Customers have become accustomed to making multiple purchases with credit cards, though this portion in Vietnam is still relatively low compared to regional peers when only 5-6 per cent of the population owns a credit card despite high personal consumption demand. Amid digital payment conversion, a new McKinsey report found out that 60 per cent of consumers across the globe plan to use a BNPL model in 2023. A 2022 study by Visa also revealed that BNPL is most commonly used by consumers in Thailand (72 per cent), Vietnam (66 per cent), and the Philippines (65 per cent).

Kredivo empowers consumers to make purchases quickly and conveniently with a wide network of merchants in various categories

The widening credit gap in Vietnam, coupled with a booming e-commerce trend, has presented a lucrative opportunity for the BNPL model to flourish. With its flexible payment plans, fast application process, secure payment platform, and various partnerships, Kredivo offers Vietnamese customers a hassle-free shopping experience.

With a focus on leveraging top-notch technologies based on real-time decisioning and seven years of experience under its belt, Indonesia-based Kredivo has established itself as a dominant player in the BNPL market, and announced its expansion into Vietnam in 2021.

Users can pay seamlessly in just two clicks at the checkout with Kredivo

In Vietnam, Kredivo has strategically partnered up with VietCredit JSC to launch its cutting-edge BNPL solutions in Vietnam, joining a wave of fintech firms aiming to tap into the country’s growing middle class and their increasing appetite for online shopping. Kredivo is empowering consumers to make purchases quickly and conveniently, while also enabling merchants to provide a near-instant digital financing option for their customer base and drive sales.

In particular, starting from strategic partnerships with hundreds of top merchants in Vietnam across diverse industries, with big names such as CellphoneS, FPT Shop, Di Dong Viet, and mother-and-child chain KidsPlaza, Kredivo is widening access to credit to more underserved and credit-invisible young populations, as well as propelling the growth of Vietnam’s fintech sector by combining global expertise with local knowledge.

To continuously support the non-cash payment in Vietnam, Kredivo has employed a localisation strategy, including adapting its product offering to suit local preferences, and building partnerships with local payment providers. Some major payment intermediaries in Vietnam, notably 9Pay and Baokim, have teamed up with Kredivo to provide consumers with easy access and modern financial solutions. Kredivo has made agreements with e-commerce platform Sendo to offer millions of Vietnamese customers a convenient and affordable choice of payment approaches.

Dan Nguyen, country head of Kredivo Vietnam said, “Besides the impact on the consumer’s side, BNPL will also support local merchants to boost their sales and increase customer loyalty when shopping online. This has been proven with Kredivo’s merchants, as some of the top ones recorded an average of 30-50 per cent uptick in the conversion rate and a doubling of their transaction frequency after the integration with Kredivo.”

“By utilising machine learning algorithms and AI, Kredivo is capable of providing instant consumer financing based on real-time decisioning. This not only enhances the customer experience but also enables Kredivo to provide personalised and flexible payment plans that are tailored to the customer’s creditworthiness,” he added.

Kredivo has also developed a range of features that make it easy for customers to manage their repayments. Furthermore, Kredivo is also striving to educate potential customers and merchants on BNPL, including how to use it effectively in order to plan their finances and steer away from overspending, and how to integrate BNPL seamlessly into their businesses.

As a customer-centric fintech, Kredivo is committed to innovating its operation by releasing new product features and making product improvements to meet the evolving demands as well as to enhance customers’ experience.

The BNPL services offered by Kredivo provide an alternative payment method to credit cards, while addressing customers’ emerging demands and boosting profits for businesses across a wide range of sectors. With advanced technologies, innovative product and change-driving policies, this greatly speeds up the Vietnamese economy’s digitisation process.