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Vcash – E-cash

E-commerce application may not be completed if customers have to get out doing the payment via banking services (ATM, transaction offices) or via post office services … Mid-payment solution can be a appropriate choice for electronic payment. Vcash, a solution of Vinapay J.S.C, which has exchanging rate at 1-1 with Vietnam dong, can be regarded as a middle tool for e-payment among Vcash users and between users and entrepreneurs connecting with Vinapay or owning Vcash accounts.

It takes only couple of minutes to open a free account in the website www.vinapay.com.vn. Users can start processing e-payment via their mobile phones or internet without bank accounts or credit cards. The only thing they need to do is top up money into their Vcash accounts. Besides, users can transfer Vcash to other accounts via mobile phones and internet or use Vcash to exchange for prepaid card pin/code (open MrTopUp application, choose transfer function, and enter Vcash account number which is the receivers’ mobile phone numbers).

Regarding e-business entrepreneurs, once an account is opened via www.vcash.com.vn, all they have to do are add the “paid by Vcash” logo into their websites and guide their customers how to use Vcash to pay. With those who have some more function configurations with Vinapay, their customers can check the detailed bills before paying.

Vinapay Services:
For individual users
-       Transfer: Transfer via mobile phone and internet among individual users as long as senders and receivers have opened Vcash accounts.
-       Payment: Pay the shopping bills of the online shopping websites or pay the other service bills online with the websites which connects payment with Vcash.
-       Shopping: Buy the products available at Vinapay such as prepaid card pin/code for mobile phones, international calls, game online …
For business users, Vinapay provides online payment solutions regarding transaction security (For example: OTP – one time password).

The Vcash payment system is constructed on the technology basis of Net-1, an American company providing security service for e-transactions. This payment system is using the illegal access prevention technology which also regulates the transaction limit within a day in order to minimize the faults from customers. Moreover, it provides OTP to maximize security level for users.

As Ms.Truong To Linh, PR & Marketing Manager of Vinapay, said, currently, Vinapay and Vietcombank have come to a final test to complete the connection. East Asia bank has also started after signing the MOU. After completing connecting, users can use Internet Banking or SMS Banking to transfer money from bank account to Vcash account and reverse. The service is expected to implement in these two banks together with using Vcash in payment at www.chodientu.vnwww.muaban.net, www.yeuthethao.com in this November. There will be Vcash service at www.sanotc.com, www.diaoconline.vn, www.webtretho.com as well.

VinaPay is deploying transfer Vcash service between accounts. Users can pay Vcash with value exchange 1 Vcash – 1 Vietnam dong from 5.000 Mr.TopUp distributors of VinaPay in over 50 cities in all over the country. If need be, customers also can cash out from Vcash to Vietnam dong with a low charge fee. According to VinaPay, there are about 10.000 Vcash users up to this day. In addition, VinaPay cooperates with 2 e-commerce websites: www.chodientu.vn and www.muaban.net, so websites’ members are supported to open Vcash account. The number of Vcash users is expected to reach to 200,000 – 300,000.

At the end of September 2008, VinaPay and Fixed & Mobile (www.fixedandmobile.com) have finished last tests for deploying TransferTo service (www.transfer-to.com) in Singapore. Following this, users in Indonesia, Philippines, Sri Lanka, India, Pakistan, and Turkey can pay in their local country to top up mobile phones of relatives and friends in Vietnam.  Vcash leaders hope of expanding this service to Asia, Europe and Africa where there is system of Fixed & Mobile.

At the beginning of July 2008, customers can register and use trial functions such as transfer vcash, buy mobile pre-paid pin/code through our website www.vcash.com.vn. With mobile phone, users download MrTopUp software to their mobile. Hot line supports Vcash customer: 1900 545408.

Vietnam Payment Technologies Joint Stock Company (VinaPay, www.vinapay.com.vn) was found in 5/2007 by investors: Net 1 U.E.P.S Technologies, INC (USA), IDGVV6 Limited (USA) and Vietnam MK Technology Group. VinaPay focuses on developing payment service and security platform for mobile and Internet. At the beginning of July 2008, customer can register and use trial function such as transfer vcash, buy mobile pre-paid through our website www.vcash.com.vn. With mobile phone, users download MrTopUp application to their mobile phones. Hotline supports Vcash customers: 1900 545408.