Visa, DealMe partner on cross-border instalment payments

Payments giants Visa has collaborated with fintech company DealMe to meet the demand for payment options among Vietnamese consumers and other international shoppers.

This move will bring cross-border card instalment payment services to Vietnamese and other global users.

The partnership follows a memorandum of understanding (MoU) signed with Visa’s Asia-Pacific headquarters in November 2024.

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It will allow cardholders with locally issued Visa credit cards in Vietnam to access real-time instalment offers at top merchants in South Korea.

Visa’s research shows 75% of Vietnamese consumers plan leisure travel next year, with South Korea found to be the top destination.

The new service will enable these travellers to use their Visa credit cards for instalment payments at duty-free shops, department stores, and medical institutions in South Korea.

When customers use their Visa cards at merchants, they can check their eligibility for the cross-border instalment service and, if eligible, select their preferred instalment duration to complete their purchases.

To start with, DealMe will pilot this service in South Korea. It has plans to eventually expand the service to other markets, including Vietnam, the US, Australia, Japan, and Singapore.

Visa Vietnam and Laos country manager Dung Dang stated: “The timing is ideal, with South Korea a favoured destination for Vietnamese travellers and Asia Pacific travellers, and inbound tourism to Vietnam rebounding strongly.

“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.”

DealMe SVP KIM Tae Hong said: “We are delighted to partner with Visa to enable card instalment payment on cross-border transaction. This gives consumers an additional payment option when traveling overseas.”

The latest move comes shorly after Visa’s investment in Nigerian fintech Moniepoint to facilitate the growth of small and medium enterprises (SMEs) across Africa.