VNese enterprises, banks compete by offering payment options

At present, many enterprises and banks have implemented QR Code to give their clients more options in non-cash payment in several fields including services to buying plane fares.
VNese enterprises, banks compete by offering payment options

In addition to cheap price and promotion program which are still two attractive factors for consumers in Vietnam, retailers and firms are offering services realized the diversity and convenience of non-cash payment to win market when there has been a rise of Vietnamese middle-class people.

Accordingly, convenience stores or small shops of local or international brand names are booming in big cities such as Hanoi, Ho Chi Minh City or Da Nang have established diversified system of payment to satisfy consumers’ habit in the competition to win market

Economists said that modern consumers are willing to pay higher price by using new convenient payment methods than traditional ones. According to a newly-released “What’s Next in Emerging Markets” report by the global marketing research firm Nielsen, 49 percent of Vietnamese people will live in urban by 2025.

Additionally, the proportion of wealthy families will surge from 17 percent in 2015 to 24.7 percent; specially, technology lovers will spend $119 billion. It proves diversification, convenience in supplying commodities and e-commerce have great potential to grow.

Vietnamese enterprises must diversify their payment system after they join in ASEAN economic community which has 600 million borderless consumers. Accordingly, firms with well-prepared payment system will win the market.

Specifically, aviation companies take heed to establish non-cash payment methods like Vietnam Airline which has expanded its automatic ticket selling system and diversified e-payment services facilitating consumers. For instance, Vietnam Airlines liaised with VNPay and Napas to implement QR-code-based payments which helped people to book ticket and pay through smartphones.

Vietnamese Prime Minister Nguyen Xuan Phuc has approved a scheme to intensify payments for public services via banks aiming to reduce the proportion of cash payments to below 10 percent by 2020.