French technology company IDEMIA Secure Transactions (IST) has entered into a strategic partnership with Vietnam’s National Payment Corporation (NAPAS) to enhance the country’s digital payment infrastructure. This collaboration aims to meet the growing demand for secure and convenient cashless transactions among Vietnam’s predominantly young and tech-savvy population.
Under the agreement, NAPAS will integrate IST’s advanced Token Platform into its network, which connects over 40 banks nationwide. This platform replaces sensitive card information with unique digital tokens, enabling secure transactions across various channels, including mobile NFC payments, in-app purchases, and peer-to-peer transfers. The integration is designed to support a wide range of use cases and can be easily implemented through APIs, facilitating communication with token requestors, global digital wallets, and participating issuers.
The partnership will enable Vietnamese consumers to make in-store payments via smartphones using bank mobile wallets for Android devices and Apple Pay for iOS users. Additionally, it will facilitate e-commerce transactions through in-app payments, reducing reliance on QR codes and cash, and promoting a more seamless and secure payment experience.
This initiative aligns with the Vietnamese government’s goal of achieving a cashless economy by 2025, marking a significant step toward modernizing the nation’s financial ecosystem.
(Source: Technode.Global)
