(HNMO) – On April 7, within the framework of the conference “Unlocking Opportunities - Business Payment Solutions”, Visa announced solutions that allow expanding the scope of market support for payment flows between individuals, businesses and governments .
Within the framework of the event, partners discussed many topics revolving around supporting small and medium-sized enterprises in digital transformation and development, orientation and effective solutions to access B2B payment flows (between businesses and businesses), strategic methods to support card payments for B2B payment flows and cross-border B2B money transfer solutions.
According to Visa, electronic payments are growing and are popular with consumers. Visa's 2022 Consumer Payment Attitudes Study shows that more than 70% of Vietnamese consumers are open to Open Banking, especially non-bank service providers and fintech companies, when allowing users to open accounts linked to banks.
In the context of fintech's continuous development, great growth potential appears not only for B2C (business-to-customer) payments, but also for B2B payments in many fields, helping businesses find and embrace opportunities from new markets. Visa notes that businesses currently mostly use corporate cards to pay for business trips and business expenses. However, B2B digital payment solutions via cards can be used in a wider range of industries, helping to respond to supply chain challenges.
Speaking at the conference, opinions also pointed out that currently, fintech companies are aiming to solve the problems of the current cross-border payment model. In the context of the growing online transaction market between businesses to businesses (B2B), the demand for fast and seamless payment methods, solutions such as virtual cards will reduce the complexity of cross-border transactions, while increasing transparency and data verification.
In Vietnam, B2B fintech applications are creating new revenue and growth potential for companies of all sizes. According to McKinsey research, business disruptions due to the pandemic are accelerating the digitalization process at businesses, thereby boosting B2B e-commerce. This trend is expected to continue as B2B buyers become more familiar with digital channels and services.
Sharing her opinion, Visa Vietnam and Laos Director Dang Tuyet Dung said that the B2B digital market is booming and being widely applied in many fields, and this is the perfect time for domestic small and medium enterprises to join this continuing growth momentum.
According to this expert, in Vietnam, agriculture , B2B tourism and fast-moving consumer goods (FMCG) are expected to benefit from increased access to supply chains, easy payment options and capabilities, and revenue growth potential.
On the other hand, new technology can also help financial institutions support issuance for trusted partners. For example, issuers can develop existing partnerships into payment acceptance channels, through which they can issue co-branded cards, to support improving B2B payment capabilities and expanding their customer base.
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