HANGZHOU, China, July 6, 2023
/PRNewswire/ -- BEST Vietnam today
announced signing a cooperation agreement with VNPAY, a
leading digital payment solution provider in Vietnam, to jointly promote cashless payment
solutions in the country.
Starting today, Vietnamese consumers can complete payment for
their goods and shipping fees by scanning the VNPAY QR code
provided by BEST express couriers. The QR code is generated
independently for each shipment and covers 32 mainstream banks and
15 e-wallets in Vietnam.
Fang Longqing, head of BEST Express Vietnam, said, "BEST has
always been committed to promoting the logistics industry with
technology. This cashless payment solution is another milestone on
BEST's digital journey in Vietnam.
In the future, we will strive to make more and more consumers
complete online shopping using cashless payment solutions."
Fan also said BEST Vietnam will in next stage try to improving
the efficiency of COD reconciliation, helping online shops receive
payment on the same day.
Ngo Anh Tuan, director of VNPAY
QR code payment solution, said, "We hope that more customers can
enjoy the fast, convenient, and secure cashless payment function of
the digital age, and we also hope to optimize the workflow for
BEST, thereby establishing a broader user base."
As cash on delivery model (COD) is the mainstream online
shopping model in the nation, this cashless payment solution is
expected to promote the COD model to a new level.
According to Allied Market Research's Vietnam Express Delivery
Services Market Report (2022-2030), the COD ratio for online
purchase in Vietnam currently
exceeds 80%. However, this model requires cash preparation by
consumers, cash-carrying by couriers, daily bank trips by logistics
stations, and high return rates for merchants, resulting in a
fragmented, labor-intensive management.
Good news is the trend of e-wallets becoming increasingly
popular in Vietnam is facilitating
cash-less transformation for online shopping.
According to Robocash Group, about 57% of Vietnam's adult population actively uses
e-wallets, in contrast to just 14% at the end of 2018, which is
considered significant penetration.
It is expected that the cooperation between BEST Vietnam and
VNPAY will further popularize e-wallets and cashless payments in
the country, and aid in the digital transformation of the logistics
industry.
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SOURCE BEST Inc.