09/08/2023 (Vietnam) - Apple Pay, developed by Apple, had expanded to Vietnam, becoming the third Southeast Asian nation after Malaysia and Singapore to adopt this service. As of Aug 8, this move had bolstered Apple's global presence, with collaborations in over 80 countries and with over 10,000 banks.
This mobile payment system allowed users to complete transactions using Apple devices, replacing traditional card transactions at terminals. Rumors of its introduction had circulated in July, with several Vietnamese banks gearing up for its integration.
The service's debut in Vietnam marked a pivotal step in the nation's move towards a digital, cashless economy. Initially, Apple partnered with major Vietnamese banks, offering unparalleled transaction convenience and security. Furthermore, customers could transact at prominent retail outlets, including Starbucks, McDonald's, and Highlands Coffee.
This collaboration catered to the rising trend of cashless transactions in Vietnam and globally, signaling potential future alliances between Vietnam and global fintech players. Apple Pay's venture underscored Southeast Asia's emerging significance in fintech innovation and growth.
The service's introduction in Vietnam highlighted the country's fast-growing digital economy and its alignment with global digital payment trends. This initiative reinforced Vietnam's commitment to advancing in the financial and digital sectors.