Visa has partnered with FinTech DealMe to introduce cross-border card instalment services to Vietnamese and international consumers as it seeks to meet the growing demand for cross-border shopping and flexible payment options.

Through the partnership, DealMe will introduce cross-border instalment services for Visa cardholders in Vietnam, who will have access to real-time payment offers at merchants in South Korea.

Vietnamese travellers with Visa credit cards issued in Vietnam will be able to shop at duty-free shops, department stores and medical institutions in South Korea.

The service is initially being piloted in South Korea and is planned to be extended to other markets, including Vietnam, the US, Australia, Japan and Singapore.

The agreement enables Visa and DealMe to provide card instalment payments to foreign customers at participating merchants, a service that was previously unavailable.

When international consumers use their Visa cards at these merchants, their cards are checked for eligibility. If eligible, consumers can choose the length of the instalment and complete their payments.

Visa said the initiative aims to increase the convenience of repayment while travelling, as data from the firm indicates that 75 per cent of Vietnamese consumers surveyed plan to travel for pleasure next year, with South Korea being the top destination.

Ms. Dung Dang, Visa country manager for Vietnam and Laos, said the collaboration strengthens Visa's commitment to promoting cross-border payments in Vietnam.

“This innovative cross-border instalment solution offers greater flexibility for both inbound and outbound travellers, supporting Vietnam's future tourism payments and contributing to the nation's digital transformation,” she added.

DealMe was founded in 2022 with technology investments from KAIST (Korea Advanced Institute of Science and Technology). In June 2023, the company signed an agreement with Lotte Card to process instalment payments for international customers visiting South Korea.

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