Launched by Smartnet in May 2019, SmartPay acquired over 200,000 users and 3,000 merchants across Vietnam. Different types of merchants have been joining SmartPay to accept mobile payments – from individual entrepreneurs and street food vendors to food and beverage chains. Fintechnews reports.
Merchants and users can become a part of SmartPay ecosystem by simply installing the app and passing KYC (“Know-Your-Customer”) procedure which implies providing their national ID or linking a bank card to their account.
A merchant receives an additional QR code to accept payments from users. All personal information and data collected from users are encrypted and protected according to international Payment Card Industry Data Security Standard (PCI DSS).
Besides fee-free instant money transfers, utility bills payments, and jobs board, SmartPay offers its users to apply for a loan through the app’s feature named Credit Probability Index (CPI), as well as to disburse and repay loans. Users can also withdraw money from the wallet at Sacombank ATMs without card. The company is launching a savings feature soon.
Micro merchants and non-banked population are the main target groups of SmartPay’s strategy in providing its users access to financial services and boosting cashless economy in Vietnam.
“We are wholeheartedly devoted to help Vietnamese sustain financial stability. In every interaction on daily basis, our users will get higher values of profitability, convenience, and connection. We firmly believe regardless of your backgrounds you all deserve the simplest access to diverse financial resources in order to make the most of your money”.
Marek Forysiak, Chairman of SmartNet
By Company Announcement.