The potential of the digital finance service VNPT Pay14:52, 19/02/2019
VNPT 4.0 strategy is the strategy of Vietnam Posts and Telecommunications Group (VNPT) facing with Industrial Revolution 4.0. As the strategy aims at making VNPT Group become a leading service provider in Vietnam in 2025, it also sets out urgent requirements for developing digital financial services and sets Fintech as one of the pillars that VNPT Group will focus its resources on. The launch of VNPT-Pay e-payment solution in July 2017 was an important move of VNPT Group in penetrating into the financial market of Vietnam.
With the rapid development and strong impact of technology in many fields, the rise of digital finance is considered an inevitable trend not only in the world but also in Vietnam - an economy which is considered the fastest growing economy in Southeast Asia and has the prospect of becoming a center in the area of financial technology in the region.
We can see this growth potential through the latest statistics on market size as well as on the number of Internet and mobile users in Vietnam. In recent years, the scale of Vietnam's consumer finance market has continuously experienced strong growth. It is forecasted that Vietnam's consumer finance market value will reach VND 1 million by 2019. Vietnam currently has more than 96 million people, the average age is young and the urbanization rate is 35%. In 2018, the number of Internet users in Vietnam reached 64 million users, accounting for 67% of the population while there were 130 million mobile subscribers, including 51 million 3G and 4G mobile broadband subscribers. The number of people using smartphones to access the Internet is large and growing. The above data shows that the potential of digital financial service development in Vietnam is huge, especially as the Government has just approved the non-cash payment development project in Vietnam for the period 2016-2020 with the goal to reduce the proportion of cash payment by less than 10% by the end of 2020.
Besides, VNPT 4.0 strategy has the goal of making VNPT become the leading digital service provider in Vietnam in 2025. It also sets out urgent requirements for developing digital financial services and sets Fintech as one of the pillars that VNPT Group will focus its resources on. The launch of VNPT-Pay e-payment solution in July 2017 was an important move of VNPT Group in penetrating into the financial market of Vietnam.
Along with the cooperation to develop VNPT Pay, many big banks have become important partners of VNPT
Affirming this, at the signing ceremony of the cooperation agreement to provide digital financial services between VNPT Media Corporation (VNPT-Media) and Vietnam Commercial Bank (Vietbank), Mr. Huynh Quang Liem, Deputy General Director of VNPT Group, VNPT-Media President Liem said that VNPT Pay marked the official participation of VNPT in the field of e-payment, one of the digital services with great development potential in the 4.0 business environment.
The introduction of VNPT Pay has pushed back the technological barrier when giving users a completely new, simple and complete payment experience. Up to now, VNPT Pay has proved its role in the Group's digital services development strategy. Currently VNPT Pay is being deployed strongly for customers of VNPT at VNPT's branches in VNPT 63 provinces / cities to create a modern payment method right on smartphone devices without having to go to transaction locations. For VNPT's business centers, the application of VNPT Pay will provide customers a more convenient and proactive payment method for telecommunications and television services... while reducing the manpower and cost for fee collection, and automatizing processes to avoid confusion and errors.
Understanding the hesitance on using technology in payment and the worry about losing money when using online payment, VNPT-Media engineers designed VNPT-Pay in a simple, smart but safe and convenient way, so that any user can use the service immediately, including people in rural, remote areas who have less knowledge in technology. Choosing VNPT-Pay, customers will be provided with a wide range of services / products including centralized payment, automatic collection and electronic wallet.
Moreover, in order to create convenience for customers, VNPT Pay has signed with 36 domestic banks and international card providers such as ACB, BIDV, Vietbank, Vietcombank, VPBank, VISA, Martercard... With the support of the banks, not only consumers, business organizations can also connect with VNPT Pay system to make convenient and easy online transactions. In addition, suppliers of goods and services can put services on VNPT Pay channels / products to serve customers for payment.
The need for cooperation between VNPT Pay and its partners has further boosted the general development of the IT services of VNPT Group, helping to spread the image and brand of VNPT in the field of digital services.
On December 7th 2018, VNPT Pay participated in the largest annual Online Shopping Day - Online Friday 2018. The new highlight of this event was that the organization board had introduced mobile applications and QR Code in Shopping interactions to bring a whole new payment experience to consumers in a digital age. At the event, customers could use VNPT Pay as an electronic wallet to pay for all products / services on smartphones that installs VNPT Pay application.
It can be seen that, with outstanding advantages that brings convenience to users, the potential of VNPT Pay is huge, contributing to promoting the development of the non-cash payment market in Vietnam. In the future, VNPT Pay will continue to develop into a digital and commercial payment ecosystem, becoming one of the largest non-cash payment service platforms in the country, allowing all Vietnamese people to access to a simple, safe and economical financial service.
VNPT - Media