Visa Inc. (V) is making a play for Vietnam's underserved credit market. On Wednesday, the payments giant and its partner Pismo announced a strategic deal with Circle Asia Technologies, a credit-focused neobank operating in Southeast Asia, to launch what they're calling Vietnam's first fully AI-driven PayLater card.

What's the Big Idea?

Vietnam has a credit card adoption problem. Despite a booming economy and increasing digital literacy, traditional credit cards haven't gained much traction. Circle's new offering is designed to fix that by stripping away the usual barriers—no conventional bank account required, instant approvals powered by AI, and a user experience built around transparency and personalization.

The card is set for a gradual rollout in early 2026. Users will be able to build credit history, make purchases worldwide, and manage spending through what Circle promises will be a fundamentally different financial experience. A major Vietnamese commercial bank is backing the effort, providing the regulatory muscle and distribution scale needed to actually get this thing into people's hands.

Why It Matters

"Circle is fundamentally redesigning the financial experience for consumers in Vietnam," said Arnab Ghosh, Founder and CEO at Circle Asia Technologies. "We believe that by starting with a truly modern credit product, we can build a deeper, more valuable relationship with our customers than traditional banks or debit-focused neobanks ever could. Working with Pismo and Visa enables us to innovate rapidly and offer unmatched convenience and security."

Julie Hsiao, Head of Value-Added Services for Southeast Asia at Visa, framed it as part of Vietnam's broader digital transformation: "Our collaboration with Circle and Pismo brings together advanced AI technology and Visa's trusted global network to deliver secure, seamless, and personalized payment experiences for the Vietnamese market. We are proud to support Vietnam's digital transformation and help set new standards for transparency, convenience, and security in financial services."

Visa's Broader Push

This isn't happening in a vacuum. Last month, Visa announced a partnership with Aquanow to expand stablecoin settlement capabilities across Central and Eastern Europe, the Middle East, and Africa. The company is also piloting a program that lets creators, freelancers, and gig workers receive instant USDC stablecoin payouts through Visa Direct.

In other words, Visa is betting big on alternative payment rails and emerging markets where traditional banking infrastructure hasn't fully taken hold.

Price Action: V shares were trading up 0.18% at $330.19 in premarket activity on Thursday.