(TBTCO) – The digitalization of the payment experience in B2B commerce is highly appreciated by the business sector for its role in influencing economic growth and creating a launching pad for comprehensive finance in Vietnam.
Research by Visa (the world’s leading electronic payment company) on market size in commercial cash flow in 2024 shows that, in the global context, B2B payments (business-to-business transactions) ) is tending to be slower than C2B payments (user-to-business transactions) in terms of digitalization and efficiency.
Digital transformation efforts promoting B2B payments are estimated to bring an economic value of up to $41 trillion in the Asia-Pacific region, excluding domestic Chinese transaction flows.
| Digitizing the payment experience in B2B commerce will create a launching pad for financial inclusion in Vietnam. Illustration |
According to the above research, despite recognizing many challenges in the digital transformation process, Vietnamese businesses are also showing a great vision towards the future, with 33% of domestic businesses, including small and medium enterprises. , commented that it is actively prioritizing digital transformation to improve operating capacity.
Considering the market size and role of small and medium-sized enterprises (SMBs) in Vietnam, this group of businesses is opening up significant potential for the banking sector and fintech businesses in particular, as well as the entire industry. Finance – payment in general.
According to the Ministry of Planning and Investment, more than 97% of the 900,000 businesses operating in Vietnam are SMBs, attracting more than 5 million jobs and contributing up to 45% of the national GDP.
The digitalization of the payment experience in B2B commerce is also highly appreciated by the business sector for its role in influencing economic growth and creating a launching pad for comprehensive finance in Vietnam.
From Visa’s latest survey targeting small and medium enterprises, 68% of SMBs in Vietnam are applying card payments in business, seeing a significant increase in revenue compared to before. Besides, 62% of SMBs were convinced by the fast and secure digital payment experience, starting to use digital payments more in their daily personal lives.
Ms. Dang Tuyet Dung – Director of Visa Vietnam and Laos, said: “Innovation is the key to the future of the payment industry and Visa is promoting the innovation process to facilitate growth for businesses and consumers.” and the community in Vietnam with a seamless, secure and safe payment experience.”
“We expect to accompany businesses and financial institutions in reshaping and modernizing B2B payment solutions. In Vietnam, this will open up new prospects for banks to reach out and provide early support to the business sector throughout the payment journey, from providing the ability to deploy digitalization, to using alternative data in assessment. credit prices, to providing comprehensive solutions in commercial payment management” – shared Mr. Gareth Parrington, Senior Director of Southeast Asia for Visa’s Business Payment and Money Transfer Solutions.
| At the recent customer conference on business solutions, Visa launched VNPAYB2B – a business payment solution provider platform, deployed for the first time in Vietnam in an effort to equip B2B payment acceptance infrastructure. This platform can support businesses in paying suppliers that do not accept cards with the Visa corporate card solution, thereby improving cash flow with attractive discounts for early payment, enhancing control. expenditures and minimizing business operational tasks, through the application of digitalization and data mining processes. |
Tags: Digital transformation highlights open opportunities B2B payments Vietnam
