E-wallet and other online payment methods are gradually replacing the cash usage habit of Vietnamese people. This method is quite popular among young people but the market size has not been fully exploited.
Potential of e-wallet market in Vietnam
Vietnam is considered a rapidly growing economy. According to a study by Boston Consulting Group, the middle class in Vietnam is 241.3 million, the average income of a middle class family is over 6601.4 million/month, higher than many countries in Southeast Asia.
The improvement of economic life makes many people willing to pay for many services in life. Along with the convenience of the internet, e-wallets gradually gain the trust and favor of a segment of modern users.
According to data from the World Bank and BCG Analysis, Vietnam is at the tipping point of E-wallet payments with the figure of 10.6% promising an explosion in the near future. There are more than 40% people with bank accounts using e-wallets, the figure for people without bank accounts is 11%.
Maximizing these two customer files will be a breakthrough for E-wallet to become the leading preferred form of payment like in the Chinese and Indian markets.
Challenges of the e-wallet market in Vietnam
Despite many favorable opportunities, to become an online payment method with a solid foothold in Vietnam, e-wallets also face many challenges.
- Unevenly distributed, E-wallet users are currently concentrated in urban areas – places with developed technological infrastructure. In rural, less developed areas, this payment method has almost no prospects.
- E-wallet competes directly with internet banking applications of banks. Mobile banking applications have many advantages over e-wallets by integrating quite fully into the consumer ecosystem. And partly due to the habits and convenience of mobile banking applications.
- Difficulties pile up when facing a high rate of personnel turnover. According to the General Statistics Office, more than 1.4 million people quit their jobs by the end of 2021 due to the Covid epidemic. Personnel turnover has always been a difficult problem for businesses, especially e-wallet businesses. Many e-wallet businesses have struggled for quite a long time in the post-Covid period because they do not have enough quality personnel to grow again. While the capital market is highly competitive and the characteristics of the e-commerce industry require rapid growth. In addition, the current recruitment situation is also quite difficult due to high competition between industries, workers have more choices.
- The network of merchants accepting E-wallet payments in Vietnam is still small. Stores and shops are not really interested in the payment method using e-wallets. The reason may come from the benefits that are not really attractive to merchants or the complicated process. In fact, successfully solving this problem will bring the strongest growth opportunity for E-wallet businesses in Vietnam.
Merchant development solutions for e-wallets in Vietnam
Expanding the merchant network is the leading solution for e-wallets to gain coverage and increase market value. However, the human resources of E-wallet development companies are still quite limited, unable to reach and take care of maximum customer traffic. Difficulties in recruiting staff and stable coordination are also major obstacles for e-wallet operators.
Understanding the concerns of e-wallet units, Bellsystem24 Vietnam provides the most flexible, in-depth and quality solutions in terms of human resources and systems so that e-wallet businesses can confidently develop their merchant network. We are proud to bring the number 1 quality human resources team in Vietnam in terms of:
Marketing/Customer Service by Telesales and Telemarketing
With a team of experienced personnel, e-wallet units can reach a large number of customers without geographical limitations by specialized Telesales and Telemarketing methods. We will divide merchants into product groups to have an effective approach strategy: supermarket chains, fashion - clothing, beauty - cosmetics, entertainment services, restaurants/hotels, etc.
Flash sale programs, Happy Hour,... benefits and cooperation agreements (discounts, marketing benefits,...) will be effectively communicated to merchants using persuasive techniques and methods with high success rates.
Direct sales
In addition, Bellsystem24 Vietnam is also ready to support businesses to directly approach merchants in each geographical area. Bellsystem24 Vietnam's Direct Sale team is well-trained, understands customer psychology, has the ability to grasp information quickly and has good persuasion skills, which will help E-wallet businesses connect more closely with potential merchants.
Secret survey of the current situation at Merchants through the TripleS/Mystery Shopping solution
With the role of secret monitoring, Bellsystem24-Vietnam's staff will be present at merchants to evaluate the payment process objectively and accurately, with a multi-dimensional view. From there, find out the remaining limitations to overcome and improve.
- Check the process of applying wallet promotions and discounts to customers.
- Monitor payment sequence according to wallet regulations
- Evaluate POSM display (QR code, poster, leaf lef,...) to see if it follows the correct standards
- Evaluate the merchant's attitude towards customers: enthusiastically advise on payment methods using E-wallet, promotional programs,...
See details: Mystery Shopping Service
In addition to merchant expansion solutions, with its strength in the field of customer service, Bellsystem24 Vietnam is also confident in providing E-wallet operators with the No. 1 quality Inbound Contact Center solution in Vietnam. Operate the call center 24/7 with smart technology and a team of professional staff. It is forecasted that by 2025 there will be more than 107 million e-wallet users. With a huge number of users, the customer service department must operate at maximum capacity to solve customer problems: activation instructions, getting OTP codes, handling transaction problems, information about E-wallet, etc.
Contact us by email: contact@bell24vietnam.vn or Hotline 1900 1739 for in-depth solution consultation for E-wallet.
