announces plans to strengthen payments security in support of Vietnam’s cashless transformation
Security remains a key consideration for Vietnamese consumers as they adopt new payment methods
Visa, the world’s leader in digital payments, has today launched its Future of Security Roadmap for Vietnam, outlining a robust approach for strengthening payments security in the country over the subsequent years.
Visa’s Roadmap focuses on a number of key initiatives which will enable security to evolve at the same pace as the technologies changing the way we pay. These security initiatives include:
- Devalue data by removing the sensitive data from the ecosystem and making stolen account details useless.
- Protect data by implementing safeguards to protect personal data as well as account details.
- Harness data by identifying potential fraud before it occurs and increase confidence in approving good transactions.
- Empower everyone, including accountholders, 3rd party providers and merchants, to play an active role in securing payments.
Ms. Dang Tuyet Dung, Visa’s Country Manager for Vietnam & Lao said: “We are proud to be launching our Vietnam Future of Security Roadmap. Securing the commerce ecosystem is our highest priority and one we view as a shared responsibility between payment networks, consumers, banks, and the government. Technology has enabled new innovative ways to pay and be paid, but it has also brought unique risks. To stay ahead of fraud, we need to work together and give security the same attention and investment as we do the innovations driving new commerce experiences.”
The release of Visa’s Roadmap comes at a time of rapid change for payments in Vietnam with innovations such as mobile payments set to enhance the payment experience for consumers. According to Visa’s Consumer Payment Attitude study security remains a key consideration for consumers across Southeast Asia with 67 percent concerned about the safety of their personal information when using their mobile phone to make payments1.
When asked specifically about what their top three concerns were when using their mobile phones to make payments, consumers in Vietnam said losing my phone or having my phone stolen, my phone getting hacked or someone intercepting my data, and malware or viruses being installed on my phone.
Visa works with industry stakeholders including financial institutions, merchants, policy makers, law enforcement and accountholders to secure payments. The Visa Future of Security Roadmap is the product of comprehensive consultations and collaboration, making it an authoritative document on Vietnam payments security.
Visa is delivering roadmaps around the world to ensure the security of the global commerce ecosystem, as well as working with Vietnam industry bodies to align security initiatives.
1 Visa’s Consumer Payment Attitudes Study was conducted amongst 4,000 consumers in Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Myanmar, and Cambodia in Aug, 2017.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.