E-payment solutions supplier Mobivi has prepared $10-20 million to enhance online payments in Vietnam.
Mobivi CEO Dung Tan Trung secured that sum for the ECC programme from his company and its three major investors – global financial investor Experian, Kusto Tiger Fund Private, and American investment group Unitus Impact.
ECC is an online banking account tied to merchant services within Mobivi’s network. Participating companies can use ECC to pay their employees. In addition, the cardholder can buy products online, pay bills, add money into mobile phone accounts, pay for taxis, airplane tickets and tours.
Trung said all employees at any company could register to have an ECC. Almost 20 companies in Vietnam have joined the ECC programme during its test run and Mobivi expected to have 100,000 employees in Vietnam on this programme till the year’s end.
E-commerce is still less developed in Vietnam where e-payment has not gained much steam. A May 2013 report by the E-Commerce Association of Vietnam showed the value of all e-commerce deals in Vietnam accounted for just 0.5 per cent of the country’s total retail revenue. This stands out against the number of 31 million internet users, or 35.5 per cent of the population.
By Tuong Thuy