VIMO.vn E-Wallet claims to be the first intermediary payment unit in Vietnam to allow Chinese travelers to use WeChat Pay (Weixin Pay) e-wallets to make payments in Vietnamese dong at VIMO accepting shops and stores when traveling to Vietnam.
Stores in Vietnam can install the "VIMO Merchant" application from the phone or tablet download store and then register a bank account to receive sales revenue at https://merchant.vimo.vn.
When Chinese tourists pay for the purchase, the merchant enters the order information and the payment amount in dong to generate a QR code.
Tourists use the WeChat Pay e-wallet installed on their phone to scan the QR code of the merchant to complete the cashless payment transaction. The merchant will receive the payment amount into its bank account in Vietnam within two working days.
According to the Pacific Asia Travel Association, Chinese tourists visiting Vietnam grew over 63% in the first quarter of 2017, compared to the same quarter in 2016. About 2.7 million mainland tourist visited the country in 2016, up 51.4% from 2015 levels.
As Chinese tourists roam the country, the WeChat Pay app on their phone will recommend shops and stores that accept VIMO Merchant Payments helping boost sales for local merchants. For Chinese travelers, this service can replace conveniently the use of bank cards with a mobile phone, allowing them to travel and shop cashless in Vietnam.
With more than $2 trillion in trading volume in 2016 and about 1 billion users, WeChat Pay and Alipay command a sizeable chunk of the e-payment market in China. The two competitors are both eyeing the international market, essentially following Chinese tourists as they roam the world, including Europe and Southeast Asia.
"Vietnam is one of the most attractive destinations to the Chinese tourists in the region. It is estimated that the influx of Chinese tourists will reach 3.5 million people and bring in revenue close to $3 billion in 2017,” VIMO.vn general director Do Cong Dien said.
“After a period of inquiry and negotiation, in early June 2017, VIMO signed an e-payment agreement and connection with Tenpay Payment Technology - the owner unit of WeChat Pay with the aim of bringing convenience to Chinese tourists as well as increasing tourism revenue for Vietnam.”
He confirmed that the company is expanding its international cooperation with a number of overseas partners originating from countries which have a huge percentage of tourists coming to Vietnam every year, such as Korea.
To date, VIMO.vn is accepted in nearly 500 shops accepting QR Code payments via WeChat Pay, of which more than 50 stores belong to 7 corporations in 5 international airports which have direct flights from China.
First published in FinTech Innovation