Recent data from the State Bank of Vietnam reveals remarkable growth in non-cash payment transactions. In January 2024, compared to the same period in 2023, non-cash transactions surged by 63.3% in quantity and 41.45% in value. Particularly noteworthy is the explosive rise in QR code payments, which skyrocketed by nearly 893% in volume and over 1,062% in value.
In light of this growing trend, the challenges faced by merchants have become increasingly evident. To address the lack of specialized services that help merchants accommodate a wide range of payment options, Military Bank (MB) has partnered with Alliex, a company focused on developing merchant-centered solutions, to launch the Vietnam Merchant Service (VMS). This service is designed to meet the specific needs of merchants by offering various payment options, including card payments, e-wallets, installment plans, BNPL solutions, DCC, loyalty point accumulation, and vouchers….
POS systems integrated with the VMS service can accept a wide range of payment methods
Developing a cashless society in alignment with the Vietnamese Government's vision and develop the Vietnam Merchant Service (VMS) to satisfy both merchants and consumers in order to expand payment infrastructure is the primary goal of the partnership between MB and Alliex. Both MB and Alliex are confident that VMS will increasingly attract more merchants.
In the initial cooperation model, Alliex offered services to merchants such as shopping centers, hospitals, etc. Survey results indicated that 90% of respondents expressed satisfaction with the service provided.
Alliex plans to expand its nationwide POS payment network and enhance payment infrastructure in Vietnam by providing VMS services to a broader range of merchants, including shopping malls, chain stores, and small to medium enterprises. The strategic partnership between MB and Alliex is seen as a crucial step in modernizing Vietnam's payment infrastructure. By combining MB's extensive and reputable service network with Alliex's cutting-edge technology, the collaboration aims to foster the development of non-cash payment methods in the country. Furthermore, Alliex is committed to making significant investments in Vietnam's payment infrastructure to deliver the most advanced technologies to consumers and businesses.
"We believe that the combination of Alliex’s technological capabilities with the reputation and prestige of MB will serve as a foundation for the rapid development of Vietnam’s payment service industry, moving towards a cashless society," stated a representative from Alliex. The collaboration between MB and Alliex is poised to be a significant step in advancing Vietnam’s cashless payment market.