Dec 3, 2013 (Tue): CyberSource, a Visa company and one of the world’s largest providers of eCommerce payment management services, today announced a partnership with one of Vietnam’s leading digital content providers, VTC Intecom, a subsidiary of the Vietnam Multimedia Corporation (VTC). This partnership with CyberSource supports VTC Intecom’s strategy to gain leadership in the Vietnamese eCommerce market and expand its international business by enabling secure and effective payment management capabilities for its online platform.
Through CyberSource’s global payment gateway, VTC Intecom will be able to offer its merchants the option of accepting a wider spectrum of payment methods; and its customers a secure online payment platform. Using the same payment connection, VTC Intecom is also adopting CyberSource’s payment tokenization service to enhance payment security during the authentication process of all online transactions, including transactions via eWallets. By operating with payment tokens, instead of managing payment data, the company minimizes the risks of having to handle or store the customer’s card information.
At the recent Information and Communication Technology (ICT) Summit 2013 in Vietnam, Prime Minister Nguyen Tan Dung highlighted ICT as one of the country’s primary driving forces of growth, representing nearly seven percent of the country’s gross domestic product (GDP). There is also an increasing emphasis on ICT infrastructure developments to enhance Vietnam’s economic competitiveness.
“The digital content sector plays a crucial role in supporting the growth of Vietnam’s ICT industry. In view of this, VTC Intecom required a world-class payment solution as we strive to be the top digital content provider in the country. With CyberSource’s global payment gateway and tokenization services, we are now able to securely accept a wider range of international cards, which will in turn open up more business opportunities for us to further expand our customer reach,” said Tran Quang Viet, Director of VTC Pay, VTC Intecom.
In the process of market and cross-border expansion, VTC Intecom became aware of the probability of a higher exposure to fraud while accepting more online transactions. To supplement its payment security and management strategies with a scalable fraud solution, the company will also adopt CyberSource’s fraud management tool, Decision Manager, through its acquiring bank to support its growth strategy. With a robust and comprehensive payment management strategy, VTC Intecom can now confidently extend its eWallet offering to other sites and allow online customers to pay with ease without having to re-enter card information for every new transaction.
“Vietnam is one of the key emerging markets in Southeast Asia, and we are extremely pleased to be able to contribute to the nation’s eCommerce growth by working with VTC Intecom. By providing VTC Intecom with the payment management solutions its business requires, we can help extend its market reach, while improving its customers’ experience of purchasing online,” said Chew Ann Wee, Regional Director, Southeast Asia, CyberSource.