Payment Gateway - Top 10 Payment Gateway for E-commerce in Vietnam Part 1
@finfanio Top 5 Domestic Payment Gateways for E-commerce in Viet Nam - The Last One Created a Miracle in the Cashless Movement #top5 #paymentgate #vietnam #fintech #finfan #ecommerce #cashless #movement #finfanio @zalopay.vn @viettelmoney @vnpay.com.vn ♬ Thank You for Being You - OctaSounds
The e-commerce sector in Vietnam has been experiencing rapid growth, driven by increasing internet penetration and a young, tech-savvy population.
As online businesses flourish, the demand for reliable and efficient payment gateways has never been higher. Payment gateways are crucial for ensuring secure and seamless transactions, thus enhancing customer trust and satisfaction. Here’s a look at the top 10 payment gateways currently dominating the e-commerce landscape in Vietnam.
Top 5 Vietnam Payment Gateway for E-commerce (from 5th to 1st Famous Payment Gateway)
5. Viettel Money
Overview
Viettel Money is a digital wallet and electronic payment service provided by Viettel Group, one of Vietnam's largest telecommunications companies. It aims to facilitate convenient and secure financial transactions for individuals and businesses through various digital channels.
Applications in E-commerce
Viettel Money Payment Gateway serves as a pivotal tool in Vietnam's e-commerce ecosystem, providing seamless and secure transaction processing solutions.
Moreover, with substantial potential stemming from a telecommunications company, Viettel Money can easily introduce Mobile Money services to its mobile network users. Consequently, customers can use their prepaid mobile credits to pay for utilities or make purchases on e-commerce platforms.
Case Studies of Using Viettel Money Payment Gateway for E-commerce
Example: Sendo.vn
- Solution:
Access Sendo Farm on Viettel Money: Since April 2024, Viettel Money has integrated Sendo Farm, an online grocery service, into their app. This allows you to order fresh produce and other groceries directly through the Viettel Money app and enjoy special promotions offered to Viettel Money users and Viettel employees.
- Outcome:
Pay for Sendo purchases: You can use your Viettel Money account to pay for items you buy on Sendo. This can be a convenient way to shop online without having to use your credit card or debit card information.
4. ZaloPay
Overview
ZaloPay's story mirrors that of MoMo, as this e-wallet also started by providing an electronic payment gateway before upgrading to an integrated e-wallet within Vietnam's leading messaging app, Zalo.
Applications in E-commerce
ZaloPay serves as a robust payment gateway for e-commerce transactions, providing merchants and customers with a seamless and secure platform to facilitate online purchases.
Unlike other major players, ZaloPay primarily focuses on catering to shops and SMEs needing domestic payment solutions.
They also have their own trading platform and create dedicated mini-apps for each shop and specific business.
Case Studies of Using ZaloPay Payment Gateway for E-commerce
Example 1: Zalo Shop
- Solution:
ZaloShop integrated ZaloPay as a payment option within its platform, leveraging Zalo's extensive user base and ZaloPay's robust payment infrastructure.
Customers could easily make purchases from ZaloShop using their ZaloPay wallet, with transactions processed seamlessly within the Zalo app.
- Outcome:
Users of ZaloShop enjoyed a streamlined and frictionless payment experience with ZaloPay, leading to increased customer satisfaction and retention.
ZaloShop experienced higher conversion rates and sales, as the availability of ZaloPay as a payment option encouraged users to make purchases.
ZaloPay's integration with ZaloShop contributed to the platform's success, establishing it as a preferred destination for e-commerce transactions within the Zalo ecosystem.
Example 2: Online Retailer XYZ
- Solution:
Online Retailer XYZ partnered with ZaloPay to integrate its payment gateway into the e-commerce platform. ZaloPay's secure and user-friendly payment solutions were seamlessly integrated into the checkout process, providing customers with a convenient and reliable payment option.
- Outcome:
Customers of Online Retailer XYZ enjoyed a seamless payment experience with ZaloPay, leading to increased satisfaction and loyalty.
Online Retailer XYZ experienced higher conversion rates and sales, as the availability of ZaloPay as a payment option attracted more customers and reduced cart abandonment rates.
ZaloPay's robust payment infrastructure supported Online Retailer XYZ's growth and expansion, ensuring smooth transaction processing and customer satisfaction.
3. MoMo
Overview
Before positioning itself as a super app for payments, MoMo underwent development steps from being a payment gateway to becoming the leading e-wallet in Vietnam as it is today.
Therefore, few users are aware that the nation's number one e-wallet or this super payment app was once a payment gateway for e-commerce activities.
Applications in E-commerce
MoMo serves as a payment gateway for numerous e-commerce websites and mobile applications in Vietnam.
E-commerce merchants integrate MoMo's payment gateway into their platforms, allowing customers to make purchases using their MoMo wallet balance or linked bank accounts.
Case Studies of Using MoMo Payment Gateway for E-commerce
Example 1: Tiki
- Solution:
Tiki.vn partnered with MoMo to integrate its payment gateway into the e-commerce platform. MoMo's secure and user-friendly payment solutions, including wallet payments and bank transfers, were seamlessly integrated into the checkout process. This allowed Tiki.vn to offer customers a convenient and reliable payment option, enhancing the overall shopping experience.
- Outcome:
Customers enjoyed a seamless checkout experience with MoMo's payment integration, leading to increased satisfaction and loyalty.
Tiki.vn experienced higher conversion rates and sales, as the availability of MoMo as a payment option attracted more customers and reduced cart abandonment rates.
MoMo's robust payment infrastructure supported Tiki.vn's growth and expansion, ensuring reliable transaction processing and customer satisfaction.
Example 2: Lazada
- Solution:
Lazada.vn collaborated with MoMo to offer MoMo's payment solutions as a payment option on the e-commerce platform. MoMo's comprehensive payment options, including wallet payments, bank transfers, and QR code payments, were integrated into the checkout process. This provided Lazada.vn customers with a convenient and secure payment method, enhancing the overall shopping experience.
- Outcome:
Customers appreciated the convenience and security of using MoMo for payments on Lazada.vn, leading to increased customer satisfaction and loyalty.
Lazada.vn experienced higher conversion rates and sales, as the availability of MoMo as a payment option attracted more customers and encouraged larger purchases.
MoMo's reliable payment infrastructure supported Lazada.vn's growth and expansion, ensuring smooth transaction processing even during peak periods.
2. VNPay
Overview
VNPay is a prominent financial technology company in Vietnam, specializing in providing electronic payment solutions and services. Established to facilitate digital transactions, VNPay has become a key player in the country's rapidly growing e-commerce and fintech sectors.
Applications in E-commerce
- Online Payments Integration
VNPay provides seamless integration with e-commerce websites and platforms, allowing businesses to accept payments from customers securely and conveniently. This integration includes:
Checkout Integration: VNPay integrates directly into the checkout process of e-commerce websites, enabling customers to pay using VNPay's QR code or other payment methods.
E-commerce Plugins: Offers plugins and APIs that facilitate quick and easy integration with popular e-commerce platforms like Magento, WooCommerce, and Shopify. This simplifies the implementation of VNPay's payment solutions for online merchants.
- QR Code Payments
One of VNPay's standout features is its QR code payment solution, which is particularly beneficial for e-commerce:
Customer Convenience: Customers can make payments by scanning VNPay's QR code displayed on the merchant's website or mobile app, streamlining the payment process without the need for physical cards or cash.
Merchant Adoption: E-commerce platforms and online stores can easily generate VNPay QR codes for each transaction, enhancing payment flexibility and customer satisfaction.
Case Studies of Using VNPay Payment Gateway for E-commerce
Example: FPT Shop
FPTShop.com.vn is one of the largest retailers of mobile phones, electronics, and gadgets in Vietnam, operating both online and through physical stores.
- Solution:
VNPay's integration into FPTShop's e-commerce platform includes several key components:
QR Code Payments: Customers can easily make payments by scanning VNPay QR codes using their smartphones.
Multiple Payment Options: VNPay supports various payment methods, including credit/debit cards, bank transfers, and e-wallets, catering to different customer preferences.
Secure Transactions: VNPay employs advanced encryption technologies and secure authentication protocols to ensure the safety of customer data and transaction information.
- Outcome:
Increased Customer Satisfaction: The easy-to-use QR code payment system and multiple payment options significantly improved the overall shopping experience.
Higher Conversion Rates: The seamless and secure payment process reduced cart abandonment rates and led to higher sales conversions.
Enhanced Security: Customers felt more confident in making online transactions due to VNPay's robust security measures, contributing to increased trust and repeat business.
1. NAPAS
Overview
NAPAS Payment Gateway Service is the service NAPAS provides to Organizations, allowing holders of domestic debit cards, domestic and international credit cards of the Bank/Issuing organization to make purchase for good and services on online transaction channels of Merchant.
Applications in E-commerce
In e-commerce payment activities, Napas serves as an intermediary connecting platforms with the payment needs of users through its banking network.
Case Studies of Using Napas Payment Gateway for E-commerce
Example 1: Tiki
Tiki.vn, one of Vietnam’s leading e-commerce platforms, integrates Napas payment solutions to provide a seamless checkout experience. By leveraging Napas' interbank transfer and card payment services, Tiki.vn ensures that customers can complete their purchases quickly and securely.
- Solution:
Tiki.vn partnered with Napas to integrate its payment solutions into the platform. By leveraging Napas' secure interbank transfer and card payment services, Tiki.vn provided customers with multiple convenient payment options at checkout. Napas' standardized QR code payment solution was also integrated to streamline the payment process further.
- Outcome:
Customers experienced a seamless checkout process with various payment methods available.
Enhanced security measures provided peace of mind to customers, increasing trust in the platform.
Tiki.vn saw an increase in customer satisfaction and repeat purchases, contributing to overall business growth.
Example 2: Shopee
Shopee.vn uses Napas’ standardized QR code payment solution to streamline the payment process. This integration allows Shopee.vn customers to make payments effortlessly by scanning a QR code, resulting in higher customer satisfaction and increased sales.
- Solution:
Shopee.vn partnered with Napas to integrate its payment gateway into the platform. Napas' comprehensive online payment solutions, including interbank transfers, card payments, and QR code payments, were seamlessly integrated into the checkout process. This allowed Shopee.vn to offer customers a variety of payment options, enhancing the overall shopping experience.
- Outcome:
Customers enjoyed a convenient and secure payment experience with multiple payment methods available.
Shopee.vn experienced increased customer satisfaction and loyalty, leading to higher conversion rates and sales.
Napas' reliable payment infrastructure supported Shopee.vn's growth and expansion, ensuring smooth transaction processing even during peak periods.
The Relationship Between Leading Payment Gateways for E-commerce and FinFan
Payment Gateway Operates as an E-wallet.
MoMo and FinFan
MoMo, a leading e-wallet and payment gateway, benefits from FinFan’s expertise in financial services by integrating additional features such as international remittances.
FinFan's technology can help MoMo users send and receive money globally, enhancing MoMo's utility and convenience.
This collaboration can drive higher user engagement and broaden MoMo's user base, especially among expatriates and international customers.
ZaloPay and FinFan
ZaloPay integrates seamlessly with Zalo, Vietnam's leading messaging app. FinFan can enhance ZaloPay's functionalities by offering financial services such as cross-border payments and remittances.
This integration can make ZaloPay even more attractive to users who need to perform international transactions, thereby increasing its user base and transaction volumes.
VNPay and FinFan
VNPay is known for its innovative QR code payment solutions. By partnering with FinFan, VNPay can offer additional services such as international remittances and currency exchanges.
This collaboration can make VNPay more appealing to businesses and customers involved in cross-border trade, enhancing its competitive edge in the market.
Viettel Money and FinFan
Businesses using FinFan for international transactions might find Viettel Money useful for managing their domestic finances within Vietnam, especially for employees or operations located there.
The Vietnamese financial technology (fintech) space is growing rapidly. There's always a chance these companies could collaborate in the future to offer a more comprehensive financial solution, but there are no current announcements about this.
Read more:
Payment Gateway Operates as Direct Gateway Connection with Banks
NAPAS and FinFan
There's a chance FinFan might leverage NAPAS for some domestic aspects of their service.
For instance, if FinFan offers international money transfers that land in Vietnamese bank accounts, they might utilize NAPAS for the final leg of the transfer within Vietnam.
Read more some case studies:
. How to send money from the United States to Vietnam by using some FinFan’s partners – SendWave
This article was curated and authored by FinFan's market research and development team, alongside our marketing department.
Conclusion Regarding Top 5 Vietnam Payment Gateway for E-commerce
Each of these payment gateways offers unique strengths that cater to different aspects of e-commerce transactions in Vietnam.
Whether it's Ngan Luong's comprehensive payment solutions and BNPL services, MoMo's extensive reach and mobile convenience, Payoo's attractive installment plans, ZaloPay's integration with social messaging, or VNPay's innovative QR code payments, businesses have multiple options to choose from based on their specific needs and customer preferences.
By leveraging these top payment gateways, e-commerce platforms in Vietnam can enhance customer satisfaction, increase sales, and ensure secure and efficient transaction processes.
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 contact us through:
🌐https://finfan.io
📞(+84) 2866 85 3317
✉ support@finfan.vn
LinkedIn: FinFan
Dr. Tuyen Nguyen
Money Beyond Borders
