WebMoney has made a comeback with a donation program. Through the program, it has introduced a new feature – transferring money from the community. Another feature seeks capital from the community for startup projects. This is not the first time WebMoney has appeared in Vietnam. The software sourced from Russia was brought to Vietnam in 2010 by Yeah1, but it was not promoted well. According to Nguyen Anh Nhuong Tong, CEO of WebMoney Vietnam, this was because the legal framework was still not complete at that moment. The market has become busy and recently was roused by the news that Standard Chartered Private Equity and Goldman Sachs poured US$28 million into MoMo in 2016 and VMG sold a 62% stake in VNPT Epay to UTC Investment from SK. According to the State Bank, 16 non-bank organizations have received licenses to provide intermediary payment services, including e-wallets. Most e-wallets are still facing big difficulties, but they can see bright prospects in the … [Read more...] about Which way for e-wallets – ecosystems or payment instruments?
More and more merger & acquisition (M&A) deals in the e-wallet and online payment sector have been reported recently. Most recently, VMG sold all of its 62.25 percent of stake in VNPT Epay to UTC Investment from South Korea.Meanwhile, MobiFone, one of three largest telcos, is still trying to develop Vimo, though the e-wallet is little known in the market.In a quiet move, Softpay Mobile (Singapore) bought most of stakes of Vietnam MPOS Technology, a hardware product of Hoa Binh Software JSC, owner of Ngan Luong e-wallet. Source Vietnamnet … [Read more...] about Is the e-wallet market large enough for 16 big players?
Many e-commerce firms provide online payment services. A local newspaper quoted its source as reporting that the number of e-wallets in Vietnam is double the number in countries with strong e-commerce foundation such as the US, Europe and Japan.However, Vietnamese online shoppers named foreign names such as PayPal, PayPass, AliPay and Apple Pay when asked about the payment service providers they know. Meanwhile, very few Vietnamese can remember e-wallet names.By May 2016, Vietnam had had 16 e-wallets. FPT Wallet has become the 16th firm with license from the State Bank of Vietnam to provide online payment service.However, V-FPT, the e-wallet of FPT Wallet, only supports the payment for the customers and stalls on Sendo.vn only, an e-commerce website also belonging to FPT. … [Read more...] about More E-wallets available, but are they useful?
Illustrative photo (Source:MM)HCM City (VNA) – M_Service JSC, the operator of mobile e-wallet MoMo, on March 17 announced it has received an investment worth 28 million USD from Standard Chartered Private Equity (SCPE) and the global investment banking firm Goldman Sachs. SCPE invested 25 million USD, while Goldman Sachs put in an additional 3 million USD on top of its initial 5.75 million USD investment in 2013. MoMo provides the smartphone app e-wallet service and an over-the-counter (OTC) remittance and payment platform. It has more than 1 million mobile e-wallet customers in Vietnam . … [Read more...] about 28 million USD invested in e-wallet service
A person uses the MoMo e-wallet (Photo: momo.vn)HCM City (VNA) - Electronic wallet (e-wallet) services are becoming more popularin Vietnam, with a number of new e-wallet services officially licensed in thelast year and a half.Over the next five years, 24 percent of banks’ market share in remittances andpayments are expected to belong to financial technology companies (fintech),according to a global survey by PricewaterhouseCoopers (PwC).E-wallets are electronic accounts that allow users to pay online bills andservice fees, and transfer money and receive money quickly.As an online payment form, through a mobile device, e-wallets help users makepayments anywhere at anytime, saving money and time compared to other forms ofpayment.In remote areas, where transaction offices and commercial banks are notpresent, e-wallets are especially useful.The e-wallet market has become more active with competition among major serviceproviders.To compete with commercial banks and … [Read more...] about Vietnam ditching leather for e-wallets
The VietUnion Online Service Joint Stock Company has signed an agreement with four local banks on the use of VietUnion’s e-wallet service Payoo. These banks are the Vietnam Bank for Agriculture and Rural Development (Agribank), Vietnam bank for Industry and Trade (VietinBank), Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), and Nam Viet Commercial Bank (Navibank). A significant rise in the number of mobile and internet subscribers has created a favorable condition to develop electronic commerce, especially in the context of global recession, said Nguyen Hoang Ly, general director of the VietUnion company. The Payoo service, which has been running on a pilot basis by the State Bank of Vietnam, will allow consumers to shop online without submitting credit card details or personal bank information. With Payoo, companies are able to reject any fake orders, as customers have to transfer the money first, and banks can save money and labor. Payoo … [Read more...] about Four Local Banks Join VietUnion in Payoo E-Wallet Services
Vietnam Online Trading Services Joint Stock Co. (VNO) on Thursday introduced e-wallet WebMoney Vietnam (WMV) to help customers access online payment services globally. Bui Huu Nhat (R), VNO information security director, signs a cooperation deal with Nguyen Van Long, deputy director of GaPit Communication Joint Stock Co. - Photo: Dinh Nghia The product allows customers to pay electricity and telephone bills, do the online shopping and transfer money. Customers can also use the product to withdraw money at banks associated with VNO or WMV agents.VNO managing director Nguyen Thieu Quang said the product plays an intermediary role in transactions and does not solve disputes between the buyer and the seller.“To protect buyers, WMV will freeze buyer accounts for three days and transfer money to seller accounts if no disputes occur,” Quang explained.Customers can put money into the e-wallet via bank accounts or scratch … [Read more...] about Vietnam firm launches e-wallet WebMoney
TheState Bank of Vienam (SBV) has issued Circular 39, stipulating theregulations for intermediate payment services. Accordingly, e-walletwill be recognised as one of the payment services, together with othertypes such as collection and payment services.Non-banking organisations in the pilot implementation can complete the required procedures and apply for licences.The licences issued during the pilot scheme will be invalid by the end of next year.Thee-wallet service was first introduced in VietnNam in 2008 in thecontext of an urgent need for payment methods for e-commerce activities.However, all nine businesses that were issued licences to implement theservice were part of the pilot project, as the country did not have aspecific legal framework covering the payment service.A representative from the central bank said that Circular 39 will be the foundation for the development of the service.However,the SBV asked enterprises providing e-wallet services to open anaccount to ensure … [Read more...] about Firms offering e-wallet services to get licences
HCM CITY (Biz Hub) — M_Services JSC, the company that sells MoMo or Mobile Money service, has raised US$25 million from Standard Chartered Private Equity and $3 million from global investment bank Goldman Sachs.But the company has not divulged how much stake it has sold to them or the price of the shares.Pham Thanh Duc, the company's CEO, said: "Finding the right partners is important for MoMo."We are very pleased to announce Standard Chartered Private Equity has become MoMo's strategic investor together with our existing shareholder and strategic investor Goldman Sachs, who previously invested $5.75m in our company in 2013 and also participated in this round of equity financing."We will accelerate MoMo's rapid growth by continuing to invest in the launching of new products and services, expanding bank and merchant connectivity, and extending the nationwide installation of MoMo point-of-sale terminals at retail outlets."MoMo is Viet Nam's leading mobile e-wallet and … [Read more...] about E-wallet firm wins $28m investment from foreign investors
Electronic wallet (e-wallet) services are becoming more popular in Viet Nam, with a number of new e-wallet services officially licensed in the last year and a half.Over the next five years, 24 per cent of banks’ market share in remittances and payments are expected to belong to financial technology companies (fintech), according to a global survey by PricewaterhouseCoopers (PwC).E-wallets are electronic accounts that allow users to pay online bills and service fees, and transfer money and receive money quickly.As an online payment form, through a mobile device, e-wallets help users make payments anywhere at anytime, saving money and time compared to other forms of payments.In remote areas, where transaction offices and commercial banks are not present, e-wallets are especially useful.The e-wallet market has become more active with competition among major service providers.To compete with commercial banks and traditional e-wallets, the WebMoney e-wallet has launched a global … [Read more...] about VN ditching leather for e-wallets