Online quiz contest to win cash
The annual Asia-Pacific Visa Security Summit was organised online for the first time. How would you evaluate the outcomes of the summit?
|Pavan Muttireddy, director of Southeast Asia Risk Services at Visa|
The summit is Visa’s largest event in the region and we have hosted it in various cities for 16 editions. Even though we had to move the summit online this year, we were able to welcome more than 1,500 partners and clients, which is double the number that we would have hosted normally. This serves as a signal to us that the industry believes that collaboration and shared learnings are more important now than ever.
Commerce is at a pivotal moment and we have seen an acceleration of all forms of digital commerce, whether it is using digital payments at the point of sale or being comfortable with buying online. At the summit, we also discussed a wide range of disruptions caused by the pandemic and these include changing consumer behaviours, the future of money movement, and how security must be a fundamental consideration for all innovative new ways to pay.
What key trends do you think will shape the global payments landscape in Asia-Pacific in the coming year?
Our Visa Consumer Payment Attitudes study identified three prevalent trends in consumer priorities.
First off, contactless payments have emerged as a health and safety priority among consumers, businesses and payment services providers. The pandemic has not only disrupted leisure spending with consumers giving up travel, fine-dining and luxury items but has also pushed consumers away from the use of cash and towards more modern payment alternatives that help them avoid personal contact and potential exposure.
Our study also showed 56 per cent of consumers carrying less cash in their wallets and conducting fewer cash transactions. Indeed, one in two Visa face-to-face payments in the Asia-Pacific are now contactless which demonstrates the growing preference for contactless payments over cash.
The very same sentiments have also elevated demand for e-commerce and expectations for speedy and quality service. Among active advocates of e-commerce, 85 per cent of them are purchasing on their applications once a week or more often and are discovering the convenience and potential savings on offer in e-commerce.
However, the substantial gain in consumer spending has also highlighted gaps in the payments ecosystem that require urgent attention. As consumption moves online, so have fraudsters, resulting in rising e-commerce fraud, elevating security concerns among all stakeholders.
According to our study, up to 51 per cent of Vietnamese consumers worry about their phones being infiltrated with malwares and viruses, and 41 per cent are concerned about information exposure when third parties gain unauthorised access to their devices. These are barriers to even greater adoption of digital payments that have to be addressed by innovations that are built around security.
How will these trends come into play in the Vietnamese context?
In Vietnam, like in many other countries, the pandemic has greatly accelerated changes in consumer behaviour, commerce and hence digital payments. According to our Visa Consumer Payment Attitudes study, QR code payments, mobile contactless payments, and online wallet payments are the categories that experienced the highest increase in usage. We believe that heightened levels of consumer interest in digital payments will remain even after the pandemic, as most respondents lauded the security and convenience aspects of new payment methods.
There is generally high awareness of the most popular contactless payment methods in Vietnam. There is a very diverse landscape for both QR payments and e-wallets with both domestic and foreign entrants offering consumers choices in the market. Vietnamese consumers are also relatively quick to adopt new technology and are open to trying solutions offered by small-scale, home-grown service providers in the QR code payment and e-wallet segments.
Consumers who already use contactless payments say it is safer and more convenient than carrying cash. Although 86 per cent believe it is safe when it comes to paying via smartphone, Visa believes more work needs to be done with the industry to earn consumers’ trust.
How is Visa addressing these rising security concerns and the changing security landscape?
As retail moves increasingly onto digital platforms, consumer expectations for safer and more convenient shopping experiences are elevated. In particular, they expect service providers to protect their transactions as well as personal and financial details.
One of the solutions Visa has introduced to reinforce security is Visa Token Service (VTS), which turns payment information like card numbers and other account details into randomised tokens. Even if the token is stolen, it does not contain any actual card information, rendering it useless to fraudsters.
This past year, VTS has been growing at a tremendous pace as more issuers and merchants invest in security. It had taken Visa more than five years to issue 1.4 billion tokens worldwide, but now we have crossed the two billion mark in just 10 months. VTS is now one of the largest payments security platforms in the market, safeguarding clients’ data while empowering consumers and vendors with card-on-file capabilities that make shopping a breeze on e-commerce platforms so consumers don’t need to fill a form every time they make a payment.
Another security feature that improves convenience for card users is Visa Secure, which uses the latest EMV® 3-D Secure technology for e-commerce purchases. It adds another layer of defence so financial institutions and sellers can be confident that the transactions are genuine. This security feature can reduce merchant risks from lost sales and offers to boost the shopping experience for customers.
At Visa, we are recommending that organisations emphasise significantly on promoting the culture of cybersecurity and have a robust governance framework in place with a mandate to protect it from data compromises.
By Hoang Anh
Vietnam Airlines recently converted one of its Boeing 787-9 aircraft to transport 40 tonnes of lychee from Hanoi to Ho Chi Minh City.
Before the pandemic its Dreamliners had a busy schedule, flying to Europe, Australia and the ultra busy Hanoi-HCMC sector, and few thought lychees will replace passengers on the modern airplane with a capacity up to 270.
The carrier has also deployed other planes to transport lychee.
Budget airline Vietjet has also been offering freight services to compete with leading logistic providers as demand balloons by the day. It has set up an online freight service , Swift247, in which it owns a 67 percent stake.
In the first three months of 2021, Vietjet transported over 18,000 tonnes of cargo, with its cargo subsidiary contributing nearly 50 percent of total revenues.
Since May, Bamboo Airways has been offer charter flights.
To compete in the summer, the high season for air travel, carriers have offered big discounts on fares and promotions like free check-in baggage to attract customers back.
Bamboo Airways reduced fares by 35 percent when booking five seats or more.
Vietjet offered free insurance to all domestic passengers, including VND1 million compensation per day for loss of income in case of forced quarantine or Covid-19 infection as a result of traveling with it.
Newcomer Vietravel Airlines, which has a fleet of three airplanes, is pricing tickets at below breakeven level, according to Nguyen Quoc Ky, its chairman.
Vietnam Airlines and Vietjet have joined the effort to trial a vaccine passport.
Next month, Vietnam Airlines will implement the International Air Transport Association’s Travel Pass initiative that allows people to store verified Covid-19 test and vaccination certificates on a smartphone app.
This is seen as one of the keys to convincing countries to reopen borders to international travelers.
According to Planespotters, an online database on commercial aviation based in Berlin, Germany, over half of all aircraft in Vietnam are idling in near-empty airports.
Vietnam Airlines is currently operating only 47 of its over 100 planes, including 15 of its 29 wide-body airplanes (A350 and B787).
In the case of Vietjet Air, over 50 out of its 74 airplanes are not flying.
In the first quarter, Vietnam Airlines suffered losses of nearly VND5 trillion ($218,4 million). To generate sufficient cash flows, it is now selling 11 of its A321 CEO planes.
Bamboo Airways has the least number of idle aircraft, nine out of 27.
HCM CITY – Điên Tối (Darkness), a new psychological horror movie by young director Jack Carry On, has become a hit on social media since it premiered on YouTube on June 10.
The Viettel Media production earned more than 1.84 million views 15 hours after its premiere.
The 90-minute movie features Thạch, a young director from an orphanage who to make a movie adaptation of a novel by famous author Mạn Châu.
After meeting with Châu at her bookstore, Thạch and Châu begin a mysterious adventure.
Award-winning actor Lương Bỉnh Phát and actress Yu Dương play roles in the film.
Phát rose to fame after performing in Song Lang (The Tap Box), a film about the 100-year history of cải lương (reformed opera), a genre of traditional theatre in southern Việt Nam.
The film was directed by Vietnamese-American Leon Lê in 2018. Phát played a cải lương performer who falls in love with his male colleague and makes sacrifices to pursue his dream.
Phát won Best Actor at the Golden Kite Awards 2019 organised by the Việt Nam Cinematography Association. He also won the Tokyo Gemstone Award in the Best Newcomer category at the Tokyo International Film Festival 2018.
Yu Dương, whose real name is Nguyễn Thùy Dương, is known for playing the leading role in the 2014 horror movie Lời Nguyền Huyết Ngãi (Blood Curse) directed by Bùi Thạc Chuyên, when she was only 16 years old.
She later took part in movies and TV series such as Cô Dâu Đại Chiến 2 (Bride War 2) and Tốc Độ và Đường Cong (Speed and Curve).
In 2020, she impressed audiences with two thrilling movies Bí Mật Của Gió (Secrets of the Wind) and Thang Máy (Elevator).
Võ Ngọc Anh from Đồng Nai Province said that when she heard of the film and the cast with Phát and Dương, she knew it would be a good production.
“The film is awesome and meaningful. I cried at the ending,” Anh said.
The director said: “Although Điên Tối is covered with darkness, it finally exposes the evil and opens a bright and better world.”
Jack, whose real name is Trịnh Tài Việt, began making movies when he was 14 years old.
The 26-year-old self-taught director is known for his online short films such as Câu Chuyện Pháp Sư (Story of a Shaman) and Bí Mật Phòng Kế (Secret of the Next Room).
In 2020, he introduced his first web series Ảo Tưởng Tuổi 18 (Illusion at 18) consisting of 18 episodes, featuring struggles and challenges that young people face in modern society. The film received a warm welcome from young audiences.
Điên Tối is available on YouTube channel FIM360, with English subtitles. — VNS