On August 8, Apple Pay, which kicked off in 2014, was officially launched in Vietnam. This is an e-wallet developed by Apple to serve iOS ecosystem users. Their credit cards in the app are able to make online payments for services.
To make payment, users simply double press the side or home button, authenticate with Face ID or Touch ID, and hold the top of the iPhone or Apple Watch screen near the contactless card reader.
All Apple Pay transactions are authenticated with Face ID, Touch ID or passwords of the devices, together with a one-time password.
On August 8 alone, many users showed the integration of bank cards into Apple's e-wallet, and well-known people in the technology world conducted a livestream guiding users how to make payment for services at shopping points.
According to Apple Pay users in Vietnam, the e-wallet has worked very well on both iPhone and Apple Watch, and the payment has been quick and convenient.
However, the appearance of Apple’s e-wallet in Vietnam has raised a question if it will threaten the domestic e-wallet market, and directly compete with e-wallets such as ZaloPay and MoMo.
At a meeting with the local press to introduce the multi-function QR Code several days ago, Le Lan Chi, CEO of ZaloPay, said as Apple Pay mostly accepts payment via international credit cards, payment and debit cards, it will not have a big impact on the domestic e-wallet market because the number of users of these cards remains modest.
In addition, ZaloPay has announced that it is officially one of the first Apple Pay’s partners providing payment services, which means that the partner businesses which are cooperating and using ZaloPay Gateway can have one more payment option – Apple Pay – for their clients.
Meanwhile, a media executive of MoMo said that Apple Pay will influence the domestic e-wallets, but it will be insignificant, because Apple Pay’s acceptance points are luxury brands and there must be POS machines to implement the payment transactions.
Tran Duy Phuong, a software developer in HCM City, also said that Apple’s e-wallet has not affected the domestic e-wallet market because it only serves a group of Apple’s users or those who have high income.