Digital payment

Nguyen Khac Giang The other day, I went for a bun cha on Duy Tan Street in Hanoi's Cau Giay District. The street, which bustles with offices, coffee shops and a wide range of eateries, hosts many sidewalk stalls that serve traditional Vietnamese dishes like pho , banh mi and bun cha (rice vermicilli with pork pies). I usually have lunch on the sidewalks in Hanoi, spending around VND50,000 ($2.15) per meal, which I find affordable and convenient. That day, a young employee suggested that I pay the small bill with a mobile app. Curious, I agreed, and with the staff’s guidance, it took less than a minute to set up the app and pay for lunch. In return, I received a 15 percent discount for the bill, which was nice. I felt good. Then I began thinking about all the advantages of a cashless society that the Vietnamese government and other governments have targeted. The advantages of e-commerce were starkly evident during the social distancing campaigns necessitated by the … [Read more...] about Give and take is not a given when money is digitized

The Hanoitimes - Further support is needed from policymakers to provide both legal and infrastructure means to boost e-payment in Vietnam. Given significant Covid-19 impacts on socio-economic life, the pandemic is putting huge pressure on Vietnamese enterprises to take on and speed up the digital transformation process, according to Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc. Chairman of Vietnam Chamber of Commerce and Industry Vu Tien Loc. Photo: Hoang Quyet. While the Covid-19 pandemic continues to persist with uncertainties, enterprises have no other choice than to speed up the changes and seek a more sustainable business model during the context of the pandemic, stated Mr. Loc at a forum discussing measure to boost non-cash payment among enterprises held recently in Hanoi. In late 2016, Prime Minister Nguyen Xuan Phuc approved a project aimed at promoting non-cash payment in Vietnam during the 2016 – 2020 period. Four … [Read more...] about Covid-19 puts Vietnam under pressure for digital transformation: VCCI

Vietnam’s digital economy is expected to reach $43 billion by 2025, according to the e-Conomy Southeast Asia report from Google, Temasek and new partner Bain & Company. A customer uses smart phone to scan code on a product Nguyen Quang Dong, Director of the Institute for Policy Research and Communication Development, said digital service industry is recording the fastest growth and is suitable with Vietnam’s strengths such as a young population who love technology and social networks. Digital technology and the digital economy will be key drivers helping Vietnam increase workplace productivity, escape the “middle-income trap”, and realise the objective of becoming a middle-class developed economy by 2040, Dong said. Vietnam’s internet infrastructure and digital payment services remain limited, however, while the country still lacks a legal framework for digital assets, he said, stressing that the legal model of the 20th century no longer suits the digital … [Read more...] about Digital economy predicted to reach $43 billion by 2025

A logistic centre in HCM City. Companies are expected to implement digital strategies to continue to reach customers. (Photo courtesy of Shopee Vietnam) HCM City (VNS/VNA) - Companies are expected to implement digital strategies to continue to reach customers, experts said while alluding to trends in the e-commerce market this year. Shopee, a leading e-commerce player in the country, in a note predicting trends this year, said: “The pandemic pushed businesses, from premium brands to micro-entrepreneurs, to quickly adopt digital strategies if they sought to reach customers amidst the lockdowns .” As online selling becomes a growing revenue channel for brands and sellers, e-commerce platforms need to work with them to help engage their customers in a differentiated manner and grow their online presence, it said. It cited its own example of working with POND's to integrate its AI-powered beauty tech solution, Skin Advisor Live into the online shopping experience, … [Read more...] about Digital strategies to spur e-commerce: experts

Through acquiring PCI DSS certificate, Bankograph is now ready for business expansion in Vietnam and beyond Bankograph has just received the latest Payment Card Industry Data Security Standards (PCI DSS) v3.2.1 certificate to secure their customers’ sensitive authentication data, satisfying the highest security standards and ready to continue growing its market share in Vietnam and beyond. Bankograph is a fintech company headquartered in Singapore providing payment tools for credit, debit, prepaid, mobile, chip, point-of-sale acceptance, and ATMs, with value-added services in fraud and risk management, as well as business data analytics to commercial banks operating in Vietnam. The purpose of the PCI DSS is to ensure the security of card data as it is processed and stored at banks or paying businesses. PCI DSS is a set of requirements for meeting security standards, policies, processes, network architecture, software system, and several other factors, developed by … [Read more...] about Bankograph: fixing security challenges in payment transactions