In the world of e-commerce, payment gateways play a crucial role in ensuring secure and seamless transactions when you purchase products or services on merchant websites or apps. These gateways facilitate payments through various methods, including debit/credit cards, net banking, e-wallets, and cash. As the e-commerce market continues to grow, it’s important for businesses to be aware of the top payment gateways available in Vietnam. According to recent surveys, the Vietnamese e-commerce industry is expected to grow by 30% between 2022 and 2025, with the market’s revenue projected to reach $6.388 billion in sales by 2024.
The current payment solution landscape in Vietnam is evolving rapidly, with a focus on fintech innovation to support secure digital transactions and enhance connectivity between consumers and businesses. This article provides insights into the criteria to consider when selecting payment gateways and highlights 12 of the best payment gateway options in Vietnam.
Criteria for Choosing Payment Gateways in Vietnam:
Reliability: A reliable payment gateway should have a robust process flow, including authorization, settlement, and security features. Users should be able to trust the gateway with their transactions.
Supported Currencies: A variety of supported currencies is essential for handling diverse customer demographics and avoiding high currency conversion charges.
Payment Options: The availability of multiple payment options enhances user incentives and supports e-commerce and m-commerce facilities.
Market Integrations: Seamless integration between sellers and payment gateways simplifies the user experience and saves businesses from investing in extensive technical skills.
Security: Payment gateways should meet security standards like HTTPS certification, HMAC signatures, and compliance with PCI DSS Level-1 standards to prevent fraud at various levels.
Pricing and Fees: Well-structured pricing and fee models encourage mass adoption, and businesses should be aware of setup fees, transaction fees, chargeback fees, termination fees, and equipment lease charges.
Here are the Top 12 Payment Gateways in Vietnam:
Vitapay: Vitapay is a New York-based payment gateway that offers easy mobile payments on various platforms within the Vietnamese e-commerce sector. It provides features such as card reader registration, real-time customer financial updates, and secure payment pages with tokenized information.
2C2P: 2C2P is a Singapore-based cross-border payments gateway aiming to catalyze digital payments in Vietnam. It’s owned by Ant Group, a subsidiary of Alibaba, and offers integration with various financial institutions.
SenPay: SenPay is an electronic payment gateway that supports fiat and cryptocurrency transactions. It offers flexibility in payment methods and is suitable for various businesses.
123 Pay: 123 Pay, an India-based payment gateway, offers unique features such as IVR functionalities and proximity sound-based payments. It caters to utility bill payments and more.
Skrill: Skrill is an online payment wallet that supports both personal and commercial transactions. It provides loyalty programs and various payment methods for users.
Atome: Atome allows customers to split transactions into three easy payments, promoting the “buy now, pay later” concept. It’s suitable for both online and physical store transactions.
OnePay: OnePay simplifies digital payments for businesses with features like invoice memos, rich transaction details, and auto-approving payments. It supports various payment methods, including credit/debit cards and e-wallets.
AsiaPay: AsiaPay is a multi-channel transaction gateway that prioritizes regional payment processing. It offers multilingual support and is ideal for international users.
PayPal: PayPal is a widely recognized global payment solution used in over 200 international markets. It provides analytical tools for businesses to strategize based on sales demographics.
VNPay: VNPay, with over 15 million monthly active users, is one of Vietnam’s largest homegrown unicorn service providers. It caters to various businesses, offering digital payment solutions.
VTC Pay: VTC Pay is known for its PCI-DSS level security and secure credit card transactions. It offers transparent pricing without setup or transaction costs that deter customers.
MoMo: MoMo is a digital e-wallet that offers features like disbursements, collections, widgets, and remittances. It supports various payment methods and provides extensive documentation for low-tech extensibility.
The Vietnamese e-commerce market is technologically advanced, with large and small businesses in need of seamless payment solutions. Whether you’re a large-scale enterprise or a small business, a unified payment gateway can help address these digital transaction challenges. Web technology expert is a multi-payment gateway integration service that offers businesses in Vietnam a streamlined way to launch their services while optimizing transaction costs. With over 300 payment methods and features like a low-code utility and secure checkouts, web technology expert helps businesses enhance customer conversion rates and build custom workflows.
In the rapidly growing Vietnamese e-commerce ecosystem, having access to these top payment gateways is essential for businesses to thrive and offer a seamless payment experience to their customers.