An online payment portal called PayNet has been made available to customers across Vietnam.

In Vietnam, there are over 60 million mobile subscribers, 15 million bank accounts and more than 20 million people using the internet.

Based on technology provided by electronic payment systems company OpenWay’s Way4, the service allows online shoppers to make transactions without the need for bank accounts or Visa and MasterCard-branded cards.Way4 is a payment processing framework for banks, processors and mobile operators, incorporating WAY4 Switch, WAY4 Card and Merchant Management, WAY4 Smart Card Personalisation, WAY4 Loan Management, WAY4 Behaviour Loyalty services.

Customers who are interested in paying online with PayNet must set up an account with a private code number. The money that shoppers have put into such an account is to be transferred to sellers and then deposited into banks. All the money that buyers put into the account will be deposited into banks after being transferred to sellers. All transactions are to be followed up with an email or SMS mobile phone message.