Lotte Duty Free Introduces Electronic Wallet Payment Service in Vietnam

[Asia Economy Reporter Seungjin Lee] Lotte Duty Free announced on the 29th that it will introduce 'Sacombank Pay' and 'LienViet24h,' Vietnam's rapidly growing e-wallet payment services, marking the first time in the domestic duty-free industry to adopt these services in Vietnam.

The e-wallets being introduced are simple payment services exclusively for Vietnamese users utilizing QR codes. In Vietnam, the usage rate of e-wallet payment methods is about 21%, making it as common a payment method as credit cards among the younger generation.

From the 29th, Vietnamese tourists visiting Korea will be able to conveniently make purchases via mobile at all Lotte Duty Free stores without a separate currency exchange process. Anyone using the simple payment applications operated by local Vietnamese banks, ‘Sacombank Pay’ and ‘LienViet24h,’ can use this service.

‘Sacombank Pay’ has 4 million Vietnamese members, and ‘LienViet24h’ has 3 million members. Users simply access each application, generate a BC Card QR code usable in Korea, and scan it to make an immediate payment. The biggest advantage is that there are no overseas payment fees that usually occur when using cards abroad.

Lotte Duty Free expects that the introduction of Vietnamese e-wallets will enhance convenience for the increasing number of Vietnamese tourists visiting Korea annually and lead to customer diversification. Before the COVID-19 pandemic, the number of Vietnamese visitors to Korea increased by about 30% annually from 2016 to 2019, and last year, approximately 550,000 visited, showing a rising trend each year.

Accordingly, various payment benefits and promotions will be planned for Vietnamese e-wallet users in line with the end of the COVID-19 pandemic. Additionally, the Vietnamese language site of Lotte Internet Duty Free, which has been operating since August, is preparing to enable e-wallet payment services in the first half of next year, and plans to expand partnerships with local Vietnamese banks.

Lee Jung-min, Head of Platform Business Division at Lotte Duty Free, said, “We plan to proactively introduce new payment services that can attract customers from Southeast Asia, including Vietnam, and provide various benefits.”

Meanwhile, Lotte Duty Free is actively targeting the Vietnamese market, having signed an operation contract for the Hanoi city duty-free store with Vietnam’s IPP Group on the 22nd. Currently, Lotte Duty Free operates three stores: Da Nang Airport, Nha Trang Cam Ranh Airport, and Hanoi Airport, starting with Da Nang Airport in 2017, and aims to open Da Nang city and Hanoi city stores in 2021.

This content was produced with the assistance of AI translation services.