Use of online payments expanded

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Payments via electronic wallets are increasing.

Increasing use

Grasping the need for online payments, online payment service providers have launched many incentive programs to attract users.

Typically, OCB's OMNI Digital Bank has implemented programs to earn OMNI rewards for online transactions to exchange for gifts with a variety of options such as online shopping vouchers, dining, travel and translation.

In particular, if customers want to save without needing to go directly to the transaction desk, they can do it on OCB OMNI with additional interest rates of up to 0.3% over the counter, applying for each term and deposit amount.

In addition, when wanting to open an account for online transactions, customers only need to register online; the OCB team will come to open a home account for customers. The service currently applies to customers in Ho Chi Minh City and is expected to be deployed in many other provinces and cities nationwide.

TPBank also offers free internal and external bank transfers, including instant fund transfers 24/7; pay bills, top up phone on the TPBank eBank application. The bank is also exempts more than 10 types of transaction fees of businesses. Specifically, TPBank will free online transactions and counter fees including account management fees, in-system remittance fees, eBank Biz annual fees and electricity tax payments.

Similarly, many other banks such as HDBank, KienlongBank, and Sacombank are also implementing promotions and fee reduction programs to encourage customers to do transactions online.

Speedy growth

Since the Lunar New Year, the total number of cashless transactions via NAPAS increased by 76% over the same period last year. Notably, the amount of transactions worth less than VND500,000 increased from 21% to 25%. The total transaction value increased 124% over the same period in 2019.

Talking to Customs News, Mr. Nguyen Ba Diep, Vice President and co-founder of MoMo e-wallet, said that if MoMo previously had to send people to each business five to seven times to convince them to use online payment, at the moment MoMo is making great efforts to quickly process requests for providing electronic payment services for businesses. Payment volume with MoMo on online shopping, food delivery platforms such as Tiki, Lazada, Baemin all grew a few hundred percent. “Especially the amazing boom of buying goods at supermarkets, entertainment applications, online education, medical registration, payment of public services, there are services that increase both dozen times more than before,” Mr. Diep said.

Similarly, Mr. Nguyen Thien Tam, Strategic Director of OCB Digital Banking, said that since the Covid-19 epidemic occurred in Vietnam, electronic transactions via the bank's OMNI channel have grown over 50%.

At TPBank, Nguyen Hung, general director of the bank, said that in the past two months, the number of customers who have transacted online via the bank's eBank application has increased by more than 40%. The number of customers depositing online at banks also increased by nearly 20%.

This shows that the promotion programs have brought positive results, contributing to the universalization of cashless payments.

In order to make online payment possible, it can penetrate into every corner of life and have a lasting vitality, Mr. Diep said that online applications need not be too complicated, just focus on the basic needs: shopping, eating, adding financial services and online public services are enough. If all of these needs can be done online, people can minimize on-the-go travel and everyday physical communication. The above needs are also very basic and simple, so customers will also receive quickly, feel practical and useful when using online services.