Introduction to Asia Pacific region payment methods

1. Introduction to Asia Pacific region payment methods

The Asia Pacific (APAC) region is a hub of diverse and innovative payment methods, catering to a vast and rapidly growing consumer base. In this article, we'll explore the various types of payment methods prevalent in the APAC region and discuss why businesses should consider offering local payment methods.

2. Popular local payment method types in APAC

2.1. Digital Wallets

Digital wallets, such as 9Pay and MoMo, ZaloPay, VNPay, are popular in Vietnam and have been influential in shaping the region's payment landscape. These wallets allow users to make payments, and transfer money easily.

2.2. Bank Transfers

Bank transfers, while not as instantaneous as digital wallets, are widely used in the APAC region. They provide a secure and reliable method for transferring funds between accounts.

2.3. BNPL (Buy Now, Pay Later)

BNPL schemes, like Kredivo, have gained popularity in the APAC region. They allow customers to make purchases and pay for them in installments.

2.4. Online Banking

Online banking is another popular method in the APAC region, offering a secure and convenient way for customers to manage their finances and make payments.

2.5. QR Codes

QR codes are used for contactless payments, where users scan a code to make a payment. This method is popular in Vietnam, China,...

3. Which service should offer local payment methods?

Online Marketplaces: Online marketplaces, such as Lazada and Shopee, need to offer local payment methods to cater to their diverse customer base.

E-commerce: Looking for a local payment gateway that can support cross-border payment and do settlement overseas to collect the money from Vietnamese End-users/Enterprises.

Remittance Hub: Remittance solutions, such as those used by overseas workers to send money back home, need to offer local payment methods to facilitate the transfer of funds.

Digital Product: Digital product businesses, like those selling apps and games, need to offer local payment methods to cater to their customers' preferences. Providing optimal solutions to help Digital Products Merchant to collect the money from End-users.

Education: Supporting Education merchants to collect the tuition fee/financial demonstration from Vietnamese students/parents. Also consult to help merchants waive the tax for education.

4. Local payment methods in Vietnam with 9Pay

Vietnam is a key market in the APAC region, with a growing economy and a large population of tech-savvy consumers. 9Pay is a local payment solution provider that offers a variety of payment methods to foreign partners in Vietnam, including:

• E-wallets: 9Pay's e-wallet solution allows customers to store funds and make payments online.
• QR Codes: 9Pay's QR code payment solution enables contactless payments, making it easy for customers to make payments without the need for a physical card.
• Bank Transfers: 9Pay's bank transfer solution allows customers to make payments directly from bank account, providing a convenient and secure payment method.
• BNPL: 9Pay's BNPL solution allows customers to purchase goods or services and pay for them in installments, making it easier for them to manage their finances.
• Credit Cards: 9Pay's credit card solution allows customers to make payments using their credit cards, providing a familiar and widely accepted payment method.

Explore more: Best Payment Solutions in Vietnam for Foreign Partners

5. Benefits of offering local payment methods

Increased customer satisfaction: Local payment methods can build trust between customers and businesses by providing a familiar and trusted method of payment.

Improved conversion rates: Local payment methods can improve the checkout experience for customers, leading to higher conversion rates.

Enhanced security: Local payment methods often provide a higher level of security for customers, as they do not require the sharing of sensitive credit card information.

Competitive advantage: Offering local payment methods can give businesses a competitive edge over their competitors who do not offer these methods.

In the APAC region, businesses must offer local payment methods to stay competitive and cater to their customers' preferences. By doing so, they can build trust, improve the checkout experience, increase conversion rates, and reach more people

In Vietnam, 9Pay is a leading local payment solution provider, offering a range of payment methods to meet the needs of both businesses and consumers.

Learn more about 9Pay can be your reliable payment service provider partner in Vietnam.

Contact us

Hotline: 1900 88 68 32

Email: business@9pay.vn