Removing obstacles for small business owners in digital transformation.

Although cashless payments have become widespread in many major cities, especially Hanoi and Ho Chi Minh City, and are now a normal part of daily transactions for a large number of people, many are still hesitant about adopting them.

According to experts, there is a need for solutions to bring technology closer to small business owners, supporting them in controlling cash flow, planning finances, saving operating costs, etc. - Photo: Quang Dinh

According to experts, small business owners are facing three major bottlenecks hindering their digital transformation: lack of tools, lack of data, and difficulty accessing credit.

We must bring technology closer to small business owners.

Having run a grocery store for over 20 years, Ms. Thu Cúc (Cầu Kiệu ward, Ho Chi Minh City) is all too familiar with counting cash for daily transactions. Sharing her reasons for being hesitant to switch to cashless payments, Ms. Cúc said: "I'm not tech-savvy because I find it too complicated, and I've heard a lot about scams, so I prefer handling cash in person for peace of mind."

This is also the reality for many small business owners, not only in Ho Chi Minh City. According to Mr. Nguyen Ba Diep, co-founder of MoMo Financial Technology Group, the biggest obstacles to digital transformation for small business owners lie not only in the application of technology, but also in their operating habits.

According to a survey by MoMo of 200 small businesses, the majority of these businesses still manage orders, inventory, accounting, and finance manually.

The lack of appropriate tools and skills in using sales management software, electronic invoicing, accounting, etc., makes it difficult for small business owners to control cash flow, plan finances, and expand their scale.

Meanwhile, many small business owners remain hesitant to change, preferring cash payments and manual operations to save on immediate costs, but they face the challenges of time-consuming processes, inaccurate data, and insufficient information to access credit. Shifting habits to digital technology requires a suitable roadmap, simple tools, and support from easily accessible platforms.

Therefore, Mr. Diep believes that there is a need for solutions to bring technology closer to small traders – right at the payment counter – by helping them access simple, easy-to-use digital tools such as QR codes that accept payments from all banks, and loudspeakers that announce bank transfers.

From there, we introduced basic sales software and integrated delivery services to small business owners to expand their reach. Simultaneously, we created business fan pages and company websites to help small business owners establish an online presence and reach customers in their local area in a more systematic way.

"After becoming familiar with the technological touchpoints, small business owners can expand to more sophisticated operational solutions: POS systems that synchronize orders from online to offline, automated inventory management, real-time revenue control, and multi-channel sales integration," Mr. Diep said.

Cashless payments have become a habit for many people in Ho Chi Minh City - Photo: QUANG DINH

Cashless payments continue to expand.

According to Payoo's survey, in the first half of 2025, cashless payments in many sectors continued to show strong growth in both the public and private service sectors, indicating that convenience and user experience in payments are increasingly prioritized.

In the public service sector, many state agencies and public units have switched to cashless payments. Administrative fees and charges at People's Committees and departments have all been integrated into online payment systems.

Many state-managed museums and historical sites have also implemented POS payment methods such as QR code scanning and card payments, making it easier for people to access and transact, for example, some services at the Da Nang Museum, the War Remnants Museum in Ho Chi Minh City, etc.

In major cities, metro and rapid bus systems have implemented cashless payment methods. According to data from the Ho Chi Minh City Department of Transport, the percentage of passengers paying without cash has reached approximately 70% on metro lines.

In the private sector, the food and beverage (F&B) industry continues to lead in electronic payments thanks to the increasing adoption of cashless payment methods by retail chains, driven by a range of incentives from banks and card organizations.

F&B brands are also constantly upgrading the customer experience, from refreshing menus and applying technology to ordering, payment, and loyalty programs, to expanding payment methods such as eVouchers, gift cards, and prepaid cards, in addition to traditional methods.

Many businesses in the health and beauty sector, from pharmacies and clinics to spas, have also seen growth in cashless payment transactions, indicating that people are increasingly investing in their physical and mental health.

It is possible to reduce the operational workforce by 30-50%.

According to experts, grocery stores, small eateries, and family-run businesses can now reduce their operating staff by 30-50% thanks to automation, control costs more effectively, and improve profit margins by 5-15% in just a few months.

Once operational data becomes substantial, small business owners need support in integrating online tax filing, issuing electronic invoices, using digital signatures, and synchronizing with accounting software.

In particular, the credit scoring system based on actual transaction data allows them to access legitimate unsecured loans from banks – without collateral or complicated paperwork.

This is a crucial transformation, moving small traders from the informal sector to recognition within the formal financial system – not through coercion, but through data.

Many card organizations and banks are also working to expand their ecosystem of affordable and user-friendly payment devices, such as Soft POS (smartphone payment applications) or QR code "speaker" devices.

These are simple yet effective tools that help small retailers recognize transactions as soon as they are completed, minimize errors, and clearly distinguish between business cash flow and personal cash flow, thereby supporting more accurate transaction statistics and reconciliation.

Saving resources and operating costs.

According to Payoo's e-wallet report on electronic payment trends for the first half of 2025, in recent years, electronic payments have not only grown strongly in scale but are also playing a driving role in a series of profound transformations in the economy .

Cashless transactions have facilitated revenue transparency, accounting automation, the implementation of electronic invoices, and more efficient tax management.

One of the key steps is the issuance of new tax regulations, such as requiring households and individual businesses with annual revenue of 1 billion VND or more to no longer be subject to the lump-sum tax method but to use electronic invoices generated from cash registers, with a system directly connected to the tax authorities.

A representative from Payoo stated that the digital payment ecosystem has matured, making the verification and reconciliation of transaction data faster and more accurate.

Simultaneously, accounting operations such as revenue and expense recording are gradually being digitized and automated. Artificial intelligence technology is also beginning to effectively utilize transaction data from retail systems, contributing to optimizing operations and promoting the digital economy.

"This shift is the result of a process that has taken place over many years and is entering an accelerated phase with broad consensus from the Government, managers, and implementing agencies."

"Even sectors with small transaction values ​​and high transaction frequency, such as petroleum, have implemented electronic payments simultaneously, demonstrating a decisive move to change the operating methods of the entire market," this person commented.

According to this expert, implementing policies to increase economic transparency, such as those related to taxes and invoices, is considered an inevitable long-term trend. However, it may initially overwhelm and overwhelm small businesses and traders, potentially requiring a suitable roadmap and conditions to allow them to gradually adapt.

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Source: https://tuoitre.vn/go-kho-cho-tieu-thuong-chuyen-doi-so-20250826075026361.htm