Vietnamese Visa credit cardholders will soon be able to enjoy real-time installment offers at popular merchants in South Korea, thanks to a new partnership between Visa (NYSE: V) and DealMe.
This innovative payment solution is expected to enhance the overall shopping experience for Vietnamese travelers visiting South Korea, a top destination for leisure travel.
According to Visa data, 75% of Vietnamese consumers currently plan to travel for leisure next year, with 18% choosing South Korea as their preferred destination.
To cater to this growing demand, DealMe is reportedly piloting the cross-border installment service in South Korea, with plans to expand it to other markets, including the US, Australia, Japan, and Singapore.
When paying at participating merchants, such as duty-free shops and department stores, Vietnamese shoppers will have their cards checked for eligibility for the installment service.
This convenient payment option will enable consumers to split their purchases into manageable installments, making it easier for them to shop while traveling abroad.
The importance of offering convenient and user-friendly travel payment options cannot be overstated. With the rise of international travel, consumers now increasingly expect seamless and secure payment experiences, regardless of their destination.
By providing installment options, merchants can increase average transaction values, improve customer satisfaction, and drive sales.
It’s worth noting that accessible travel payment options are crucial for boosting consumer spending and improving the overall efficiency of digital commerce and in-store shopping.
By eliminating language barriers, currency exchange hassles, and payment complexities, merchants can create a more inclusive and welcoming shopping environment for international travelers.
Notably, the partnership between Visa and DealMe may be considered to be a significant step forward in enhancing the travel payment experience for Vietnamese consumers.
As international travel continues to grow, it’s essential for merchants and payment service providers (PSPs) to innovate and adapt to the evolving needs of consumers, providing seamless, secure, and convenient payment options that drive sales, customer satisfaction, and economic growth.