There is no doubt about the fact that mobile app payments are quick, easy and efficient. Merchants and customers benefit as payments are made with just a few clicks on a mobile phone.
Convenience with Mobile Payments
The reason for the growing popularity of mobile app payments is its convenience. Customers who want to make mobile app payments only need to have a good quality smartphone. Mobile payments make it easy for them to access products from your store with hardly any waiting time. If they come to a physical store, the checkout is fast, and there is no need for them to carry physical wallets. A payment processing solution that supports popular apps in the market can significantly increase sales in the long run.
Enhanced Security with Payments
Apart from being convenience, mobile app payments are also very secure. You can accept payments anytime and anywhere; thus, it fuels the growth of your business. There is dynamic encryption and several layers of security to ensure that confidential information is safe and transactions are secure. Biometric identification, multi-factor authentication, and PIN confirmation also provide additional layers of security for your mobile app payments. Further, with PCI compliance, you can stay up to date with the security expectations of your customers. Cloud storage of customer data is also another security measure that you can employ to protect the interests of your customers.
Rewards with Loyalty Points
The pandemic has ensured that 90% or more of all merchants accept some sort of digital payment, whether it is mobile app payments, QR code, or credit or debit cards. Of these, QR codes and mobile payments are really popular and widely accepted. They can be used by big or small businesses. Offering loyalty points and reward cards for mobile app payments can increase brand loyalty and the incentive to use them more. Mobile payments also help to reduce your expenses as you do not need a physical device to accept payment.
Growing E-commerce Market in Vietnam
The approximate population in Vietnam is 95.6 million, with an average age of 30.9 years. The e-commerce market in Vietnam is rapidly growing thanks to its young population. This is one of the reasons why there has been an increasing presence of online payment providers in Vietnam. Internet penetration in the country has reached almost 50% with smartphone usage also being about the same. The economic performance in the country has been rather steady with e-commerce predicted to really pick up this year.
Dispelling Customer Concerns
Buyers in Vietnam are really cautious, and providers have to win their trust. Online payment providers in Vietnam have to ensure that the payment process is smooth, quick and secure to win over Vietnamese customers. Shoppers in Vietnam are also very price-conscious and will want to check the prices of similar products on other sites before making a commitment to purchase an item. Therefore, you need to provide them with the ability to compare product prices along with the assurance that their money is safe, and the transaction is secure.
Help from the Government
The government in Vietnam is also doing its bit to encourage non-cash payments. They have intervened to ensure that payment fraud and sale of counterfeit goods is reduced if not eliminated with stricter e-commerce regulations. This has been a source of encouragement to online payment providers who want to set up bases in Vietnam. Some of the leading online payment providers in Vietnam also provide virtual account solutions and support payments from 10 plus Vietnamese banks. They also provide solutions such as e-wallet, QR code payments, and ATM online. They also support OTC banking options after required approvals have been obtained.< Next post - How to Choose a Payment Gateway Service Provider? Prev post - An Overview of How Digital Payments are Processed >