Online payments enter peak shopping season

25-Jan-2022 Intellasia | Thoi bao Ngan hang | 5:02 AM Print This Post

According to a leader of the State Bank of Vietnam (SBV) HCM City, the non-cash payment services recorded high growth rate of 30 35 percent in 2021 compared to the same period of 2020. Before the epidemic outbreak, many people did not have the habit of using bank cards, shopping online, etc. However, after spending days of social distancing, many of them have been familiar with online shopping and payments in order to limit contact in crowded places. Capturing the changes in consumer sentiments and behavious, e-wallets and e-banking applications have linked up with retailers to serve people shopping online for goods during the Lunar New Year (Tet) season.

For example, MoMo e-wallet has made an investment in Nhanh.vn a company specialising in providing cloud-based omni-channel sales management solutions such as online sales management software, website design services, portal which connects sellers with many shipping carriers, software which support sales on Facebook and e-commerce platforms such as Lazada, Tiki, etc. Though the sale management software with more than 80,000 corporate users nationwide of Nhanh.vn, MoMo expects to bring e-payment services to reach a large number of customers in the business recovery period after the social distancing period. MoMo currently has more than 140,000 payment acceptance points across Vietnam in various business fields. Previously, this payment intermediary has linked with retailers, including Saigon Co.op. MoMo’s e-payment has been deployed early in Co.op Marts, Co.opFood stores, Co.opXtra hypermarkets, etc.

Similarly, ZaloPay and MoCa have also linked with convenience stores like Circular K, Satra, Visan and fresh food stores to serve people shopping without using cash.

Not only are e-wallets promoting the provision of payment services, but credit institutions (CIs) are also issuing domestic credit cards which offer customers a 45-day payment term with zero interest rate. Particularly, HDSaison offers a loan package applied from now until December 29th of the Lunar New Year to support consumers in paying for Tet shopping with a preferential policy of refunding up to 38 million dong when borrowing instalment loans for household products and other essential items. HDSaison’s instalment loan package creates a regular and ongoing habit that helps consumers receive some refund after making full and on-time monthly loan payments. According to representative of HDSaison, the disbursement of this product has so far been relatively high, helping customers reduce their financial burden and have an extra amount of “savings” to use for other consumer needs.

In addition, banks have also developed products to help consumers easily pay online. For example, customers of Viet Capital Commercial Joint Stock Bank (VietCapitalBank) can still open credit cards without having to go to the bank, transfer or receive money 24/7 via QR code or phone numbers, borrow mortgage loans on savings books, deposit money, etc. on the bank’s digital bank Digimi.

Some other banks have cooperated with intermediaries and participated in the commodity retail ecosystem to provide payment services. From there, they create a seamless shopping chain from picking products, making e-payments to fast delivery with attractive promotions to encourage consumers to choose online shopping.

Nguyen Anh Duc, general director of Saigon Co.op said that before the Covid-19 epidemic, the cashless payments of the system of trade cooperatives in HCM City only accounted for about four percent of retail sales. However, after two years of the epidemic, this rate has rapidly increased. Saigon Co.op has invested in digital transformation and linked with credit institutions to diversify payment services for customers. The e-commerce interface of Saigon Co.op is also designed to be self-contained from displaying goods on the website, e-payment to home delivery to serve people shopping online.

Online shopping and payments many conveniences to the participants. However, the cybersecurity firm Kaspersky warned that banking and e-commerce are two of the areas most targeted by cybercriminals. Therefore, when making online payments, consumers need to use reliable e-applications and intermediaries, and be cautious in making payment and money transfer procedures.

 

Category: Finance, Vietnam

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