Vietnamese counterpart to PayPal and Alipay

Residents of Vietnam will soon be able to use online payment service similar to those used in the US and China, namely PayPal and Alipay. According to statistic data there are over 60 million mobile subscribers, 15 million bank accountholders and 20 million Internet users in Vietnam which is considered to be huge potential for online payment service providers.

The payment portal known as PayNet leverages OpenWay’s Way4 technology which ensures the privacy and security of transactions between sellers and buyers. Shoppers will be able to transact via the portal without any need in bank accounts, Visa and Master Card like other services available in Vietnam. Customers will have to set up their private code number to be used while shopping online from their PayNet accounts. All the money put into the buyers account will be deposited into banks after being transferred to sellers. After each transaction accountholders will be sent an email or SMS mobile phone message.

The new online payment service is expected to promote ecommerce in Vietnam. PayNet chief executive officer Nguyen Chien Thang expects online payment system to improve in Vietnam over the following years. At the moment the portal is running on a trial basis.