Online Marketplace Payment Solutions Part 5 – Top 5 Ewallets are being used for Marketplace in Vietnam
In a world where online shopping is becoming increasingly popular and an essential part of everyday life for Vietnamese people, marketplaces are constantly competing by offering deep discounts to attract users to their platforms.
Additionally, they continuously work to improve other aspects of the buying process, such as shipping and product sourcing.
However, the most crucial factor remains providing diverse payment options for users. In this article, let's explore with FinFan the top 5 common ewallets that marketplaces typically use (5 to 1 is less popular to most popular).
Overview of the E-Wallet Market in Vietnam
Rapid Growth of the E-Wallet Market
The e-wallet market in Vietnam has experienced a boom in recent years, with a rapid increase in the number of users and transactions.
Reports estimate that the transaction value through e-wallets has significantly surged, driven by the rise in online shopping and mobile money transfers.
Development Trends
With a strong digital shift happening in the country, the e-wallet sector is likely to witness further advancements in technology and user experience.
Top 5 Ewallets are being used for Marketplace in Vietnam
5. VNPT Money
VNPT Money is a simple, safe, and convenient cashless payment solution offering various methods such as Mobile Money, e-wallets, and bank accounts, meeting all daily payment needs and suitable for all customer segments.
4. Viettel Money
Viettel Money is a comprehensive digital financial ecosystem with diverse funding sources and a network of hundreds of thousands of transaction/service experience points nationwide, ready to support users in performing all transactions such as transfers, deposits, withdrawals, and online purchases quickly and easily.
Usable anytime, anywhere, on any mobile device without the need for an Internet connection – Viettel Money is the “smart money” helping people create a new way of life.
3. VNPay
VNPAY is an e-wallet service that utilizes modern technology to help users make online payments. It is considered a breakthrough service in the payment industry, offering convenience and a great user experience. Notably, VNPAY provides a wide range of payment options for everyday purchases, such as paying for electricity, water, and more.
2. ZaloPay
ZaloPay is a mobile payment platform, also known as an e-wallet, that allows users to perform online money transactions via smartphones and tablets.
Owned by VNG, a Vietnamese technology company, ZaloPay is integrated with the Zalo app, which boasts a community of 70 million users.
The platform has rapidly expanded and gained significant advantages in the online payment market.
Currently, ZaloPay is a payment partner of Visa, MasterCard, Vietcombank, Vietinbank, BIDV, Sacombank, Eximbank, SCB Bank, Viet Capital Bank, and JCB, among others.
1. MoMo
The MoMo Super App is a financial application that enables ultra-fast, user-friendly, and completely secure money transfers! MoMo Super App allows you to make payments for all your needs, anytime, anywhere, and for FREE.
This includes mobile top-ups across all carriers, payment of electricity, water, internet bills, consumer loans, movie tickets, flight tickets, and hundreds of other services.
The Relationship between FinFan and these Ewallets
The Importance of Ewallets extends beyond just domestic Payment Issues.
Not only do e-wallets play a crucial role in diversifying the payment ecosystem of marketplaces in Vietnam, but they are also an indispensable solution in enriching the cross-border payment ecosystem into Vietnam.
The evidence is that these major e-wallets have become an essential part of collaborating with FinFan to serve as a recipient for remittances.
FinFan’s Ewallets Aggregator
FinFan is proud to be the first fintech company in Vietnam capable of connecting the APIs of major e-wallets in Vietnam (including the five giants mentioned). For this reason, we can easily provide our international partners with even more options for receiving money in Vietnam.
With the solution combining international partners, FinFan, and the network of e-wallets in Vietnam, customers only need three steps to transfer remittances directly to the recipient's e-wallet in Vietnam.
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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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