Online payment services are booming

SGGP 08/03/2023 11:24

Online payment is becoming more and more popular and convenient, allowing users to make transactions without a bank card, limiting the risk of revealing card information and personal information. This is also a trend to replace the long-standing habit of using cash, contributing to the formation of a safe and transparent transaction system.

Paying by QR code helps save time and limit the disclosure of personal information. Photo: HOANG HUNG

E-wallet expands "coverage"

The implementation of Apple Pay, an online payment service used in many countries in Vietnam, has contributed to stimulating the cashless payment market, which has been bustling recently. Mr. Hoang Van Son (living in District 3, Ho Chi Minh City) said: “Apple Pay is safer than using credit, debit or prepaid cards. Every transaction on Apple devices requires authentication via Touch ID, Face ID or PIN. The card number and user identity are securely protected, not shared with the seller and not stored on any device. This makes me feel secure.”

Specifically, Apple has allowed Vietnamese users to make card payments via Apple Pay with visa cardholders of Tien Phong Bank (TPBank)...

Most recently, on August 2, some applications of banks such as Techcombank, MBBank... also had new updates ready for Apple pay in Vietnam. Before Apple, Samsung pay was an application that supported users' payment cards on Samsung mobile devices, which was deployed very early by Samsung, and is now connected to the banking system to provide mobile payment services in a simple and safe way...

Currently, consumers have many payment methods using e-wallets, quite popular such as Momo, Zalo pay, Vnpay, SmartPay, Shopee pay... Mobile banking payment methods have become popular with smartphone users who have installed banking applications. Even banking experts believe that new payment methods are increasingly optimized, so card payments will soon become obsolete despite being widely used.

Contactless payment trend

According to research by Visa (international payment network), the use of cash in Vietnam has decreased significantly in recent years, especially after the Covid-19 pandemic. According to the survey, up to 89% of consumers use e-wallets, 85% prefer credit cards and debit cards, mainly for online payments and contactless payments.

Mr. Kelvin Utomo, Head of Product and Solution Development (Visa Network Vietnam and Laos), shared: “Digital payment, especially contactless payment, is a rapidly growing trend in Asia in general and Vietnam in particular. The Visa payment network has recorded a significant increase in the number of payment acceptance devices, card payment acceptance points... Thanks to that, the total value of card payment transactions in the entire Vietnamese market in 2022 increased by more than 50% compared to 2021”.

Data from the State Bank of Vietnam also shows that non-cash payment indicators have increased in terms of transaction quantity and value. In the first 5 months of 2023, compared to the same period, non-cash payment transactions increased by 52.35% in quantity; via the internet increased by 75.54% in quantity and 1.77% in value; via mobile phone channels increased by 64.26% in quantity and 7.65% in value; via QR code increased by 151.14% in quantity and 30.41% in value; via POS increased by 30.35% in quantity and 27.27% in value; via ATM decreased by 4.62% in quantity and 6.43% in value...

“These figures clearly reflect the trend of shifting to electronic payments and cashless payments,” a leader of the State Bank of Vietnam shared.

According to experts, cashless payments are growing as the State Bank of Vietnam has implemented projects and policies to promote cashless payments. On the other hand, the development of the smartphone market and technology also has a great impact. Insider Intelligence forecasts that in 2023, the number of smartphone users in Vietnam is expected to reach 63.8 million, an increase of 1.6% compared to 2022 and accounting for 96.1% of internet users nationwide.

According to data from the Department of Telecommunications (Ministry of Information and Communications), at the end of 2021, the whole country had 91.3 million smartphone subscribers and by April 2023, there were more than 2 million more subscribers, bringing the total number of smartphone subscribers in Vietnam to 93.5 million and the estimated rate of adults using smartphones is about 73.5%.

According to Dr. Nguyen Quoc Hung, General Secretary of the Vietnam Banking Association, the number of personal accounts opened at commercial banks nationwide is about 68.7 million, 70 credit institutions have provided payment services via the internet and about 36 commercial banks provide payment services via mobile phones. The State Bank has also granted payment intermediary licenses to 21 non-bank organizations providing payment intermediary services... This has contributed to accelerating the process of non-cash payments.

Source: https://www.sggp.org.vn/soi-dong-dich-vu-thanh-toan-online-post700081.html