Hot fintech news: Not VNPay or Momo, this is the top 1 electronic payment company in Vietnam in September 2023

According to the most recent statistics of Reputa - Brand reputation listening and monitoring system, built and developed by Viettel Cyber ​​Center, the ranking of the top 5 electronic payment companies has changed clearly in September 2023.

VTC Pay has officially surpassed the top 1 position with 133.61 total score points, a significant increase compared to 52.9 points the previous month. Last month, VTC Pay launched many vouchers and minigame programs for customers. Besides, users can pay via VTC Pay wallet by scanning the VietQR code from September 2023 conveniently and quickly.

Meanwhile, MoMo has dropped to the top 2 position with 82.76 total score points. Just like in previous months, MoMo continues to deploy many minigame programs for users. Notably, on September 11, MoMo cooperated with Be to organize a minigame called "Comment 'super a lot' - Hunt for 1 million immediately" reaching 15,930 interactions on the page. In addition, MoMo also launched an exclusive promotion on Mini App Highlands Coffee, giving users the opportunity to enjoy "free shipping to your door".

The following are 3 observations drawn from the above-unexpected usurpation.

QR Code is increasingly becoming a popular form of payment for businesses and sales locations after the COVID-19 pandemic because of its convenience.

Every time we go to a cafe, a clothing store, or a hotel and stand in front of the reception desk or order counter, we see QR Code signs appearing. This proves that QR Code is no longer a far-fetched technology product but is becoming more and more popular with every Vietnamese person today.

In fact, the Vietnamese market is developing in the direction of the Chinese market as modern and popular technologies from your country are increasingly appearing and occupying a large market share in Vietnam.

QR Code is one of them. I still remember one time going to a cafe with a friend. When we paid, he just quietly took out his phone and swiped the code, and the money in his wallet was transferred to the store owner. Another example is one time I decided to stop at a street vendor and buy some snacks. I accidentally forgot to bring my wallet and the shop owner offered to scan the QR code and pay her.

That shows that despite being the leader in the market, MoMo's QR codes are also flooded at points of sale. However, VTC's cooperation with large program producers with many views such as VieOn, or apps with a large number of visits such as Tinder is also an advantage for this e-wallet when September is the month of a series of popular game shows on VieOn and also the season for couples to find each other on Mid-Autumn Festival night.

Minigames are also an effective way to attract customers to use your e-wallet.

What if you created an e-wallet with simple functions like deposit, withdrawal, payment, etc. without any other way for customers to feel like they must stay and use your wallet? Surely, they will never come back and use the wallet a second time.

This problem was initially fully exploited by MoMo when they launched extremely unique and attractive minigame products on the market. This problem was initially fully exploited by MoMo when they launched extremely unique and attractive minigames on the market, such as "Raising Pigs to Accumulate Points for Rewards", and "Raising Pigs, Donating Pigs for Charity".

Another example is on holidays, MoMo has also boldly designed minigames that create mass trends such as "Shake Lucky Money" or "Pay to Collect 12 Zodiac Animals".

Vouchers are also a good way to attract customers.

Imagine you want to drink a cup of coffee at Highland or The Coffee House but don't have time to go to the shop. Now, order to the location where you are staying like your office or home.

Which side would you choose if one side had free delivery and the other side did not? Surely the party has the free delivery code, right? And this is an opportunity for e-wallet applications to attract users to their side, linking with sales shops or restaurant chains, cafes, or food delivery apps to provide these vouchers to customers.