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VIMO.vn E-Wallet makes shopping easier for Chinese tourists

Released at: 17:19, 14/11/2017

VIMO.vn E-Wallet makes shopping easier for Chinese tourists

Photo: vimo.vn

New intermediary payment unit allows Chinese travelers to use WeChat Pay e-wallets when making purchases in Vietnam.

by Hai Van

VIMO.vn E-Wallet announced on November 13 the first intermediary payment unit that allows Chinese travelers to use WeChat Pay (Weixin Pay) e-wallets to make payments in Vietnam dong (VND) at VIMO-accepting stores when traveling to Vietnam.

Any store in Vietnam can install the “VIMO Merchant” app from phones or tablets and then register a bank account to receive sales revenue at https: //merchant.vimo.vn.

When Chinese tourists pay for a purchase, the vendor enters the order information and the payment amount in VND to generate a QR code. The tourists then use the WeChat Pay e-wallet installed on their phone to scan the QR code of the seller to complete the cashless payment transaction within seconds. The store receives the payment to its bank account in Vietnam within two working days at most.

WeChat Pay also has its own procedures to suggest shops and stores accepting VIMO Merchant Payments to Chinese travelers, which will help increase sales revenue for local businesses.

WeChat Pay and Alipay are the two dominant e-wallets in China, with growth of 20-fold over the last four years, reaching nearly $2 trillion in 2016 from 1 billion regular users.

Almost all activities, such as dining, shopping, entertainment and travel, can be paid for by scanning the QR code through the WeChat Pay and Alipay payment apps on mobile phones.

Following the wave of Chinese tourists traveling abroad in recent years, WeChat Pay and Alipay are also competing aggressively to expand their payment acceptance networks in Europe and Southeast Asia.

“Vietnam is one of the most attractive destinations in the region for Chinese tourists, estimated to reach 3.5 million people this year and bring in revenue of some $3 billion,” said Mr. Do Cong Dien, General Director of VIMO.vn. “After a period of inquiry and negotiation, in early June, VIMO signed an e-payment agreement and connection with Tenpay Payment Technology - the owner of WeChat Pay - with the aim of bringing convenience to Chinese tourists as well as bolstering tourism revenue in Vietnam.”

Vimo is now expanding its cooperation with many overseas partners in countries with a large percentage of tourists coming to Vietnam every year, such as South Korea.

After six months of testing, VIMO.vn has nearly 500 shops accepting QR Code payments via WeChat Pay, of which more than 50 belong to seven corporations at five international airports catering to direct flights from and to China.

“After the pilot of VIMO Merchant at certain stores at international airports, sales to Chinese visitors have grown several times in just a few months,” said Mr. Nguyen Quang Tuan, Deputy General Director of the Song Viet Group, which provides non-aviation services at most domestic and international airports in Vietnam. “Based on that achievement, we will be implementing VIMO Merchant extensively at all Song Viet stores nationwide before the end of the 2017 and early in 2018.”

VIMO is the first intermediary payment unit cooperating with WeChat Pay to allow Chinese travelers to make payments in Vietnam.

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