First Blockchain Payment Processing Platform Launched in Vietnam

Vietnam's bitcoin exchange Bitcoin Vietnam Co. Ltd. has partnered with Coinify ApS to bring Blockchain merchant processing tools to the Vietnamese market. During the first stage of this newly established partnership, Vietnamese merchants will be able to receive Payments in bitcoin and sixteen other popular cryptocurrencies supported by the payment processor Coinify.

Payments will be automatically converted to the Vietnamese dong and paid out on a regular basis. Merchants can thus offer more payment options to their customers, while employing a fraud and risk­ free payment environment, the firms explain. The new platform will offer seamless integration with the merchant’s website as well as support point­ of ­sale (POS) application tailored for brick­ and­ mortar shops.

Nguyen Tran Bao Phuong, CEO of Bitcoin Vietnam commented: “Bringing the option of receiving blockchain payments to Vietnamese merchants will dramatically improve the lack of trust and security which are swirling around legacy payment options like credit cards, Paypal and similar offerings. The spillover effects of international cooperation and mutual exchange of knowledge will allow the domestic industry to grow and prosper along this way; paving the path for further international integration of the Vietnamese economy.

We believe, that this is a great – and necessary ­step forward for the development of the domestic market to provide Vietnamese merchants direct access to such technological top ­notch solutions which will help them to accept payments in a much safer way while opening up their services to a truly global audience.”

Mark Højgaard, CEO of Coinify ApS, added: “Bitcoin Vietnam has, as the first mover in Vietnam, paved the path for bitcoin adoption Via the brokerage, exchange and remittance solutions they offer to Vietnamese people living within and outside the country. We are happy to join this dynamic company in strengthening the existing infrastructure and provide the Vietnamese market with professional blockchain payment processing. Furthermore, this partnership marks another milestone in our ongoing global expansion.

After confirming market leadership in Europe, we have been looking into ways to increase Coinify’s presence on the Asian continent: signing deals with Digix offering digital assets on Ethereum network, financial brokerage Hello­Markets and the popular PSP Payssion. Partnership with Bitcoin Vietnam will add yet another PSP to the list of bitcoin enabled services in the Southeast Asia region. Vietnam itself is a very attractive market and we are thrilled to be able to bring their merchants and businesses an infrastructure that enables them to embrace this alternative payment method.”