Last year, the Vietnamese government announced the ban on payment platforms suspected of "illegal payment and settlement" due to Alipay and WeChat. The Alipay and WeChat payment codes of major merchants in Vietnam were forcibly removed from the shelves. As a neighboring country of China, Chinese tourists have always been the largest source of tourists in Vietnam. In the past, to facilitate the consumption of Chinese tourists, many shops in Vietnam were previously connected to Alipay and WeChat. However, the sudden ban on Alipay and WeChat payment is actually due to the confusion of supervision caused by the use of unauthorized scan code payments, which has caused a large loss of local government tax revenue.
A survey conducted by the National Bank of Vietnam shows that 59% of adults in Vietnam currently have a bank account. Although this has been a significant improvement over two years ago, it is still lower than the global average. The number of transactions completed through bank cards is also gradually increasing, with a significant increase in the first quarter of 2017. However, in terms of transaction amount, the proportion of bank card transactions is still relatively low.
Although the number of bank accounts and ATMs is increasing, for most people, the function of bank cards is just to deposit and withdraw cash. The Vietnam Bank Card Association pointed out at its 2017 annual meeting that 86.81% of savings card transactions came from withdrawals. One of the reasons why people rely on cash and do not like to use bank card transactions is the bank card transaction fees. Banks will charge merchants who use bank cards to make transactions, and some merchants will force consumers to bear this fee.
Fpay is a young payment software developed in Vietnam that integrates collection, payment and cash withdrawal. It has extremely low rates and high security. The collection fee is as low as 1.5%, and the agency fee is as low as 0.6%, and the cap is 50,000VND. Due to its huge rate advantage and agency structure, Fpay has docked with thousands of merchants in Vietnam. Because Fpay has reached in-depth cooperation with all commonly used banks in Vietnam, merchants can collect money across banks and store money in Fpay e-wallets, which can be instant Withdraw cash to any bound bank card, and the handling fee for each withdrawal is capped at 50000VND.
This year is the third year that Fpay has been working in the Vietnamese market. Fpay's R&D team has gradually grown, and payment security has also been greatly guaranteed. All requests for multiple encryption, multiple database backups, desensitized storage of merchant information, and multiple security agencies are combined. Certification, therefore, gathered a group of loyal merchant users, realizing a win-win situation for enterprises and users.
I believe that in the near future, Fpay can shine in the Vietnamese payment arena.
When the announcement first came out, it seemed like a serious threat to both businesses and consumers alike. Must you check this https://www.mediumbuzz.com/business/main-features-of-devops-implementation-and-deployment/ and get more new ways for mobile softwareThe country of Vietnam has banned use of WeChat and Alipay, two popular payment apps in China. This has caused a lot of confusion due to the fact that people didn't know what else they can use as a payment platform.
The two popular Chinese products are already under scrutiny from the Chinese government and their users. Here you check this Jquery tutorial for beginners and get more tips for Beginner. News of WeChat and Alipay being banned in Vietnam has created a number of questions for the thousands of Vietnamese internet users who have decided to use these apps.