The switchboard function of Banknetvn, Smartlink, VNBC are consolidating. According to this article, Smartlink and VNBC shall continue their services other than switchboard.
The "other services" include e-payment. What could this mean to the e-payment industry?
- This can buy some time for independent (i.e. non bank-based) e-payment service providers to speed up their customer acquisition.
- When freed from the switchboard business, Smartlink and VNBC can focus on providing e-payment services which would pose a threat to independent players.
All in all, I’d look forward to see more e-payment services, especially ones which connect core-to-core to banks.
- With over 50% transaction value on MuaChung.vn going through e-payment, Soha Pay now ranks second in the market in transaction value.
- Soha Pay rebrands to MuaChungPay for, pragmatically, sales purpose.
- From the e-commerce websites I have visited, I see NganLuong has been more efficient in building its merchant network compared to BaoKim. This comes as a surprise since BaoKim insists on being free to merchant and charging customers for guaranteed payment instead.
- Payoo is expected to launch its cash-based offline payment solution with the technological and financial support from NTT Data
Also, one can use NganLuong & BaoKim to perform interbank transfer free of charge. This is how they are doing it
What are not "non-bank"?
The active solutions not included in this update include OnePay, Smartlink, VNBC and Banknetvn.
Being backed by banks is a tremendous advantage, putting these giants beside independent players would only dwarf the later so I am temporarily refrain from doing so.
Disclaimer: all information are sourced from public information.