Digital payments make it easier for small business owners to borrow capital.

According to experts, digital payments will essentially leave a 'financial footprint' for all parties involved. Small business owners will also have better financial data for borrowing capital to expand their businesses.

Consumers make cashless payments at a coffee shop in Phu Quy, Lam Dong province - Photo: QUANG DINH

Speaking to Tuoi Tre Online , Allan Nguyen, co-founder of EzyRemit, stated that digital payments will essentially create payment data, helping small businesses and households build financial profiles for bank loans.

This data will also become the foundation for a complete and expanding digital financial ecosystem, linking multiple stakeholders such as banks, insurance companies, tax authorities, and e-commerce businesses.

Digital payments are essentially used to generate data.

Digital payments will create a “financial footprint,” helping small businesses and households access credit and bank capital more easily. Consumers will also have a financial record for personal borrowing activities.

Vietnam is currently experiencing rapid development in digital finance, and people are very familiar with transactions such as money transfers and QR code payments. However, the majority of these transactions are merely "money transfers" rather than genuine digital payments linked to invoices.

This makes it difficult for consumers and small businesses alike to leave a financial footprint. This "footprint" would include transparency regarding how money is used to enter and leave accounts.

QR code payments also help verify the correct recipient in the transaction, thereby increasing transparency and reducing risk.

In Australia, when a receipt is printed, it includes multiple payment options, such as QR code payment and e-wallets. Users have many choices. Digital receipts in Vietnam should also integrate QR code payments to give users this additional option, but I see that this is not yet a common practice in the Vietnamese market.

Credit history, or "financial footprint," is very important. This is also why foreign banks often require six months of bank statements for lending purposes, so they can verify the transparency of income and expenses.

Banks will also be able to change their credit policies; instead of relying solely on assets as before, with payment data from customers, banks can lend based on clear and stable income levels as well as transparent payment activities using legitimate sources of funds.

Mr. Allan Nguyen, co-founder of EzyRemit - Photo: Provided by the interviewee

Cashback and discounts encourage digital payments.

The reason people haven't actively participated in digital payments or digital financial services is because they are still hesitant about the level of security and the need to change their habits.

In my opinion, government agencies need to engage more in communication and implement more incentive and promotional programs to encourage and build trust in digital finance. Simply telling consumers, "You should pay digitally!" will immediately elicit a response like, "No, I'm used to paying the other way."

Instead of simply giving people a choice, long-term encouragement and incentives will build trust and habits, making digital payments increasingly popular and easier. For example, if a user makes a digital payment, they may receive promotions such as cashback or discounts.

Other digital financial services, including stock investing or purchasing insurance on digital platforms, will also require a synchronized ecosystem. This digital financial ecosystem provides users with a broader and more practical perspective, rather than just offering theoretical encouragement.

In addition, digital payment or digital finance systems need to be designed to be quick and easy to use, avoiding cumbersome procedures. Furthermore, these systems must be widely adopted and popularized.

The Vietnamese market still has plenty of room for fintech.

EzyRemit is an international money transfer fintech company based in Australia. EzyRemit will soon launch the EzyWallet e-wallet in Vietnam, enabling users to make digital payments and transfers more simply and easily, and providing greater access to financial services.

In addition, EzyRemit also aims to deploy a service that helps users in Vietnam easily access remittances from their families abroad at a lower cost, instead of having to connect through multiple intermediary partners which increases fees and diminishes the rights of beneficiaries in Vietnam.

Potential for cooperation in digital payments between Vietnam and Australia.

According to Allan, Australia has built a fairly complete digital payment platform, with the participation of many big names, making digital payment services faster, more transparent, and deeply connected with many other financial services.

Australia's strengths lie not only in technology, but also in its ability to build robust compliance systems, risk management, data security, and digital payment infrastructure. These are areas that Vietnam urgently needs in its digital transformation process. Australian businesses can contribute highly promising solutions to the Vietnamese market.

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NGHI VU

Source: https://tuoitre.vn/thanh-toan-so-de-tieu-thuong-de-vay-von-hon-20260521135706029.htm