In 2018, the gross revenue of the Social Commerce market in Vietnam has reached the number of 5,9 billion USD. Understanding the trend, PayME recently joins the market and offers an easier transaction process for their customers.
Social Commerce is still a new technology application in Vietnam, but it is a fast-growing application. According to the analysis of “Conversational Commerce-the next-gen of E-com,” consumers in the Southeast Asia region confirmed that they purchased the first online order after having a conversation with the dealer. Social Commerce itself has become a popular trend of transaction globally and specifically in the Southeast Asia region. Acknowledging the development of this trend, Payme joins the flow of this market. PayME is confident that they are different from other Social Payment platforms since PayME offers an easier transaction process.
According to PayME, a conversation can be turned into a transaction thanks to the support of PayME’s app. PayME allows the dealers, retailers, contributors, and corporations to make the transaction with their customers right in the chatbot which is new in the Vietnam market. This innovative payment option is well-known as Social Payment, an already popular payment option in some European nations, but it is new in Vietnam. PayME is confident that they are the leader of this innovation and they are the game-changer of the market.
Le Hoang Gia (the CEO of PayME) believed that his entrepreneurial plan will be a successful one since Social Payment “is a trend” and it will “support” the market of social commerce in the future.
“PayMe is an open e-wallet which combines the social payment and the B2B2C sequence,” Mr. Gia said. “PayMe offers an easier transaction process between corporations and customers right in interactive platforms like social media sites such as Facebook and Instagram. Thanks to the easier process of payment, contributors can have a good opportunity to expand their brand name and have a chance for exponential growth.”
The most important part of PayME will be the PayME open e-wallet which is specifically designed for the contributors. With this innovation, contributors can themselves create an e-wallet and consumers don’t have to use PayME app to finish the payment between them and the contributors. Payments can be done right in the app of the contributors. Small retailers can also use this service of PayME, but the electric wallet app specifically wants to design this option for big contributors who already have a constant amount of consumers.
Besides introducing the Open e-wallet, Mr. Gia also shared about other innovative payment options that PayME would deliver to its users. Since Vietnam is in the top 7 nations having the highest number of Facebook users, Social Commerce and Social Payment will not only be an innovation, but also a future trend. PayME will allow their users to finish the payment by phone’s keyboard or laptop’s keyboard. This option is named PayME Key which allows even unauthentic users to make the payment on PayME.
When contributors want to ask for a payment, they can simply make a request on PayME. A payment link then will be sent to the customers. By clicking on the link, customers can proceed with the payment for the contributors quickly without needing a PayME account or the PayME app. Even though PayME offers an easier transition between the contributors and the consumers, the app is still being questioned about the security warranty.
Answering this concern, Mr. Gia assured the wanderers that his app will create a safe environment for transacting for both the consumers and the contributors. “PayME is not providing just a payment solution. We are creating a friendly environment of e-commerce, within that contributors can provide their service on their own app and receive their revenue thanks to the support of PayME,” Mr. Gia said.
In the panel discussion of Wednesday, the CEO was surrounded by a high intensity of questions and concerns, but instead of being tired and pissed by them, he showed a positive attitude on the stage and always brought out a bright smile.
MOMO, Venmo, and also PayPal will be big opponents for PayME, but the CEO denied giving up on these opponents. Personally, he said that PayMe would deliver an innovation of payment that is unique in Vietnam. “PayME wants to make the transaction become easier and to make sure that the process is safe, PayME will attach the OTP code to the transition link. In order to finish the transaction, customers will have to use the OTP code,” Mr. Gia said. “Actually, PayME to some extent is influenced by Venmo, a branch company of PayPal. It is a motivation for our development.”
Currently, PayME has a partnership with at least 10 corporations, and in the future, this number can be even much higher in the next few years when e-commerce is an inevitable trend of economical development. PayME also has a companion with some banks which allows the users of this app to make a transaction with anyone. The Vietnamese company supports a variety of payment options including e-wallet, domestic ATM cards, cosmetic ATM cards, QR codes, manual banking, and international e-wallets like PayPal, Venmo, and alike products.
With only three easy steps-create the link, send the link and receive the payment, the contributors can ask for a payment and receive it in seconds. PayMe purposedly creates such an easy process so that they can enhance their customers to a friendlier platform of payment. Though the company just made its official debut this Wednesday morning, it probably is just the dawn of an empire.
PayME will play an important role in the already stressful e-wallet market like Vietnam. The company offers a better option of payment than some opponents. And they also provide the contributors a solution for controlling the payment. This app is not simply just an e-wallet, but an environment for users-friendly e-commerce.