Visa and Fintech DealMe Collaborate to Launch Cross-Border Card Installment Payments
- Written by Media Outreach
Cardholders with locally issued Visa credit cards in Vietnam will soon have access to real-time installment offers at top merchants in South Korea, enhancing repayment convenience while traveling. This initiative will benefit Vietnamese shoppers, as Visa's data indicates that 75% of surveyed Vietnamese consumers plan to travel for leisure next year, with South Korea being the top destination (18% planning to travel there)[1]. Vietnamese travelers with Visa credit cards issued in Vietnam will be able to shop at duty-free shops, department stores, and medical institutions in South Korea.
This collaboration allows Visa and DealMe to provide card installment payments for foreign customers at participating merchants, a service that was previously unavailable. When international consumers use their Visa cards at these merchants, their cards will be checked for eligibility for the cross-border installment service. If eligible, consumers can choose the installment duration and complete their payments.
DealMe plans to leverage Visa's extensive global network, following a Memorandum of Understanding (MOU) signed with Visa's Asia-Pacific headquarters in November 2024. DealMe will initially pilot this service in South Korea, in collaboration with Visa, and plans to expand it to other markets, including Vietnam, the United States, Australia, Japan, and Singapore.
"This collaboration with DealMe reinforces Visa's commitment to enhancing cross-border payments in Vietnam. The timing is ideal, with South Korea a favored destination for Vietnamese travelers and Asia Pacific travelers, and inbound tourism to Vietnam rebounding strongly. This innovative cross-border installment solution offers greater flexibility for both inbound and outbound travelers, supporting Vietnam's future tourism payments and contributing to the nation's digital transformation," said Ms. Dung Dang, Visa Country Manager for Vietnam and Laos.
Mr. KIM Tae Hong, SVP of DealMe, said: “We are delighted to partner with Visa to enable card installment payment on cross-border transaction. This gives consumers an additional payment option when traveling overseas."
[1] The Green Shoots Radar study (Wave 15, October 2024) was conducted online with 8,400 consumers across 14 Asia Pacific countries and territories including 500 Vietnamese/Korean respondents aged 18-65 years old: Japan is the leading destination for leisure travel in the next 12 months, followed by Australia, South Korea, and Mainland China.
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