Paymentwall integrates the local domestic ATM card in Vietnam. Merchants who want to take advantage of this can integrate Paymentwall and enable the local domestic ATM card in their control panel and start monetizing Vietnamese users with no additional contract and no additional API integration.
Vietnam is one of the fastest-growing markets in Southeast Asia, with approximately 40 million online shoppers. The Vietnam E-commerce Association reported an e-commerce growth rate of Vietnam at 30% year-on-year and that Vietnamese customers spend on average US$210 per year on online shopping. This growth trajectory has been propelled by increased internet and bank account penetration, rising consumer confidence in online shopping, and the growing number of smartphone users in Vietnam.
The great potential of Vietnam’s e-commerce sector can be seen via its enormous expansion, which is predicted to reach US$15 billion in terms of revenue in 2020. If the e-commerce market can keep its current growth rate of 30%, its market size might hit US$33 billion by 2025, and Vietnam’s e-commerce market will rank third in Southeast Asia, after Indonesia with US$100 billion and Thailand with US$43 billion.
Through a single API integration with Paymentwall, merchants in Europe, the US, Latin America, Australia, Russia, Southeast Asia, and the Middle East will be able to process NAPAS payments in Vietnam alongside any of over 150 supported payment methods at the flick of a switch, without the need for a local entity in Vietnam.
Paymentwall has been active in Vietnam since the opening of the Hanoi office in 2014. In the past few years, Paymentwall has helped major international companies, such as Tencent and LG Electronics, expand in the region. Paymentwall is also hiring in Vietnam and looking for globally-minded and ambitious team members who want to be part of a unique company culture that embraces different markets and unites them in one.
To start accepting payments in Vietnam, create an account now at www.paymentwall.com or send us a message at firstname.lastname@example.org.