E-wallet increasingly popular in Vietnam

Thanks to their great convenience in transactions, e-wallets are growingly used in daily purchases all around Vietnam. This has led to a fierce competition among service providers, yet a wonderful chance for consumers to enjoy various benefits.

A buyer is paying her bill conveniently via e-wallet service at Phuong Nam Bookstore. (Photo: SGGP)

A buyer is paying her bill conveniently via e-wallet service at Phuong Nam Bookstore. (Photo: SGGP)

A digital wallet, also known as an electronic wallet or e-wallet, is basically an online account used in online transactions. This account links to users’ bank accounts securely, allowing owners to pay bills swiftly and simply without the worry of losing sensitive information.

In the Vietnamese market at the moment, there are several e-wallet service providers, the most prominent of which are MoMo and ZaloPay.

Recently, Saigon Co.op and MoMo has signed a strategic cooperation agreement to boost the digitalization process in the whole system of Co.opmart, Co.opXtra, Co.op Food. Via this document, MoMo officially becomes the only e-wallet allowed in the whole Saigon Co.op system. In addition, in 2020, both partners are going to launch a series of technological services and applications like e-Voucher, Prepaid Card while establishing digital stores, specific digital payment for each particular business model. These two have a more ambitious target of developing a no-cash payment trend in Vietnam since it can minimize mistakes and risks as well as improving working performance.

Before that, PetroVietnam Oil Corporation (PVOIL) has already launched its digital payment method using MoMo in all stores nationwide. This collaboration allows customers to experience one popular mobile payment method which is safe, convenient, and swift.

With more than 13 million users in Vietnam, the ecosystem of MoMo covers all 63 provinces and cities, along with the direct link to 24 banks sited in the nation, over 100,000 stations accepting this payment method, and more than 12,000 partners. This has greatly boosted the payment capability of MoMo itself and diversified payment methods of its partners.

Meanwhile, ZaloPay (under ZION Joint Stock Co.) is fiercely taking part in the competition via its strategic agreement with the Vietnam Bank for Agriculture and Rural Development (Agribank). Thanks to this, more than 12 million of its customers can now enjoy ZaloPay service to deposit money to or withdraw from their own e-wallet within 2 seconds right on their smart phone. They can also carry out transactions at a lot of stores and restaurants which are Agribank’s strategic partners in Vietnam.

According to Chairwoman of ZION’s Management Board Truong Cam Thanh, the cooperation between ZaloPay and Agribank has created more value for the digital payment platform and improve users’ experience. This service forms a completely close payment circle ranging from inter-bank money transfer to payment for daily life demands (such as traveling, shopping, eating out, entertainment activities).

ZaloPay has become the official payment method of Bamboo Airways, permitting passengers to book tickets and pay fares directly via this e-wallet. This has made the information searching and booking processes much easier for people in need.

Another business that has formed partnership with ZaloPay is Luxstay – the first online platform in Vietnam to link between landlords and short-term tenants under the basis of sharing economy. The collaboration between these two has completed the virtual money payment ecosystem of the latter, helping it to approach potential customers much more easily and contributing to the sustainable development of the company.

Obviously, the cooperation between an e-wallet service provider and an enterprise is a two-way benefit aiming at better serving consumers in the era of Industry 4.0.

By BA TAN – Translated by Vien Hong

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