The digital payment system, Apple Pay, developed by Apple, has expanded its reach to Vietnam, making it the third nation in Southeast Asia to support this service, following Malaysia and Singapore.

Available from August 8, this strategic move strengthens Apple's standing in over 80 countries and regions globally, in partnership with more than 10,000 banking institutions.

Apple Pay is a mobile payment and digital wallet service by Apple that allows users to make payments using an iPhone, Apple Watch, or on the web.

Apple Pay digitalises and replaces the credit or debit magnetic stripe card transaction at credit card terminals.

Rumours about ‌Apple Pay‌ coming to Vietnam first surfaced in July, and several banks have been working on support for the service.

The advent of Apple Pay in Vietnam is seen as a landmark in the nation's quest for digital transformation and a cashless economy. In the initial phase, Apple's payment service is teaming up with top Vietnamese banks, including Vietcombank, MB Bank, Techcombank, ACB, VPBank, and Sacombank. This alliance will offer their customers an unprecedented level of convenience and security in transactions.

With the roll-out of Apple Pay's services in Vietnam, customers can now make purchases using their Apple devices at various leading retail systems like Starbucks, Phuc Long, McDonald's, Highlands Coffee, CGV, and Winmart.

This partnership offers consumers a streamlined and secure contactless payment solution, matching the rising trend of cashless transactions in the country and globally. It also shows the potential for further collaboration between Vietnam and global corporations in the fintech industry.

Apple Pay's foray into Vietnam signifies a substantial stride in Apple's ongoing efforts to internationalise its digital wallet service. Given the escalating demand for digital payment services in Southeast Asia, this expansion underscores the region's potential as a burgeoning hub for fintech innovation and growth.

In the coming months, Apple Pay anticipates broadening its scope to include more retail outlets and banking partners, thereby bringing a convenient and secure digital payment option to millions more Vietnamese consumers.

The launch of Apple Pay in Vietnam bears testament to the country's rapidly growing digital economy and mirrors the global shift towards digital payment solutions. By welcoming this advanced payment method, Vietnam reaffirms its commitment to financial inclusivity and digital progress./.