Introduction

Vietnam's digital payment landscape is experiencing rapid growth and innovation, making it essential for individuals and businesses to choose the right platforms for their needs. With a rising number of tech-savvy consumers and government initiatives pushing for a cashless society, several online digital payment platform providers have emerged as key players in Vietnam. These platforms offer a range of services, from e-wallets and mobile payments to payment gateways for online businesses, catering to diverse user preferences and transaction requirements. Selecting the best provider depends on factors like user-friendliness, security features, transaction fees, and the specific services offered.

Local payment methods in Vietnam

Here are some of the popular local payment methods in Vietnam:

1. Cash: Still widely used, especially for smaller transactions and in rural areas. However, its use is declining.

2. Bank Transfers: A conventional and trusted method, particularly for larger amounts and business-to-business payments. Supported by major Vietnamese banks with robust digital banking services.

3. Domestic Bank Cards (ATM cards): Widely accepted at POS terminals and ATMs across the country. Requires a local bank account.

4. E-wallets: Very popular and rapidly growing. Key players include MoMo, Transfi Bizpay, ZaloPay, and VNPay, offering various services like money transfer, bill payment, and online shopping.

5. QR Code Payments: Gaining significant traction, often linked to e-wallets and mobile banking apps (e.g., via the national standard VietQR). Convenient and increasingly accepted at merchants.

6. Mobile Banking: Bank's mobile applications are increasingly used for various transactions, including payments and transfers.

7. Cash on Delivery (COD): While still present, especially in e-commerce, its popularity is decreasing as online payment methods gain trust.

To achieve ease in carrying out transactions combined with speed and minimal costs, Transfi Bizpay provides a one stop solutions to process cross border transactions.

How to accept online payments in Vietnam

Accepting online payments in Vietnam involves several key steps and options. Here's a breakdown:

1. Choose a Payment Gateway or Platform:

Payment Gateways: These services integrate with your website or app to process payments securely. Popular options in Vietnam include:

• MoMo: A very popular e-wallet with a large user base.  
• Transfi: Integrates popular Vietnamese e-wallets and bank transfers.
• ZaloPay: Another widely used e-wallet integrated with the Zalo messaging app.  
• VNPAY: A major payment gateway supporting various methods.  
• NganLuong: A local payment gateway with diverse payment options.  
• PayDollar Vietnam (AsiaPay): A regional provider with strong security. 
• 9Pay: Offers various payment solutions and integration options.  
• Stripe & Adyen: Global platforms that also operate in Vietnam.  
• E-wallets: Integrate directly with e-wallet providers to allow users to pay with their digital wallets.  
• Payment Platforms: Some platforms, especially for e-commerce, have built-in payment processing or integrations.

2. Understand Common Payment Methods in Vietnam:

• E-wallets: Very popular, with MoMo, ZaloPay, and ShopeePay leading the market.  
• Bank Cards: Both domestic ATM cards and international credit/debit cards (Visa, Mastercard, JCB) are widely used.
• Bank Transfers: A conventional method, especially for larger amounts.  
• QR Code Payments: Gaining popularity, often linked to e-wallets and mobile banking apps (e.g., VNPAY-QR).  
• Cash on Delivery (COD): Still prevalent, but online payments are increasing.  

3. Integrate with Your Chosen Platform:

• API Integration: For websites and apps, you'll typically use the provider's APIs (Application Programming Interfaces) to connect your system to their payment gateway.
• Plugins/Extensions: Many e-commerce platforms (like WooCommerce, Magento) have plugins that simplify the integration process with popular payment gateways.
• Payment Links: Some providers offer payment links you can share with customers for easy online payments without a full website integration.
• Payment via stablecoins and digital assets: Platforms like Transfi help in making transfers in a wide range of stable coins and digital assets making it flexible to carry out transactions.

4. Set Up a Merchant Account:

• You'll need to register for a merchant account with your chosen payment gateway or platform.
• This usually involves providing business details, bank account information, and completing a verification process (KYC).

5. Consider Security:

• Ensure the payment gateway you choose complies with security standards like PCI DSS.
• Implement SSL certificates on your website to secure the connection with customers.
• Utilize any fraud prevention tools offered by the payment gateway.

6. Determine Pricing and Fees:

• Payment gateways and platforms charge transaction fees, which can vary depending on the payment method and the provider.  
• Understand the fee structure before choosing a provider.

7. Test the Integration:

• Thoroughly test the payment process in a sandbox or testing environment before going live to ensure everything works correctly.

By following these steps and choosing the right payment gateway and methods for your business and target audience in Vietnam, you can effectively accept online payments. Remember to research the specific requirements and features of each platform to find the best fit. To avoid high fees and easy setting up for carrying out international transfers, checkout Transfi’s Bizpay and avail the maximum benefits across countries.

^{"​As Vietnamese businesses look beyond borders, the need for efficient international payment solutions grows. TransFi BizPay empowers companies to send and receive payments across 70+ countries, leveraging 250+ local payment methods, all with real-time settlement and low fees." - Rahul Sahni, COO & CPO TransFi}

Top payment gateways in Vietnam

Based on the latest information, here are some of the top payment gateways in Vietnam:

1. Transfi: Facilitates seamless integration of popular Vietnamese e-wallets (MoMo, ZaloPay, Moca) and local bank transfers into business payment systems

2. MoMo: A leading e-wallet with a very large user base, offering services like money transfer, bill payment, and online shopping. 

3. ZaloPay: Another highly popular e-wallet deeply integrated with the Zalo messaging app, providing ease for P2P and merchant payments. 

4. VNPay: A major payment gateway supporting a wide array of payment methods, including QR codes (VietQR) and bank transfers, and is heavily involved in developing the national payment infrastructure (NAPAS).

5. 9Pay: Recognized as a robust solution for small businesses, offering various payment methods, including local e-wallets and supporting Mastercard.

6. Stripe: A global payment gateway considered supreme for small businesses, allowing acceptance of card payments and various e-wallets, with strong fraud protection.  
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7. Adyen: An omnicommerce solution enabling businesses to accept various payment options, including credit/debit cards and local payment methods.  

These platforms cater to the increasing demand for digital payments in Vietnam, offering various features, security measures, and integration options for businesses to accept online payments effectively. The popularity of e-wallets and QR code payments, driven by convenience and government initiatives, makes gateways supporting these methods particularly relevant in the Vietnamese market.

Checkout Transfi’s Bizpay for easier transactions, faster payouts and collections and simplified transfers.

Conclusion

Key takeaways include the dominance of local payment methods like e-wallets (MoMo, ZaloPay) and QR codes, the importance of choosing payment gateways (VNPay, 9Pay, Stripe, Adyen, Transfi) that support these local preferences alongside international options, and the crucial factors to consider when selecting a provider, such as fees, integration ease, and security. Understanding these aspects is vital for effectively accepting both local and international payments in Vietnam's growing digital economy.

Frequently asked questions (FAQs)

1. How to accept online payments in Vietnam?

To accept online payments in Vietnam, businesses typically integrate with a payment gateway or platform popular in the country. Key options include e-wallets like MoMo and ZaloPay, which boast large user bases, and comprehensive payment gateways such as Transfi, VNPay and 9Pay that support various methods like QR codes and bank transfers. Global platforms like Stripe and Adyen are also viable. Integrating these services into your website or app, often through APIs or plugins, allows customers to securely pay for goods and services online using their preferred local methods.

2. What are some of the local payment methods in Vietnam?

In Vietnam, a diverse range of local payment methods caters to various preferences. While cash remains prevalent, bank transfers and domestic ATM cards are widely trusted. The digital landscape is dominated by rapidly growing e-wallets like Transfi, MoMo, ZaloPay, and VNPay, alongside the increasing adoption of convenient QR code payments linked to these wallets and mobile banking apps. Although still present, Cash on Delivery is gradually being replaced by these more modern and digital options.

3. What are the top payment gateways in Vietnam?

• Transfi
• MoMo

• ZaloPay
• VNPay
• 9Pay
• Stripe
• Adyen

4. How to choose the right payment provider in Vietnam?

Selecting the right payment provider in Vietnam requires considering several key factors relevant to your business and target audience. Prioritize providers that support the most popular local payment methods, such as e-wallets like MoMo and ZaloPay, as well as QR code payments and bank transfers, or upcoming and highly adaptable platforms like Transfi which are widely used in Vietnam. Evaluate the provider's transaction fees, integration ease with your existing platform (website, app), security measures, and the quality of their customer support in the Vietnamese context. Consider the size and preferences of your customer base to ensure the chosen provider offers the payment options they are most comfortable using.

5. How to Accept Local and International Payments in Vietnam?

To accept both local and international online payments in Vietnam, businesses should integrate with platforms like Transfi, which supports popular local e-wallets (MoMo, ZaloPay), bank transfers, and potentially international cards. Other top gateways like VNPay and 9Pay also handle local methods, while global providers such as Stripe and Adyen facilitate international card payments. Choosing a mix or a comprehensive platform like Transfi can ensure broad payment acceptance.