Online payments via e-wallets on the rise

December 29, 2021 | 14:00
Gaining momentum through four social distancing periods, e-wallet payments, along with e-commerce continue to thrive in the new normal.

After years of being the dominating payment method, Cash on Delivery payment has given way to online payment, especially in the context of the COVID-19 pandemic.

According to the State Bank of Vietnam, in the first nine months of 2021, mobile payments increased by more than 76 per cent in quantity and 88 per cent in value, compared to the same period of last year. Internet payments also increased by 51.2 per cent in quantity and 29.1 per cent in value. It is evident that people now do not use mobile banking applications or e-wallets to only transfer money and check their account balances, but also for most of their daily shopping needs.

Online payments via e-wallets on the rise
Online shopping is here to stay as Vietnam enters the “new normal"

Multiple e-commerce platforms and e-wallets clearly recognise this trend. According to data mentioned in the newly published report by Google, Temasek and Bain & Co., 99 per cent of digital sellers now accept online payment. For example, the partnership of Tiki and Moca e-wallet on the Grab app has brought positive results in such a short period of time.

According to the State Bank of Vietnam, in the first nine months of 2021, mobile payments increased by more than 76 per cent in quantity and 88 per cent in value, compared to the same period of last year.

Throughout the most recent 11/11 campaign, the value of Tiki orders paid by Moca e-wallet on Grab app reached unprecedented heights. The number of Tiki orders paid by this e-wallet has increased by 14 times compared to weekdays, which is 50 per cent more than the previous 10/10 campaign.

Besides, Tiki also offers discounts for products of different categories, such as electronics, fashion, mother and baby care. For example, iPhone 13 quickly became a bestseller when integrated with Moca e-wallet’s promotions. In addition, promotional programmes such as “300,000 discount for 3,000,000-order” or “49,000 discount for 299,000-order” attracted lots of users last November.

Using e-wallets for speed, compactness, safety, and many discounts

Nguyen Thanh Long - marketing director of Tiki shared that Tiki users now feel more comfortable when buying products of high average value and choose to pay via Moca e-wallet. “Moca e-wallet on Grab app is becoming a convenient payment method favoured by more than 10 million Tiki customers,” Long commented.

As an online shopping enthusiast, Minh Ngoc (Binh Tan district, Ho Chi Minh City) has switched from cash payment to online payment via Moca e-wallet on Grab app. “During the latest social distancing period, I have learned to pay via e-wallets to avoid unnecessary human contact and minimise the risk of infection. My experience with this e-wallet has been quick, compact and safe, especially in the pandemic time. Now, I am addicted,” Ngoc shared.

Online payments via e-wallets on the rise
Moca e-wallet users can pay directly on Grab and Tiki to enjoy many discounts

Also preferring to pay with e-wallets, Thu Minh (Binh Thanh district, Ho Chi Minh City) said: “I often pay with Moca e-wallet when booking a ride or ordering food on Grab. Ever since Tiki accepted this payment method, I always choose to pay with Moca e-wallet as both Tiki and Grab offer attractive discounts.”

As online payments via e-wallet are growing significantly, many businesses have taken the initiative to deploy and promote this payment method on their platforms. Tiki's representative said that in the near future, Tiki would encourage customers to use e-wallet and cashless payments in their campaigns. “E-wallets, with their convenient, safe and fast advantages, have gained the users' trust, which in turn encouraged them to buy more goods, actively use cashless payment, and thus contributed to the acceleration of the digital transformation in Vietnam,” Nguyen Thanh Long noted.

By Anh Duc

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