Payoo launches e-payment service

HCM CITY — A new "electronic-wallet" launched on Friday will help people shop online without submitting credit card details or their personal bank information.

The Payoo service, introduced by the VietUnion Online Service Joint Stock Company, has been allowed to run on a pilot basis by the State Bank of Viet Nam.

The service plays an intermediary role among banking, credit, financial organisations, enterprises and customers. A fixed sum of money from the customer’s bank account will be transferred to their Payoo electronic-wallet. With money in Payoo, customers can buy goods through websites without providing banking account or credit card details. With Payoo, enterprises can reject 100 per cent of fake orders as customers have to transfer the money first. They also can expand their market through the modern payment system. Introduction of this service saves the banking system money, because they do not have to provide a similar service by themselves. For customers, using Payoo ensures their purchases are safe and will be delivered on time, as the enterprises selling the goods are contractually bound to the Payoo service provider.

"In the context of global economic recession, e-commerce is the best solution for both customers and enterprises," said Nguyen Hoang Ly, general director of the VietUnion company. The VietUnion, a member of the Sai Gon Investment Group, will be responsible for all risks and complaints related to the Payoo service. Payoo is now co-operating with four banks and around 80 enterprises. Payoo transactions can be done through the internet or on the mobile phone. Security for Payoo is provided by VeriSign - a leading e-transactions security company. More details are available at https://www.payoo.com.vn.