Visa launched its Global Trade Payment Platform (GTPP) in Vietnam. The company partnered with VPBank, Shinhan Bank Vietnam, and MB for the rollout. GTPP is the market’s first global card-based solution designed to streamline cross-border B2B transactions.
The platform initially focuses on allowing Vietnamese importers to pay South Korean suppliers. Users utilize Visa Commercial Cards for these payments.
This focus addresses the significant trade volume between Vietnam and South Korea. Trade between the two nations is projected to grow to $150 billion by 2030.
GTPP specifically benefits small and medium-sized enterprises (SMEs). The platform improves cash flow, digitizes documentation, and provides a secure settlement process.