Self-safeguard growing as a trend shaping future of payments

May 14th at 10:02
14-05-2024 10:02:39+07:00

Self-safeguard growing as a trend shaping future of payments

Businesses and consumers safeguarding themselves against emerging fraud threats is one of three key trends shaping the future of payments in Việt Nam, experts said.

Experts discuss the future of payments in Việt Nam at the Open Payments Forum in HCM City. — Photo Courtesy Visa Vietnam

A significant trend is the increasing adoption of cashless transactions by consumers. According to Visa’s 2024 Global eCommerce and Fraud Report, refund policy abuse and first-party misuse are the most common forms of fraud affecting nearly half of merchants worldwide. With the growing popularity of e-commerce, customers are demanding secure payment methods and effective fraud prevention measures to maintain trust.

In response to this trend, payment companies have introduced various solutions to enhance security for businesses and consumers. For example, the Visa Acceptance Platform connects merchants to a global network of payment providers and technology solutions. Through tools like tokenisation and fraud detection, merchants using Visa Acceptance Solutions have experienced an average increase in approval rates and a decrease in fraud rates.

Visa reported that merchants using Visa Acceptance Solutions saw an average increase in approval rates of 2.97 per cent and a decrease in fraud rates of 70 basis points.

Another significant trend in e-payment is the evolving payments landscape, which is expected to become more diverse and complex, presenting opportunities for all stakeholders to leverage.

At the Open Payments Forum, which was organised late last week by Visa Vietnam, speakers said that as Việt Nam continues its journey to becoming a cashless society, more participants are expected to join the payment ecosystem, creating a dynamic environment for merchants, financial institutions, fintech companies, and payment facilitators.

Furthermore, customer expectations in e-commerce have evolved, with customers now expecting a more personalised and seamless shopping experience. To meet these changing expectations and align with the cashless and contactless payment trends in Việt Nam, merchants are advised to implement tailored payment solutions and innovative digital experiences.

According to the Open Payments Forum, customer expectations have dynamically shifted as meeting basic expectations for a great user experience and smooth omnichannel journeys has changed.

The future of e-commerce will incorporate a wider range of touchpoints, omnipresent purchasing opportunities, along with innovative digital buying experiences and products. Merchants need to offer tailored payment solutions to meet these changing customer expectations, and to keep pace with the cashless and contactless payment trends in Việt Nam, they said.

The growing need for digitisation in Việt Nam, driven by the desire for businesses to remain competitive, is accelerating the adoption of digital payments in the country. Mobile wallets, online payments, embedded finance, and smart checkout technologies are gaining popularity, following closely behind cash in terms of usage and preference. 




Banks raise savings rates to attract depositors

Many banks have adjusted up savings interest rates by 0.2-0.3 percentage point per year since early this months to lure depositors in the context that the savings...

Businesses and people expect VAT cut extension to be approved

People and businesses are looking forward to the Government's proposal on extending VAT reduction in the last six months being considered and approved by the...

​Ho Chi Minh City carbon credit event wows attendees with eco-friendly products

Attendees at a recent event to discuss carbon credit market regulations in Ho Chi Minh City enjoyed an array of eco-friendly products showcased by local businesses.

Cybercrime scam leads to loss of over VNĐ1 billion in Bình Phước Province

The prevalence of high-tech fraud is becoming a growing concern, as criminals employ sophisticated tactics to deceive unsuspecting victims. A recent case in Bình...

Vietnam's non-cash payments reach US$9.8 trillion, 23 times GDP

Many of the banking industry's digital transformation goals for 2025 are on track to be met or exceeded.

Vietnamese digital service providers set up shops overseas to avoid VAT tax

Vietnamese digital service providers have been setting up shop outside of the country to lessen their tax burden, commented the Vietnam Chamber of Commerce and...

Insurance companies diverge on dividend distribution, some opt-out while others pay generously

During this year's shareholders' meeting season, several insurance companies opted to pay dividends at a rate of 10 per cent or higher but there were still others...

Banking sector to lead national digital transformation: PM

Việt Nam's banking sector is in a prime position to take the lead in the country's digital transformation process, said Prime Minister Phạm Minh Chính at an event...

​Vietnam’s banks spearhead green credit initiatives

Never before has the term ‘green credit’ been so frequently mentioned by banks in Vietnam, who are now continuously collaborating with international organizations...

Small, low-value items imported on e-commerce platforms should be taxed

Millions of packages of small, low-value items that are crossing the border into Việt Nam daily should be subjected to VAT, special consumption and environmental...

Bank stocks

Insurance stocks


Back To Top