How to improve order conversion rate? Use local payments in Vietnam!

The key to improving order conversion is to optimise the localised experience of the payment process, especially in the Vietnamese market. Below are specific strategies to improve conversion from a payment perspective, incorporating Vietnamese characteristics:

  1. Full coverage of mainstream payment methods
  • Must-connect Vietnam's 'e-wallet trio': MoMo (52% market share), ZaloPay (23%), ViettelPay (18%)
  • Direct bank connection: Priority access to VietinBank, VPBank and other top 5 bank gateways
  • Cash payments: keep the COD option but set up intelligent risk control (recommended to be open for orders under $30)

  1. Localised UI/UX Optimisation Tips
  • The payment page displays Vietnamese Dong (VND) by default, avoiding the doubt of exchange rate caused by dynamic conversion.
  • Place MoMo wallet icon before credit card option (measured to boost conversion by 7%)
  • ZaloPay SDK loading speed optimised separately for Ho Chi Minh City users

  1. Tiered fee strategy
# Example of Smart Handling Fee Apportionment Algorithm

def calculate_fee(order_amount).

    if order_amount < 10: # < $10 order platform pays handling fee

        return 0 

    elif order_amount <50: #10 - $50 partially apportioned

        return order_amount*0.015 -0.1  

    else: # large customers pay the full cost at their own expense

        return order_amount*0.02

  1. Anti-fraud and trust building

  1. Anti-fraud and trust building

    • Vietnam's Specialised Risk Control Rules::
      • Manual Audit Triggered for "Frequent Change of Bank Cards on the Same Device" (a common blackmail tactic in Vietnam)
      • Orders with Hanoi IP address but delivery address in Ho Chi Minh City raise verification level (high incidence of inter-provincial fraud)
    • Trust Mark Display::
      • Display "Local Business Licence Number" on the payment page (required by Vietnam's Ministry of Industry and Information Technology)
      • Added "Bank-grade SSL encryption" shield icon (click to expand Vietnamese description)

  2. COD (cash on delivery) optimisation strategy

    // COD intelligent recommendation algorithm
    
function recommendCOD(order) {
    
  const riskFactors = {
    
    'New user': 0.3, 
    
    'Night time ordering (22-6pm)': 0.4,
    
    'Remote areas': 0.7
    
  };
    
  
    
  let riskScore = Object.keys(riskFactors)
    
    .filter(factor => order[factor])
    
    .reduce((sum, factor) => sum + riskFactors[factor], 0);
    
  
    
  return riskScore <1 ? "Show COD Options" : "Bootstrap Prepayment Deposit 20%";
    
}

  3. Failed Payment Smart Recovery
    | Reasons for Failure | Localisation Solutions |
    |——————–|—————————————-|
    | Insufficient Balance | Automatically jump to MoMo's "Coin Top-up" page |
    | "Card Limit" | Recommend Vietcombank's Sweep Instalment |
    | "OTP Timeout" | Viettel Operator Exclusive SMS Channel Resend |

  4. Data-driven A/B testing focus
    Example of test directions:
    ✅ Renaming "bank transfer" to "internet banking" (user perception differences in Vietnam)
    ✅ Cash payment button changed from red to green (cultural colour psychology)

  5. Policy Compliance Filing Checklist
    It must be prepared in advance:
    🔹 Copy of NBV Payment Licence issued by the NBV
    🔹 Transaction log storage solution required by VNTA (minimum 12 months)

9 Key Metrics Monitoring Kanban Recommendations:
1️⃣ MoPay Success Rate Graph (by hourly dimension)
2️⃣ COD rejection rate heat map (broken down to county level)
3️⃣ OTP input duration distribution statistics

Special note: Starting from Q2 2024, the Central Bank of Vietnam requires all cross-border receipts to have an additional "Description of Foreign Exchange Source" field, so it is recommended to reserve the field on the payment page in advance.