SHINHAN BANK CATCHING UP SMART PAYMENT TREND

Source:- Shinhan Bank

By expanding network of reliable technology partners in Vietnam, Shinhan Bank has offered the diversified and convenient payment methods that meet the increasing need for non-cash payment.

Joining hand between bank and Fintech

 One of the financial trend emerging in 2020, as reported by Payment Department under the management of State Bank of Vietnam, is to reduce cash payment portion down to less than 10%. It is expected that 70% of suppliers in water, electric and telecommunication services will accept non-cash payment from individuals and families. E-payment and mobile payment are expected to strongly grow to satisfy this demand, especially, the excellent payment utilities. Therefore, Shinhan Bank sets the goal of developing digital banking platform in general and e-payment in particular as one of the important strategies embraced by the bank in this period.

 In parallel with developing and improving current e-payment facilities, Shinhan Bank takes initiative in expanding technology partner network, including Samsung Pay, VNPAY, MoMo, Grabpay by Moca and others to diversify convenient and modern digital payment modes. The partnership between the bank and FinTech firms is built on the basis of mutual benefits. This affiliation gives the bank the chance to promote its distribution channel and online transactions on advanced digital platforms while FinTech partners also enjoy more opportunities to expand their customer network, improve their service and meet market demand. Hand-joining of Shinhan Bank and FinTech firms also gives customers with more online payment options that are convenient, safe and secured.

Source: – Shinhan Bank Vietnam

Convenience of smart payment methods

Customers now can flexibly select their customized payment method anywhere, any time with the large affiliated network.

QR code payment

 Being more popular in Vietnam in recent two years, QR code payment is recognized as one of the smart mobile payment solutions that is expected to gradually take place of traditional payment methods. By working with VNPAY, Shinhan Bank has successfully developed this convenient payment mode on Mobile Banking SOL app. QR code payment enables customers to use their mobile phone to make payment instead of using ATM card with no card charge and payment risk minimization.

E-wallet payment 

Like what it is called, e-wallets serve as a wallet of money from bank accounts with the function of online payment support. Some e-wallets incorporate QR code scanning to helps users to make convenient payments at stores.

With this payment method, users can easily pay bills, shop online, pay for goods and services, top up phones, transfer money, receive money and enjoy attractive offers from the bank’s affiliated merchants. Shinhan Bank has directly worked with and developed the payment method via e-wallet of reputable technology partners such as MoMo, Grabpay by Moca. The bank also support customers to actively recharge their other e-wallets, for example, VINID, Senpay, Viettelpay, Zalopay by linking e-commerce function with Napas.

Pay with Samsung Pay app

Samsung Pay is a mobile application that enables customers to integrate Shinhan cards into Samsung smartphones. With this way, customers can make payments via POS devices at supermarkets, shops, and restaurants or withdraw money at ATMs, where accept Samsung Pay of Shinhan Bank, by your own phone instead of carrying along many cards as before. This is a convenient payment form born from cooperation of Shinhan Bank and Samsung Group. This form of payment helps to keep your card information safe in your phone, ensuring the security when paying at POS or ATMs.

Payment via Payoo

Payoo functions like an online wallet, enabling users to conveniently and effectively shop on e-commerce websites. In partnership with Payoo, Shinhan Bank provides customers with loan collection and credit card payment services, which allow customers to repay their loans and credit card balances through Payoo application, Payoo’s website or a network of more than 4,000 convenience stores, supermarkets affiliated with Payoo.

With Payoo payment service, customers can pay their loan or credit card balance conveniently anytime and anywhere without going to the bank. This convenient form of payment also helps to minimize the hassles that customers might have in paying their loans or credit card balances.

It can be seen that e-payment and contactless payment channels are becoming more and more popular when businesses and e-commerce sites, in various fields from dining, shopping, tourism to healthcare, accept these payment forms, helping customers to make transactions easier and more convenient. However, besides the great benefits, smart payment methods also pose a high security challenge.

Therefore, in parallel with the expansion of the affiliate network, Shinhan Bank also cooperates with FinTech partners to tighten management, enhance information security for customers and prevent frauds. In the coming time, Shinhan Bank will continue to expand its network with many prestigious technology partners to bring customers with new payment methods to meet the needs for convenient and safe transactions.

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