Skip links

Mobile Payments Vietnam

As the name implies, mobile payment allows payment transfers using a mobile device such as a smartphone or tablet. It is made possible by innovative app technology and offers so much convenience when it comes to fast, contactless, and secure payment transactions. It is at its peak of rapid growth, just like mobile Internet usage. Mobile payment technology is here to stay. For as long as mobile technology continues to make an impact and shape the business world, contactless payment will keep emerging. If you are running your own business in Vietnam, you need to catch up and embrace this system so your customers have a more convenient option. 5Pay offers reliable, and secure mobile payment in Vietnam that is valuable for your business. Find out more about what it can do for you.

 

How Secure Are 5Pay Mobile Payments in Vietnam?

5Pay knows that security is your biggest concern when it comes to mobile payments. 5Pay mobile payment uses highly secured authentication, security credentials, and certification standards to ensure the security of all transactions. It is committed to bringing a highly secure system through multiple authorizations required on payment transactions to reduce the risk of chargebacks and security breaches while storing funds with 5Pay checking and verifying the merchant’s platform to ensure legitimacy and compliance to the system. Mobile payments are designed to surpass credit cards in terms of security, and as a service provider, 5Pay recognizes the importance of enhancing the security of contactless payments. It takes necessary steps to increase the level of security and eliminate any possibilities of fraud.

 

How Quickly Is The 5Pay Mobile Payment Processed?

5Pay Mobile Payment enhances efficiency via automation and reduces the time taken from customers from the order stage to the payment stage. Merchants can offer an alternative payment channel, particularly for non-credit cardholders. 5Pay Mobile Payment also reduces operating costs of doing reconciliation as a merchant only need to connect and reconcile with one bank while having access to many banks’ payment channels. In addition, 5Pay Mobile Payment provides direct access to all major internet banking banks with a single integration. It takes pride in offering efficient, real-time payment processing, T+0 funds clearing.

 

What are the Benefits of 5Pay Mobile Payments?

Applicable payment solutions: 5Pay offers the payment solution you need, namely gaming platform payment, Forex broker, E-commerce, crypto, and South East Asia payment solutions.

Ø  The gaming platform payment is available 24/7 and features instant processing. Services include payment collections, online banking redirect, virtual account payment, instant payouts, and multiple settlement options. It supports websites, mobile apps, and self-developed software.

Ø  Forex payment is for Forex brokers and their clients. It enables clients to pay with local currencies through instant processing and also features payment collections, online banking redirect, and virtual account payment.

Ø  E-commerce solutions are for online business owners, allowing them to accept online payments using any device, across locations. It features multiple currencies and payment channels, various settlement options, and zero chargeback risk.

Ø  South East Asia payment solutions are real-time solutions for 6 currencies namely Malaysia Ringgit, Thailand Baht, Vietnam Dong, Indonesia Rupiah, Crypto Tether – ERC20-USDT, and Crypto Tether – TRC20-USDT. It boasts as low as 1.5% per transaction in virtual account payment, 0.8% per Crypto payment transaction, and 1.8% per online banking redirect transaction.

Ø  Crypto payment solutions support Crypto Tether USDT ERC20-USDT and TRC20-USDT as payment, starting as low as 0.8% collection fee for every transaction. Collected funds are cleared instantly with T+O, and merchants can choose to proceed with payout or settlement using Fiat or Cryptocurrencies.

  •         Flexibility: 5Pay offers flexibility in terms of supporting multiple currencies, both local and crypto.
  •         Efficiency: With 5Pay, you will save much time and effort as it has real-time payment processing and T+O funds clearing.
  •         Ease of Use: The steps to make or settle payments are made simple.
  •         Security: Using 5Pay is virtually risk-free because of its highly sophisticated systems.
  •         API Integration: Multiple currencies and solutions are all integrated into a single payment page.

What’s the Future of Mobile Payments?

Mobile payment technology has seen rapid growth in recent years, and its future is bright as it makes a significant change in the way consumers buy products or services. It has entered its golden era driven by rapidly advancing airtime software and pandemic consumer habits. Payment digitization has been a great leap to meet the goal of achieving a fast, easy and secure form of payment. This is why we have seen tremendous development in years and are about to see more in the future. Exciting times await the future of mobile payments as biometric authentication, tech-savvy generation, EMV technology, mobile POS, contactless payments, and AI and machine learning become trends.

By 2024, it is predicted that mobile wallet users would reach up to 4 billion, with about $9 trillion mobile money transactions. Mobile wallets are composed of various components working together to provide seamless cashless payment systems.

Biometric authentication is also a trend that is set to emerge. It is a method of verification that involves biological or structural identification such as fingerprint scanning, facial recognition, iris recognition, and even heartbeat analysis or vein mapping. It provides a secure and reliable option for digital payment because of the unique characteristics of individuals.

Additionally, the tech-savvy generation of today is seen to make up a huge part of the buying population in the years to come. This leads to greater dependency on digital payment systems as well. Furthermore, mobile point-of-sale is a revolutionary technology that frees up merchants from having physical locations and in-store payments, making a significant change in streamlining the checkout process.

If I Receive A Replacement Card, Do I Need To Update My Card Information Within 5Pay Mobile Payment?

No, there is no need to do that. With every single payment, you need to fill up your online banking login details with Smart OTP to proceed with the payment.

 

Conclusion/Final Thoughts

Undoubtedly, digital payment is the future. We are set to see physical cash transitioning to digital payment and we need safe, reliable platforms to do that. 5Pay is your one-stop-shop for payments, payouts, and settlements using both Fiat and Crypto USDT currencies. It prides itself on having expertise in blockchain, crypto, finance, banking, and Internet technology, with the ability to tailor services for payment customization and solutions in one merchant account. It continues to innovate and consistently provides seamless transactions for merchant partners.