Vietnamese consumers will soon have access to Apple Pay - an electronic payment market

DNHN - The introduction of Google Wallet preceded the arrival of Apple Pay, which is reportedly the turning point for the electronic payment market in Vietnam.

According to an announcement sent by Apple in early June 2023, the iOS 16.6 update should make Apple Pay - its mobile payment service - available in Vietnam.

On the morning of July 14, a Vietnamese bank announced that it was preparing to support Apple Pay. Apple Pay allows users to add their bank's credit card and ATM card information via Apple Wallet or a separate app. The iPhone-connected Apple Watch can also be used independently for payments.

According to some sources, at least three additional major banks will deploy a new version of the application to support Apple's touchless payment service, which is expected to be released later this month.

Apple Vietnam has not yet responded to the aforementioned details.

Apple Pay, Apple's mobile payment service, enables users to conduct transactions without using a card, thereby enhancing banking data security. Apple Pay was implemented for the first time on October 20, 2014. Instead of swiping credit cards and debit cards, users can simply leave their iPhone and Apple Watch near payment machines in supermarkets, shops, and restaurants...

Apple Pay will enable NFC (short-range wireless connection technology) transactions without the need for a credit card. Especially when paying in-store with Apple Pay, the store will have no access to the customer's name, address, credit card information, etc. In addition, there is no need to verify any information with the cashier using identification.

Specifically, when the user approaches a point of sale compatible with Apple Pay, the iPhone screen will illuminate and the Wallet app will open automatically, allowing the user to select the type of card to use. To complete a transaction, users must bring their iPhone within range of the payment system and authenticate using Face ID or Touch ID.

Apple Pay is said to be a turning point for the e-payment market in Vietnam, in the context of cashless payments and e-commerce, which is becoming a new trend today. Previously, Google Wallet was introduced.

To use Apple Pay, users must meet the following requirements:

- Apple devices with the latest operating system version are required.

- The region or country in which the user resides must support Apple Pay.

- iCloud users with an Apple ID sign-in.

- Users must possess a bank card compatible with Apple Pay.

After a transaction is completed, the device account number and a unique security code for each transaction are transmitted via NFC to verify a successful payment. The security code in this instance is the credit card's CVV one-time passcode, and it is used to ensure that a transaction is made from the device containing the device ID, thereby preventing fraud.

In many markets where Apple Pay has been implemented, users and payment recipients, such as stores and supermarkets, do not incur additional service fees. This fee will be covered by the bank that issued the card.

Thu Phuong (t/h)