On March 11, 2024, Standard Chartered Bank collaborated with the International Air Transport Association (IATA) to launch IATA Pay in Vietnam, bringing payment innovation to the Vietnamese aviation industry.
IATA Pay in Vietnam is powered by Standard Chartered’s Straight2Bank Pay. Through this collaborative and innovative process, Standard Chartered and IATA are bringing to the aviation industry a new payment solution that benefits all stakeholders in the IATA ecosystem: consumers, airlines and IATA.
IATA Pay, an account-to-account payment solution, was developed by IATA and airlines several years ago in response to evolving global payment trends. This efficient payment solution is specifically designed to support airlines in the B2C (B2C e-commerce) direct channel and is already operational in 27 markets. It is the leading account-to-account solution globally, with over 28 airlines currently using the solution and an additional 50 airlines set to join and go live in the coming months.
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A recent customer event hosted by Standard Chartered introduced IATA Pay in Vietnam, along with market updates and the payment landscape with the participation of representatives from domestic and foreign airlines operating in Vietnam.
The launch of IATA Pay in Vietnam is in line with Standard Chartered’s commitment to co-create innovative solutions with its clients and IATA’s focus on driving efficient and cost-effective solutions for the aviation industry. In line with evolving market dynamics and consumer preferences, the launch of IATA Pay in Vietnam marks the growing popularity of instant cashless QR payments, especially VietQR, with banks and merchants.
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Ms. Michele Wee, CEO of Standard Chartered Vietnam, said: “We are proud to partner with IATA to launch this new service for the aviation industry in Vietnam. This initiative reaffirms the Bank’s dedication to driving payment innovation and building solutions that are not only fit for purpose but also benefit all stakeholders in the ecosystem. This launch contributes to increasing financial inclusion and promoting cashless payments in Vietnam, and fostering a sustainable ecosystem.”
“We are committed to simplifying the payment process and improving the experience for airlines and air passengers. We are focused on leveraging open banking and real-time payments solutions that will serve as a cost-effective alternative to conventional payment methods and bring efficiencies to the way money is collected and paid,” said Javier Orejas, IATA’s Global Head of Banking.
With successful deployments in India, Singapore and other markets, the presence of IATA Pay in Vietnam underscores the shared commitment of Standard Chartered and IATA to drive efficiency and innovation in the aviation sector.Source link
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