Contactless card payment is increasingly asserting its crucial role in the digital economy, providing consumers with superior convenience, high security, and fast transaction speed. Currently, contactless chip card technology has been widely applied worldwide, especially in developed countries. According to NAPAS, as of the end of Quarter 1/2024, the total number of domestic chip cards (NAPAS cards issued by Vietnamese banks/financial companies) in the market has reached over 58 million cards.

The transaction volume of contactless payments at banks is showing positive growth, indicating consumers' interest and preference for this payment method. One of the critical factors comes from the attractive incentive programs for contactless payments that NAPAS, in coordination with banks and card organizations, has implemented in recent times.

Building on these results, this year's program, in collaboration with Mastercard, expands in scale and duration, with a total budget of up to 15 billion VND. Nearly 40 major partners in various sectors such as food services, retail technology, cosmetics, entertainment, pharmaceuticals, education, etc… are participating through the network of over 6,000 Payoo acceptance points.

During the specific application periods of each incentive program, customers will receive discounts in amount or percentage of the order value when purchasing and paying with contactless technology cards from NAPAS and Mastercard issued by banks/financial companies. Customers will enjoy offers particularly focused on the two peak seasons: summer and the year-end festive season.

Sharing about the program's significance, Mr. Nguyen Quang Minh, General Director of NAPAS, said: "With easy, convenient payment features and secure chip card technology, domestic cards have become a familiar payment method for many people. Over the years, NAPAS has collaborated with many large, reputable partners to implement incentive programs to promote the benefits of card payments to people and stimulate the habit of cashless payments. Through cooperation with Mastercard to launch this major promotional campaign this year, NAPAS hopes not only to stimulate shopping demand, boost domestic business production but also bring positive values through community activities, particularly spreading the benefits of cashless payments and encouraging a change in spending habits using contactless payment technology cards."

"Mastercard is excited to continue collaborating with NAPAS and Payoo to bring rewarding, safe, and frictionless transaction experiences to consumers and businesses in Vietnam. As part of the partnership, Mastercard leverages its cutting-edge payment technologies and global expertise to deliver tailored solutions that meet the needs of its partners, businesses, organizations, and the people in Vietnam. By working with like-minded stakeholders, Mastercard is enabling an inclusive payments ecosystem that allows everyone to participate in the digital economy and accelerate the cashless agenda in the country," said Winnie Wong, Country Manager, Vietnam, Cambodia and Laos, Mastercard.

Fueling Vietnam's digital shift, consumers are increasingly demanding seamless payment options. Mastercard is addressing this need by fostering strong public-private partnerships. The collaborative promotion program, launched with great success, has encouraged both consumers and merchants to embrace cashless payments, particularly contactless options, for everyday transactions. This momentum paves the way for the widespread adoption of digital payments and financial inclusion across Vietnam.

Mr. Ngo Trung Linh, General Director of VietUnion, the owner of the Payoo payment platform, added: "In the context of the continuously developing and growing retail market, cashless payment solutions, especially contactless payments, are becoming increasingly popular for providing seamless and safe payment experiences. In the second year of the promotional program with NAPAS and Mastercard, we have received strong support and close cooperation from partner banks and retail chains across various sectors. We hope that the extensive scale and the timing of the program coinciding with peak shopping seasons will help reinforce cashless payment habits among customers and support businesses in achieving their business plan goals early."

In addition to implementing the large-scale promotional campaign to stimulate shopping and promote cashless payments, this year, NAPAS, Mastercard, and Payoo will continue to accompany the social welfare program "Tap to Share - Give Hope" to support free cancer screenings for poor women in difficult circumstances. The program is expected to be launched this October to celebrate Vietnam Women's Day (October 20). This also reflects NAPAS and Mastercard's social responsibility in raising health awareness among people, particularly towards protecting vulnerable groups in society.