Visa has teamed up with South Korea-based fintech firm DealMe to launch cross-border shopping and flexible payment options for international consumers.

Cardholders with locally issued Visa credit cards in Vietnam will soon gain access to installment offers at top merchants in South Korea, enhancing repayment convenience while travelling.  A recent Visa survey indicates that 75% of Vietnamese respondents plan to travel for leisure next year, with South Korea being the top destination.

Visa and DealMe will provide card installment payment service to foreign customers at participating merchants, a service that was previously unavailable. When international consumers use their Visa cards at these merchants, their cards will be checked for eligibility for the cross-border installment service. If eligible, consumers can choose the installment duration and complete their payments.

DealMe plans to leverage Visa's extensive global network, following a memorandum of understanding signed with Visa's Asia-Pacific headquarters in November 2024.

DealMe will initially pilot this service in South Korea, in collaboration with Visa, and plans to expand it to other markets, including Vietnam, the United States, Australia, Japan, and Singapore.

"This collaboration with DealMe reinforces Visa's commitment to enhancing cross-border payments in Vietnam. 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 installment solution offers greater flexibility for both inbound and outbound travellers, supporting Vietnam's future tourism payments and contributing to the nation's digital transformation," says Dung Dang, Visa country manager for Vietnam and Laos.