Vietnamese E-wallet to allow Chinese tourists make payment in VND
Updated at Wednesday, 15 Nov 2017, 10:48
The Hanoitimes - E-wallet VIMO.vn has officially confirmed as the first intermediary payment service to allow Chinese tourists using e-wallet WeChat Pay to make payment in VND at stores accepting VIMO when traveling to Vietnam.
This information is released on November 13, which confirmed VIMO as the first intermediary payment service to allow Chinese tourists using e-wallet WeChat Pay to make payment in VND at stores accepting VIMO when travelling to Vietnam, which in turn have more benefits to Vietnam.
However, in order to protect the e-payment domestic market, this agreement did not allow WeChat Pay to use VIMO’s connection with banks to process transactions between Vietnamese customers and enterprises. As such, any stores in Vietnam can download the “VIMO Merchant” application to smartphone or tablet and register account at https://merchant.vimo.vn.
Payment with QR code scanning is becoming a trend in Vietnam.
When Chinese tourists make payment, seller can input the order information and the amount in VND to create QR code for transaction. After that, customers using e-wallet WeChat Pay on their phones will scan this code to complete the cashless transaction just in few seconds. The store in subject will receive the money into its bank account in Vietnam for maximum 2 working days.
Besides, WeChat Pay can suggest to customers stores accepting VIMO Merchant in the surrounding areas, which will increase revenue for local enterprises. For Chinese tourists, this service will replace the use of credit card with smart phone, allowing them to spend more when travelling to Vietnam without the need of having cash.
WeChat Pay and Alipay are two e-wallet dominating the Chinese e-payment market, with the growth rate of more than 20 times in 4 years and nearly 2 trillion USD in transaction value in 2016 with nearly 1 billion frequent users. With this being said, nearly all activities in the society, such as eating, shopping, entertaining at stores, shopping malls or parks can be paid through the QR code scanning with WeChat Pay and Alipay applications on smartphones.
VIMO to cooperate with WeChat Pay to bring benefits to customers.
With the increasing trend of Chinese tourists traveling abroad in recent years, WeChat Pay and Alipay are competing fiercely to expand their networks of transaction in Europe and South East Asia. Currently, Vietnam is one of the most favorite destination for Chinese tourists in the region, with approx. 3.5 million Chinese tourists coming to Vietnam in 2017 with revenue of 3 billion USD. In the beginning of June 2017, VIMO has signed an agreement to cooperate with Tenpay Payment Technology – owner of WeChat Pay, with an aim to bring more convenience for tourists and generating revenue for the country. Besides, VIMO is expanding its cooperation with partners at countries where a high number of tourists coming to Vietnam, such as Korea. After 6 months of experiment, VIMO.vn currently has nearly 500 stores accepting transaction in WeChat Pay, in which more than 50 stores under management of 7 companies at 5 international airports with direct flight from China.
Vietnam is heading toward a cashless economy by 2020 through increasing electronic payment.
With the current trend, commercial banks have increased cooperation with enterprises to enhance functions in e-payment.