Online Marketplace Payment Solutions Part 2 – Top 5 Types of Marketplace Payment Solutions in Vietnam

@finfanio Top 5 Types of Online Marketplace payment solutions in Vietnam #payment #paymentsolutions #paymentgateway #ewallet #banktransfer #creditcard #debitcard #qrpayment #fintech #finfan #finfanio #vietnam ♬ Sunrise - Official Sound Studio

In the last article about Online Marketplace Payment Solution, FinFan discussed the definition of Online Marketplace Payment Solution and advised businesses to choose the right marketplace payment solution provider.

How many types of Online Marketplace Payment Solutions are commonly used in Vietnam? Let's explore this question with FinFan through the following article.

There are popular types of Online Marketplace Payment Solutions, the fifth is most popular!

Top 5 Types of Online Marketplace Payment Solutions in Vietnam

Bank Transfers/Mobile Banking App

Bank transfers are a traditional yet reliable method for online transactions. Many consumers prefer direct transfers from one bank account to another due to their familiarity and security.

As presented by FinFan in the article on the history of payment methods in Vietnam since 1975, bank transfers emerged as a payment method when the banking system began to develop in Vietnam between the years 2000 and 2010.

However, at that time, not many people utilized this method due to the rather complicated procedures involved in opening a bank account.

Until the appearance of online banking platforms – NAPAS in 2016, this method has become even more convenient, allowing users to complete transactions swiftly from their devices.

To this day, this method remains very popular. When selling or livestreaming on some Facebook or TikTok marketplace platforms, some stores still carry out steps such as asking customers to message directly to claim gifts and then guiding them through the payment process via bank transfer through messages on these platforms.

And their customers will transfer for these products by using Mobile Banking Apps. Mobile Banking Apps provided by various banks offer a convenient way to manage finances and make payments.

These apps typically support a range of services, including online transfers, bill payments, and mobile top-ups. The integration of payment solutions within these apps simplifies the process for users who prefer managing their transactions through their bank’s mobile application.

Credit and Debit Cards

Like most countries around the world, marketplaces in Vietnam are equipped with credit or debit card payment methods.

Credit and debit cards remain a staple in online payment solutions. Major international card networks like Visa and Mastercard are widely accepted, alongside local cards such as Napas.

Buyers only need to click on the card payment method and complete the payment process by entering card information, CVV code, etc., to finalize the payment and wait for the seller to ship the goods.

The widespread acceptance of these cards provides consumers with a secure and convenient payment option, whether they are shopping on local or international marketplaces.

Most credit or debit card payment methods are connected through the third payment solution for marketplace that is very familiar and was mentioned by FinFan in a previous article: the payment gateways.

Payment Gateways

Both global Payment Gateways like PayPal, Payoneer, Perfect Money, etc., and domestic Payment Gateways like NAPAS, VNPay, MoMo, ZaloPay, etc., play a crucial role in the online payment ecosystem.

These services provide merchants with comprehensive solutions to accept various forms of payment, from bank transfers and e-wallets to credit and debit cards.

By integrating payment gateways, online marketplaces can offer a seamless checkout experience, enhancing customer satisfaction.

QR Code Payments

QR code payments are becoming increasingly popular in Vietnam. This method allows users to scan a QR code to complete a transaction quickly and securely.

In 2017, VNPAY introduced QR code payment technology, maximizing the existing banking infrastructure and the advantage of personal mobile devices to bring forth a new, secure, and convenient payment method for both sellers and buyers.

With this solution, customers can now utilize QR code payment feature on Mobile Banking apps of various banks, in addition to using cards/bank accounts, to swiftly conduct transactions on not only e-commerce websites and marketplace platforms, but also at points of sale that accept VNPAYQR payments.

QR code payments are supported by various banks and e-wallets, making them a versatile option for both consumers and merchants.

E-wallets

E-wallets have revolutionized the way people pay for goods and services online. In Vietnam, e-wallets like MoMo, ZaloPay, and ViettelPay have gained immense popularity.

These digital wallets allow users to store funds, pay bills, and make purchases with just a few taps on their smartphones.

The reason e-wallets have become so popular among many users is due to the pioneering efforts of MoMo in transforming neighborhood convenience stores, which are very familiar to Vietnamese people, into their own transaction points.

Since the advent of e-wallets, users no longer have to wait monthly for utility bill collectors to arrive at their doorstep or make arduous trips to government offices to settle these expenses.

Now, all these procedures have become streamlined, and swift users simply input their payment codes to handle regular public service payments with minimal fees.

Moreover, from a marketplace perspective, users also receive numerous benefits, including cashback offers on major channels, which make them feel like they're getting a better deal when making purchases.

Partnerships Between FinFan and Electronic Wallets and Banks: A Comprehensive Overview

Throughout its development journey, FinFan has collaborated with major international partners to establish a multi-purpose remittance channel to Vietnam, aiming for transfers that are “Faster, Safer, and more Cost-effective.”

Recognizing the crucial role of partnerships with domestic e-wallets and banks, FinFan has endeavored to build and sustain strong, long-lasting relationships with these entities.

Today, with just 3 simple steps, users can transfer money from countries around the world such as the US, the UK, Australia, Germanydirectly to banks or e-wallets in Vietnam:

Here are 3 steps:

Step 1: Access apps /websites of one of these international partners of FinFan: Paysend, Remitly, MoneyGram, Ria Money Transfer (all can help senders send directly to bank/e-wallet accounts of receivers), Sendwave (only send directly to bank accounts of receivers), and log in to your account.

If you don't have an account, please click on the register button and start creating an account for yourself.

Step 2: At the money transfer interface, select the method of converting US dollars to Vietnam dong. Then fill in the recipient's bank account information, including:

Legal name of receivers
Bank name/E-wallet name of receivers
Bank account number/E-wallet account number (domestic cellphone numbers in Vietnam) of receivers
The sender may send money to the wrong recipient, so please make sure you have confirmed your recipient's name correctly.

Step 3: Fill in your bank account information or your card information to complete the remittance process.

This article was curated and authored by FinFan's market research and development team, alongside our marketing department.

About FinFan

FinFan is a cross-border embedded financial services company that focuses on mass disbursement, fund collection, card processing, IBAN, and digital APMs solutions, which can provide valuable input and integration on and for the same.

FinFan is already integrated with almost the world's well-known MTOs, PSPs, switch, and core fintech platforms such as Money Gram, Thunes, Qiwi, Remitly, World Remit, Bancore, PaySend, Terrapay, Ria Money Transfer (Euronet), Dlocal, Ripple, TripleA, FoMo Pay, Wings, etc.

For more information, please get in touch with us through:

🌐https://finfan.io

📞(+84) 2866 85 3317

✉ support@finfan.vn

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