Visa and Fintech DealMe Collaborate to Launch Cross-Border Card Installment Payments
- Written by Telegraph Magazine
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
HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 24 January 2025 - Visa (NYSE: V), a global leader in digital payments, and DealMe, a fintech company, have joined forces to address the increasing demand for cross-border shopping and flexible payment options.This collaboration will introduce cross-border card installment payment services, offering greater payment flexibility to Vietnamese and other international consumers.
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."
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About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About DealMe
DealMe was established 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 installment payments for international customers visiting South Korea. The Initial Startup Package, a government-supported program organized by the Ministry of Small and Medium Enterprises and Startups and the Korea Startup Promotion Agency, has been crucial in supporting DealMe's investment in the technology needed to implement cross-border credit card installment payments.
