The service is expected to provide consumers with a simple and convenient payment solution and boost sales on websites and apps in Vietnam.

A meaningless character string called Token will be sent to the merchant's website or app after the first successful transaction. Merchants’ websites or apps with a Token code connected with Alepay service will automatically deduct money from customers’ accounts.

The service is beneficial to small merchants or startup enterprises because they do not need security infrastructure meeting strict standards of banks.

Alepay Tokenization is useful to services with periodic charges such as gymnastics, telecommunications, domain hosting, cloud computing service, online sales and online ticket sales.

According to a study by Business Intelligence, the total value of unfinished online shopping orders in 2016 amounted to US$4.6 trillion, with 46% of the deals cancelled at the payment step and 39% at the information provision step. This study shows that buyers are afraid of spending too much time providing information, so websites and apps need to simplify the process.

Typically, Amazon's 1-Click Checkout service allows customers to save delivery and payment information for next purchases with a single click, similar to Uber’s online payment service, which also facilitates customers because it is time-saving.

Source: thesaigontimes.vn