- This partnership will support VTC Intecom's drive towards market leadership and cross-border expansion
HANOI, Vietnam, Dec. 3, 2013 (ANTARA/PRNewswire) -- CyberSource, a Visa company (NYSE: V), 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)[1]. There is also an increasing emphasis on ICT infrastructure developments to enhance Vietnam's economic competitiveness.
[1] The Voice of Vietnam, Vietnam prioritises ICT development, June 20, 2013
"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.
About CyberSource
CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 400,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in Foster City, CA and maintains offices throughout the world, with regional headquarters in Singapore, Tokyo, Miami/Sao Paulo and Reading, U.K. CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit http://www.cybersource.com/asiapacific.
About VTC Intecom
Founded in 2006, VTC Intecom is a subsidiary of Vietnam Multimedia Corporation (VTC) -- one of the largest corporations in Vietnam. VTC Intecom provides digital content products and services which include diverse offerings of online payment methods, online games, integrated portal solutions for e-government and more. VTC Intecom has over 16 million active accounts for digital content services and its annual income is over USD100 million. Customers can use VTC Pay -- Payment Gateway and eWallet to make online transactions quickly, easily and securely via their eWallet accounts, domestic ATM cards, international cards, telecommunications prepaid cards, Vcoin prepaid cards, or hundreds of partnering merchant websites that integrate with VTC Pay. For more information, please visit https://pay.vtc.vn.
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