Visa and NextTech-group sign three-year partnership to support social commerce merchants in Vietnam

11/04/2020

 

Visa, the world’s leader in digital payments, and NextTech-group, Vietnam’s leading digital transformation group, have signed a three-year partnership to promote the adoption of digital payments among small business owners in Vietnam’s rapidly growing social commerce sector. 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.

eCommerce is currently the fastest growing sector of Vietnam’s digital economy, increasing 35 percent year-on-year. There are also over 46.5 million users of eCommerce platforms in the country, a 15.1 percent increase over 20191. Responding to this demand, many of Vietnam’s local merchants have begun to expand their online offerings, with 71 percent of SMEs saying that they’ve adopted new methods of providing products and services to customers since the onset of the pandemic (including eCommerce, curbside pickup, and home delivery)2.

Madame 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.”

With the rise of eCommerce, acceptance of digital payment methods is also increasing. According to the Vietnam eCommerce and Digital Economy Agency Ministry of Industry and Trade, the value of mobile and online transactions has increased by 238 percent3, which is further evidence of the burgeoning demand for new payment technologies. The move to online is driven not only by efficiency gains, but also the ability to reach millions of new customers through an extensive network of buyers and sellers. 

By collaborating with NextTech-group, Visa now has another partner with deep roots in eCommerce. NextTech’s platforms are host to over 120,000 merchants and 6 million users, as well as a wide range eCommerce enabling ecosystem. This includes NganLuong.vn – an online payment gateway that currently works with almost 40 financial and telecommunications institutions to handle over 100,000 daily transactions, BotBanHang.vn – a chat-bot and social commerce messaging management platform, and PushSale.vn – a mini-ERP platform specially designed for online retailers. Through this combination, merchants can easily provide buyers with a payment link via Facebook Messenger, SMS or other OTT platforms on any online purchase inquiry. Buyers are then able to complete the payment using their credentials instantly.

Mr. Nguyen Hoa Binh, Chairman of NextTech-group said: “As an eCommerce 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. 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.”

In addition to making sure the payment journey is as seamless and convenient as possible, Visa will also work to help manage and make business operations more efficient. This includes a range of support to promote changes to consumer habits and encourage the adoption of digital payments. For merchants, they will gain many benefits from the program, including: free domain name and hosting services; a 200,000 VND bonus for recording at least three Visa payment transactions in the first month; and training on how to use, comply with and promote digital payments. Visa cardholders can earn 10 percent cashback of up to 30,000 VND per transaction.

As Vietnam’s embrace of eCommerce continues to grow, this partnership between Visa and NextTech-group equips merchants and consumers with a comprehensive set of intuitive tools for every step of the payment journey. By offering both the technology and the support to spur the widespread adoption of digital payments, this cooperation will allow Visa and NextTech-group to help users stay at the forefront of eCommerce expansion.

 

 

1 Vietnam IT Landscape (2020)

2 The State of Local SEO Industry Report (2020)

3 Vietnam eCommerce and Digital Economy Agency Ministry of Industry and Trade

 

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit  About Visa, visa.com/blog and @VisaNews

About NextTech-group

Being amongst the first generation of technology startup in Vietnam since 2001, NextTech-group boasts nearly 20 years history of startup from zero to an ecosystem of close to 20 digital transformation platforms operating in Vietnam and 8 other markets across Southeast Asia and China within 4 major sectors including eCommerce, fin-tech, e-logistic and education.
Once referred to as ”Alibaba of Vietnam” by Technode in China, NextTech-group was elected among the top 10 most influential internet companies in Vietnam over 10 years. Holding some major tech brands such as mPOS.vn, NganLuong.vn or Boxme.asia… NextTech-group is employing more than 2,000 staffs and processing an annual transaction volume of close to $3 billion.