With the theme A World Beyond Cash – Accelerating, Innovating, Connecting you to Priceless Possibilities, the Forum has helped sketch the big picture of the current payment landscape, drawing the ways how Mastercard and its key partners join hands to increase the capability of payment and better serve the population of 100-million people in Vietnam.

Vietnam is now among the fastest-growing economies in Asia Pacific, experiencing the fourth payment revolution and showing great growth potential, thanks to a young population with a digital mindset. Despite the negative impacts brought by Covid-19, the Asian Development Bank (ADB) forecasts that the country’s GDP will reach 6.5% in 2022, increasing 2.5 times from 2021’s figure and reflecting the most impressive economic recovery across Southeast Asia. In 2021, apart from maintaining a positive GDP figure, Vietnam recorded a 13% increase in credit growth and a 9% increase in foreign investments, alongside the $21B valued Internet economy, driven by 8 million new digital consumers during the pandemic. 

Different experts from Mastercard, Thales, Moneythor and Ampverse attended the forum, and shared insights and expertise in the market and consumer trends, the role of technology for the country’s future, and the outlook for Vietnam’s thriving payments landscape. The discussions revealed the importance of technology solutions in supporting recovery for all businesses - from helping to form new digital assets to promoting strong cashflows and empowering a new generation of customers.

Safdar Khan, Division President, Southeast Asia, Mastercard said: “Vietnam is on the path of imperative growth, in parallel with peer nations in the Southeast Asia region and has shown a remarkable ability to adapt and evolve to achieve progress. With this remarkable achievement, all market players must work together to ensure that this growth is sustainable. Beyond offering new payment technologies to partners, Mastercard is committed to working closely with the Vietnamese government and businesses to develop solutions that empower a more financially inclusive society in Vietnam and help the country realize its cashless economy vision. By leveraging Mastercard’s global expertise, Mastercard stands with Vietnam on the pathway towards a more globally connected and competitive economy.”

Within the framework of Mastercard Customer Forum 2022, Mastercard has also presented a series of awards celebrating its partners’ achievements in accelerating payment services in 2021 in recognition of their leadership in payment business performance and growth, both domestically and cross-border. 

At the event, Winnie Wong, Country Manager, Vietnam, Laos and Cambodia, Mastercard affirmed the company’s stronger commitment to the market through innovative partnerships: “Despite the challenges from the pandemic, it’s exciting to see such fast and positive progress in Vietnam, thanks to the trust and cooperation with Mastercard’s valued partners. Mastercard is honored to be able to support the Vietnamese government and partners to drive a strong recovery post-pandemic and toward a cashless society. Mastercard looks forward to bringing their most innovative payment technologies and solutions as well as global expertise to offer tailored and best-in-class programs and solutions to meet the needs of partners, businesses, organizations and people.”

Together with collaborative efforts to facilitate a cashless and inclusive economy, Mastercard is going an extra mile to establish and reinforce its presence in the market with the debut of the Vietnam version of its “Sound of Trust” – the Mastercard melody recognized by consumers worldwide in storefronts, at payment terminals, in apps and online. The Mastercard Customer Forum 2022 celebrated the launch of the award-winning sonic sound in Vietnam with a never-before-seen live performance using Vietnamese traditional instruments like the flute, zither, monochord and drums to create a special Vietnamese flavor while keeping the organic and dynamic feel of the iconic Mastercard melody. Previously, the localized melody has been integrated into a number of assets under the latest “Make a Priceless Moment with Mastercard” campaign to inspire Vietnamese consumers across an array of sensory touchpoints, facilitating trust and peace of mind for Vietnamese consumers at checkout, knowing their transactions are safe and secured on Mastercard’s network.

“Make a Priceless Moment with Mastercard” follows Mastercard’s long-standing commitment to enabling priceless experiences, introducing Vietnamese consumers to the power of personal connection and emotional fulfillment with the extension of its award-winning Priceless platform. Mastercard goes an extra mile to bring “Priceless” to life for its partners and customers by bridging connections over a shared passion for food – one among nine leading passion points at Mastercard. Distinguished guests were invited on a bespoke culinary experience, specifically curated by top celebrity chefs with domestic and international acclaim, and enjoyed the flavors of Vietnam in a unique and “priceless” way never before seen. 

Being the first Mastercard Customer Forum in Asia Pacific since the pandemic, the 2022 event sets a new milestone in Mastercard’s journey in Vietnam while highlighting the next developmental phase of cashless payment with the active participation of local players. The event also solidifies the global payment technology company’s commitment to Vietnam as one of its major markets in the Asia Pacific, and how the country has been integrating deeply in terms of cashless payment vision, heading toward a dynamic, flexible and sustainably developed digital economy.