E-payment possessing benefits as well as drawbacks

Attractive benefits With a smartphone at hand, the task of paying for utility bills like electricity, water, Internet, and cable television seem so simple via a few actions using an electronic wallet. This special wallet also saves consumers much time while allowing them to use everywhere. Some popular e-wallet services in Vietnam now are MoMo, ZaloPay, ViettelPay, Payoo, and Moca. Statistics from the National Bank show that until November 2018, 26 financial institutes that are not banks have been approved to become an intermediary in delivering the payment service, 23 of which offer e-wallet service and are divided into 2 groups of financial technology (Fintech) companies as well as telecommunications businesses. Because Fintech companies always strive to maintain healthy connections with as many banks as possible and have the widest network possible, most of their e-wallet services have the common feature of offering the highest discount rate for one time of adding money into an account, or launching the reward point program, along with regular promotions. Take ZaloPay as an example. Besides being accepted in most banks, shops, and supermarkets in Vietnam, it is now trying its best to create a strong user community so that it becomes more widely known and to improve its technical ability to process information as well as ensure cyber security. It is also encouraging the use of Quick Response (QR) code. As said by the Marketing Director of ZaloPay, the service has around 1.2 million retail locations nationwide. Therefore, it is costly and inefficient… [Read full story]