Artificial intelligence will reshape the payment landscape in Vietnam

(TBTCO) – According to the latest assessment from Visa – the world’s leading electronic payment company, the payment landscape in Vietnam will undergo significant changes thanks to support from Generative AI. Generative AI and embedded finance are considered central topics when looking at the future of payments in Vietnam.

Rated as the fastest growing digital economy in Southeast Asia for two consecutive years, Vietnam holds many opportunities to leverage artificial intelligence in enhancing the payment experience for both consumers and consumers. and businesses. In particular, the national digital economy is expected to continue to grow with an estimated compound annual growth rate (CAGR) of 20%.

Generative AI is already happening in many industries, including financial services, healthcare, and education. By improving service quality and productivity, AI is directly impacting business development strategies, while also becoming a driving force in consumer experiences – typically embedded financial solutions.

Artificial intelligence will reshape the payment landscape in Vietnam
Embedded finance is becoming increasingly popular in modern consumer life in Vietnam. Illustration

Embedded finance, known as a form of integrating many different payment methods on non-financial platforms, is becoming increasingly popular in modern consumer life in Vietnam. Whether in ride-sharing services or food ordering via apps, users are benefiting from a more seamless shopping-payment experience than ever before.

Enterprises and business units can also take advantage of embedded finance to develop more convenient payment solutions, helping to shorten the normal transaction process.

According to experts, in the financial services sector, banks and financial institutions will have more opportunities to dominate the market by using AI to attract new customers, improve experience, as well as operate. more optimal.

At the same time, with the ability to speed up the credit appraisal process, AI promises to play an important role in simplifying and ensuring approval and revocation processes for both users and businesses.

This technology also enhances fraud detection and prevention, improves dispute management and automates financial advisory services. With these remarkable potentials, AI is expected to pave the way for better customer experiences, as well as create new potential in smart financial services, or hyper-personalized recommendations and offers. .

Realizing the great potential of artificial intelligence and embedded finance, Ms. Dang Tuyet Dung – Director of Visa Vietnam and Laos said that currently, Visa is combining with many strategic partners to develop the ecosystem. Payment is becoming more convenient and safer, improving the experience for users in Vietnam.

With its position and global partner network, Visa has all the strengths to contribute to shaping today’s payment landscape, moving towards innovation and progress in the near future.

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