Allied Wallet, a globally leading provider of mainstream online payment processing, is now compatible with Nganluong, Momo, and VTC Pay in Vietnam to support its growing e-commerce market, ranked as one of the top ten fastest growing in the world.
Value Walk listed Vietnam as the #6 fastest growing e-commerce market in the world with an annual growth rate of 32%. It’s currently worth €2.3 billion and highly influenced by the incredible e-commerce growth in China.
Although Vietnamese banks are launching programs to promote an increase in credit card usage, the country has not yet seen widespread adoption due to cultural barriers and the existing minimum income requirements.
Despite a rate of just 2% in credit card penetration and only 31% of the Vietnamese population being banked, the country shows incredible growth in e-commerce partly due to the use of smartphones and their online services.
“At Allied Wallet, we’ve always put a focus on connecting buyers and sellers and supporting their preferred payment methods. As e-commerce and m-commerce continue to grow in Vietnam we want to promote growth there and make sure we support the unique culture and payment methods,” said CEO Andy Khawaja of Allied Wallet.
Vietnam, similar to its neighboring countries, is gravitating towards e-commerce because of the comfort and convenience it offers. It also allows them access to goods and services from neighboring countries or even further.
Solutions like Momo allow users to load their eWallet by connecting it to their bank account or loading it in any one of its 4000+ retail locations. Nganluong already works with more than 10,000 e-commerce merchants and supports over 500,000 eWallet customers and partners. VTC Pay has over 22 million active eWallet users and is accepted by over 30,000 businesses.
Allied Wallet is proud to support these payment methods and connect their users to a global payment platform that supports over 150 million.
Source: Company Press Release