The race to attract customers to use services through financial applications, non-cash payments is more and more colourful.
MoMo e-wallet, a financial application, has just informed that the number of users who log in and use the application at the same time (Concurrent UsersCCU) hit the record of one million users.
According to Nguyen Ba Diep, vice Chair of MoMo Electronic Wallet, this is a signal that promises to bring a fruitful picture for financial applications and the trend of cashless transactions in Vietnam in 2019.
However, the fact that MoMo allowed too many people to log in and use MoMo Wallet at the same time caused temporary network congestion. Shortly after, the team of software experts from Google and Twitter of MoMo Wallet responded quickly and resolved immediately.
The features of financial application is expected to be deployed a lot in the occasion of the coming Lunar New Year (Tet), and raise a “trend” to develop add-in features for various payments in financial applications by Fintechs. Most recently, Vietnam International Joint Stock Commercial Bank (VIB) also announced a digital bank on its website with multiple digital channels including MyVIB Mobile Banking, online banking via SMS, providing a full package of digital banking, savings and account opening services, credit card services, etc., to enhance customer experience to a new standard. However, interaction and incentives attracting young customers who have the need to experience technology and explore new applications, the excitement of receiving incentives will be more limited than those of an independent financial application. Therefore, increasing the experience and incentives of great value will be a race to attract the number of users, which is considered the direction of the technology application in the field.
A representative of a bank said that they are now ready to deploy the lucky money feature on the bank’s application, however, the bank will wait until the new Lunar New Year to introduce the feature. The bank also affirmed with the trend of favouring “touch-pay” not only for young people, but also for many businesses that they surveyed, which want to give additional Tet bonus to their employees via bank application. “This is an opportunity for retail-oriented banks to have their own advantages in the race to compete for downloads and activate applications of customers who prefer” touch-pay “in Vietnam on Tet holiday. It is expected that once customers have downloaded the bank’s app, they will use other services provided in the service package,” he said.
According to the Head of Retail Banking of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Thomas William Tobin, types of digital payment such as e-wallet, QR Code, pay apps on mobile devices, etc. have changed the picture of payment methods in Vietnam, taking advantages of 4.0 technology are. This will contribute to promoting non-cash payment in Vietnam.
In addition to attracting and encouraging users to experience financial transactions starting from “fun” and seasonal features such as Tet holiday, at the long-term standpoint and looking from the bank, Tu Tien Phat, deputy general director of Asia Joint Stock Commercial Bank (ACB) also suggested an important solution, which is to expand bank account users, bringing the usage age to below 15 years old. Along with that is a standard QR Code synchronisation. Although this is a solution that requires both the management agency’s support in terms of policies, it is time-consuming to integrate and unify a standard QR Code for all non-physical payment points, but this is definitely what the financial system will have to do in the near future.
