Visa, the global payments company, and NextTech Group, a Vietnamese IT company who’s digital platforms host 120,000 merchants, have signed a three-year partnership agreement that will see the companies promote the adoption of digital payments among small business owners in Vietnam’s social commerce sector.
Dang Tuyet Dung, Visa Country Manager for Vietnam and Laos, said, “By simplifying the payment process, our payment-by-link initiative with NextTech Group will provide consumers and merchants with a faster and more convenient way to pay and to be paid on social networks and other online platforms. This three-year partnership is testament to our long-term commitment to supporting eCommerce in Vietnam.”
The partnership will see Visa and NextTech-group collaborate on a range of initiatives to expand the network of sellers and buyers on social commerce platforms, including creating a convenient and easy-to-use means of making online payments through Internet links.
As well as the 120,000 merchants who are hosted on its platforms, NextTech also has access to more than 6 million consumers who are buying from these merchants, as well as a large e-commerce enabling ecosystem.
This “ecosystem” includes: BotBanHang.vn – a chat-bot and social commerce messaging management platform; PushSale.vn – a ERP platform for online retailers; and NganLuong.vn – an online payment gateway that works with financial and telecommunications institutions to handle100,000+ daily transactions.
Through its ecosystem, NextTech can enable merchants to provide buyers with payment links via Facebook Messenger, SMS and other OTT platforms for any online purchase inquiry. Buyers can select the products they want, confirm product, price and payment details with the merchant and then complete the payment instantly.
E-commerce has been the fastest growing sector of Vietnam’s digital economy over the last three-years, with year-on-year increases of 35%. According to Visa’s research, more than 46.5 million Vietnamese have used ecommerce platforms this year, a 15.1% increase over 2019.
Responding to demand and the effects of the global COVID-19 pandemic, many Vietnamese local merchants have expanded their digital and social media marketplaces in order to sell their products and services. More than 71% of Vietnamese SME’s have said that because of the COVID-19 pandemic they’ve adopted new methods of providing products and services to customers.
Nguyen Hoa Binh, Chairman of NextTech Group, said: “We expect this three-year partnership to deliver a host of electronic payment-related benefits to both buyers and sellers in eCommerce, one of the fastest expanding pillars of the digital economy. As an e-commerce pioneer and the leading online payment gateway in Vietnam, we are proud to work with Visa in bringing this new payment initiative to our customers.”