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E-Payment in Vietnam

E-Payment in Vietnam. Tutor: Ms. Mai Yen Nhi Group: Nguyen Thi Lan Anh Nguyen Thi Huyen Nguyen Thi Thuy To Thi Quynh Trang. 3. 3. General info. 3. 1. Opportunities for e-payment in Vn. 2. Challenges for e-payment in Vn. Nganluong.vn. Recommendations. 5. 4. Contents.

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E-Payment in Vietnam

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  1. E-Payment in Vietnam Tutor: Ms. Mai Yen Nhi Group: Nguyen Thi Lan Anh Nguyen Thi Huyen Nguyen Thi Thuy To Thi Quynh Trang

  2. 3 3 General info 3 1 Opportunities for e-payment in Vn 2 Challenges for e-payment in Vn Nganluong.vn Recommendations 5 4 Contents www.themegallery.com

  3. General information • E-payment: • Transfer $ from the buyers to the sellers through electric technology • One part of e-commerce • In VN: • E-commerce: 27.4% (2009) • E-payment: 3.2% (of 27.4% ), 96.8% of cash payment • Only 21% know about credit cards, 8% knew about the debit card and 91% know about the ATM card • > 20 million Internet users in Vietnam, only 20% have debit cards and 1% have credit cards  E-PAYMENT WILL DEVELOP IN VIETNAM? www.themegallery.com

  4. Opportunities • Number of internet users increase • 2003: 4% of population (3.1mil) • 2009: 26% of population (22.5mil) www.themegallery.com

  5. Opportunities • Increase in buying and selling online • Number of commerce websites increase • 2005: 200,000 websites • 2009:>500,000 websites • Government policy: restrict cash pmt • Prevent the money laundering • Avoid the inflation www.themegallery.com

  6. Challenges • Payment habits of Vietnamese customers • Prefer cash payment • Lack of trust in online payment • Low E-transaction security • Limited E-payment systems • Incomplete law system of E-payment (Tax calculation) • Lack of technology & expertise Social environment and business practices are not compatible www.themegallery.com

  7. HOW E-PAYMENT WORK IN VIETNAM? www.themegallery.com

  8. E-payment providers • Nganluong.vn • OnePAY • DongAbank, Vietcombank … • F@st MobiPay • MobiVi • Payoo • VnMart • NetCASH – PayNet www.themegallery.com

  9. One of the leading products of the Peace Soft Send & receive $ on Internet with safety, convenience, protection and dissemination Allow abroad transaction with 39 foreign countries through eBay.vn Nganluong.vn www.themegallery.com

  10. How nganluong.vn work • Nganluong.vn works such as electronic wallet • Each user owns a registered account for individual or business category • Such accounts are linked to a bank account • Buyers deposit $ • Sellers withdraw $ www.themegallery.com

  11. Payment methods • “ Hold payment“ • Dominant mode of transaction • Payments will be frozen • The system will automatically transfer $ to seller within 7 days • "Immediate payment“ • Sellers you trust • Sellers who are verified by Nganluong.vn as "the guaranteed sellers” www.themegallery.com

  12. Benefits when using nganluong.vn Publicized procedures & conditions of handling complaints Obligations and responsibilities of buyers and sellers in the treatment of disputed claims Security, objectivity & fairness for both buyers & sellers Compensation insurance for buyers in nganluong.vn incase of financial loss www.themegallery.com

  13. Recommendations • For the website: • Investigate  rate the truthfulness of sellers • Allow the buyers to rate sellers’ reliability • Have software to protect buyers’ credit card number and personal information • For the government: • Allow the companies to open bank accounts in foreign countries • Allow the information encryption  secure the information www.themegallery.com

  14. References • 2007, “Các website thương mại điện tử hàng đầu Việt Nam” Available at URL: http://vietbao.vn/Vi-tinh-Vien-thong (Accessed on September 14th, 2010) • 2010, “Vietnam NetCitizens Report” Available at URL: http://www.cimigo.vn/en-US/ReportDetail.aspx?ProductId=3 (Accessed on September 14th, 2010) • 2005, “Những khó khăn khi ứng dụng TMĐT ở Việt Nam) Available at URL: http://www.chungta.com/Desktop.aspx (Accessed on September 14th, 2010) • 2009, “Lợi ích thanh toán trực tuyến qua NgânLượng.vn  ” Available at URL: http://chodientu.vn/blog-bv-182-2 (Accessed on September 14th, 2010) • 2007, “Chính phủ muốn hạn chế dùng tiền mặt” Available at URL: http://vietbao.vn/Kinh-te (Accessed on September 14th, 2010) www.themegallery.com

  15. Thank You ! Q & A

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