The non-cash payment channels, from QR code, Mobile Banking, Internet Banking to e-wallet and contactless cards, etc. have never been used as much as in 2018. In just a few seconds, through a few clicks and touches, etc., the purchase of goods, services and payment for public services are completed.
About 20 vendors are allowed for street vending on the Nguyen Van Chiem road (district 1, HCM City), under the support of the city. Close observation of these vendors showed that many of them accept payment via Momo electronic-wallet (e-wallet) fairly new to street vendors.
Hoa an office staff called a drink for 12,000 dong per cup and she used Momo e-wallet application on her mobile phone, scan the code and make payment. The 12,000 dong is then transferred to the owner according to the phone number registered on the e-wallet, just after a few touches. On Nguyen Van Chiem road alone, more than a ten of stores accepting payment via e-wallet to offer more payment channels to customers.
Vinh 58 years old shared that he is one of the first store owner on the vending street to accept e-wallet. He finds it convenient and quick for customers, particularly those having the habit to use e-wallets or not having cash in hand. The cash withdrawal service from e-wallets is also not very complicated.
Meanwhile, Nga an officer in district 9, HCM City usually chooses to make payments for goods and services via Mobile Banking and QR scan code.
Not only intermediary companies promote services via e-wallets such as Momo, Moca, etc., commercial banks also join the game with e-wallets and digital banking applications such as Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), Commercial Joint Stock Bank for Investment and Development of Vietnam (BIDV), Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank), Lien Viet Post Commercial Joint Stock Bank (LienVietPostBank), Vietnam Prosperity Commercial Joint Stock Bank (VPBank), etc. Some banks have issued contactless credit cards, allowing cardholders to simply touch the cards in front of the payment device at the counters in order to carry out the transaction.
According to Sacombank’s representative, as anticipating market trends and demands, Sacombank has become the first bank in Vietnam to deploy contactless payment method for Visa cards and quick payment via QR code for Visa, MasterCard, UnionPay and JCB cards. In 2018, Sacombank recorded the highest transaction revenue via QR and contactless method.
Representative of BIDV also said that shopping in the era of technology can be performed not only via POS, ATMs, online payment on the Internet Banking, the current trend is to integrate all into a smart phone. At BIDV, BIDV Pay+ application is built on the basis of QR Code technology, enabling customers to pay for goods and services or withdraw capital on ATMs quickly, conveniently and safely without using a physical card.
Nguyen Dang Hung, deputy general director of National Payment Corporation of Vietnam (Napas), mobile payment forms in Vietnam are very developed. Samsung Pay has deployed payment via POS; in the future Apple Pay and Google Pay will offer this service; or Viettel Pay has used QR payment and will be followed by MobiFone and VinaPhone, etc. in the future.
With gradually improved legal framework, the participation of banks, payment intermediaries, service providers and particularly the changes of people in the awareness of non-cash payment applications, Vietnam is expecting an explosion of mobile payment in the near future.
