Online payment: Actual situation and potential

Mr. Trang Viet Vinh – sales director, partner in charge of nganluong.vn, shared the issues of online payment market in Vietnam.



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During the offline event “Online payment” held by the Open Consultant (OC) on 18 September, Mr. Tran Vinh Tran – sales director, partner in charge of nganluong.vn shared the issues of online payment market in Vietnam.

 

According to Mr. Vinh, there are five common forms of payment in Vietnam: making payment through telecommunication companies, the banking systems, the online payment gateways, e-wallets and direct delivery (COD).

 

Each payment method has its pros and cons, which method to choose depends on business model and development strategy of each company. For example, making payment through phone will help our customers to make transactions easily and quickly. However, the service cost businesses have to pay is quite high, from 40-60% per transaction and it takes from four to five months to collect cash. Small businesses with low capital are not suitable for this.

 

Mr. Vinh noted that e-wallet is the “best” among the current methods of payment. This model solves the fears of consumers and helps buyers, sellers not to open too many accounts at different banks. They just need an e-wallet and a bank account. Moreover, one more reason makes e-wallet popular is that the charge on sellers is very low, from 1-2% and they receive the payment in just a week.

 

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