In terms of emerging markets, Southeast Asia has often been mentioned as a new market of interest, alongside Poland, Turkey and India.
Unsurprisingly, Vietnam was considered as one of the toughest markets to enter due to the language barrier and a strong local payment method.
Cross-border ecommerce and conquering new markets are two methods that merchants have at hand to increase their business volume.
The advice we give to our merchants and partners is to engage with a processor who has a global presence, who knows the local laws and interchange fees, the pricing and the decisions that a merchant should make based on the regulation of that particular market.
A first step forward would be to find partners or advisors or outsourced contractors who have the best overall view on ecommerce.
This includes insight on how that market works, who are the right partners, what are the real opportunities, how people pay and other influencing factors on success and failure in that particular market.
According to The Telegraph, cybercrime has become the most profitable criminal activity in the world.
So merchants have to ensure they have an environment that will support EMV (a global standard for credit and debit payment cards based on chip card technology), encryption and tokenization when expanding their business into new markets.
Becoming PCI compliant and maintaining this compliance as a permanent business-as-usual process is also mandatory. PCI is the baseline to stop data breaches and it is the responsibility of all parties involved – acquirer, issuer, and merchant.
To provide a secure and a hassle free payment solution in Southeast Asia, MOLPay Sdn. Bhd., a subsidiary of MOL AccessPortal Sdn. Bhd., which is the operating company of MOL Global, Inc. (OTCMKTS: MOLGY) (“MOL” or the “Company”) has collaborated with Vietnam’s Top 1 online payment gateway VTC Pay with more than 1 million users in Vietnam.
It is among a few Vietnamese service providers that have received Payment Card Industry Data Security Standard (PCI-DSS) as well as the license to provide Intermediate payment service issued by the State Bank.