Online payment is still a long way off in online business.

Only when online payments develop strongly, then e-commerce will truly develop to its fullest.

Along with the development of e-commerce, online payment methods are becoming more diverse and convenient, however, a cashless future in Vietnam is still too far away.

To see a part of the picture of online payment in Vietnam e-commerce, Bizweb has compiled statistics on the current status of integration and use of online payment on sales websites based on a customer base of more than 23,000 small and medium business owners (SMBs).

Convenient, but customers are still indifferent!

Online sales transactions are increasing every year, but online payments have made slow progress, especially in the small and medium-sized enterprise segment. According to statistics on more than 23,000 customers who are website owners using the online sales platform Bizweb.vn, only 7.6% of websites integrate online payments through payment gateways. The rate of SMBs integrating online payments through payment gateways is very low compared to the current potential of Vietnam's e-commerce, and the usage rate is even lower.

Illustration photo.

Online payment on the sales website not only helps sellers take advantage of digital technology in business operations to save resources from human resources to finance, but also brings interesting experiences to buyers. Instead of having to pay in cash or bank transfer and then report to the shop owner, consumers only need to click the mouse right on the place of purchase to complete the order quickly. However, most customers only like COD and are not interested in online payment.

According to SMB business owners, online payment is very convenient, however, due to customers' preferences and habits, there is no other way but to please them. Mr. Nguyen Huu Son, owner of the website Shoptienich.com.vn said: "As a store owner, I really want to use online payment because it is convenient, fast and I don't have to worry about customers "abandoning", ordering and not picking up or returning the order. However, I have to please the customers, because 99% of them prefer to pay after delivery to feel more secure when shopping online."

Sharing the same opinion with Mr. Son, Ms. Nguyen Pham Mai Anh, owner of the website Munsstuff.com, shared: "Integrating payment gateways into the website only serves a very small number of customers who already have this habit, while most customers only like COD or at most bank transfer."

The 2015 Vietnam E-commerce Index (EBI) also shows that the rate of businesses accepting payment cards is 16%, and payment via e-wallet is only used by 4% of businesses. Another survey in 2015 by the Vietnam E-commerce Association (VECOM) also found that the rate of websites with online payment features is only 17%. A sad reality, worth dissecting in this era, an era where e-commerce is developing strongly, technological infrastructure conditions have gradually improved, investment and attention from the State and human factors are not small, but why is online payment still ignored and indifferent?

One of the most important obstacles is probably due to the habit of using cash being ingrained in the minds of Vietnamese consumers, the use of cards in payment in general is not popular. Besides, most consumers do not have much knowledge so they will never think of online payment when shopping online.

In addition, security in online payments is also a concern for consumers when using online payments on websites. Discussing this issue, Mr. Nguyen Minh Quy - Technical Director of Bizweb said: "In the rare case that the website is attacked by hackers, users who pay online on the website can still rest assured that their account information will not be stolen because the website does not store their account information. At the same time, the security of online payment service providers is also increasingly being given top priority and is more secure."

More than 90% of integrated websites only choose 1 to 2 payment gateways

Integrating online payment is a "necessary" and "sufficient" trend in the modern business era thanks to the sustainable development of e-commerce. According to Bizweb statistics, out of a total of 7.6% of sales websites integrating online payment, nearly 50% are integrating the Ngan Luong gateway, followed by Bao Kim (32%), Paypal (30%), Napas (23%), other payment gateways only account for over 5%.

There are many payment gateway options to integrate into a sales website, but diversifying payment gateways is not the solution that many shop owners think of. According to Bizweb statistics, more than 90% of all websites that integrate online payment gateways only choose 1 to 2 payment gateways for their website.

Analyzing the user experience when visiting a website to buy products, Mr. Nguyen Thanh Hai - owner of the website Shop.chichbong.com said: "The more payment gateways are integrated, the more difficult it is for customers to choose which one is better and more reliable, and in the end they will choose the safest way, COD. Therefore, it is best to only integrate 1 or 2 payment gateways."

In addition, choosing a payment gateway integrated into the website must also find reputable partners, with a name and many users. Customers will feel more secure when paying through the gateway they know.

Online payment is growing strongly, Vietnamese e-commerce is flourishing

It can be said that online payment is the slowest step in the Vietnamese e-commerce industry. Only when online payment develops strongly, then e-commerce will truly develop to its fullest. And to achieve that, online payment needs to go one step ahead and aim to perfect services in both quality and quantity so that businesses can integrate and apply them immediately into their business processes when needed. Mr. Son, owner of the website Shoptienich.com.vn expressed his wish: "Hopefully in the near future, customers will enjoy online payment, and at the same time, in addition to these forms, other more convenient and faster forms such as Bitcoin or Onecoin will be integrated."

In developed countries, online payments account for the majority of transactions, many places no longer accept cash, even street vendors prefer to pay by card. When will Vietnam be able to reach this "realm"? That depends a lot on the coordinated efforts of the State, businesses and the entire community in general and consumers in particular. "We need coordination and connection between all parties to be able to reduce cash payments, create incentive mechanisms for more users of online payments by investing in technology solutions, reducing service costs and, more importantly, widely promoting so that the community knows, understands and uses it as a habit." - Deputy Prime Minister Vu Duc Dam commented at the 2015 Electronic Payment Forum./.

According to VOV