MoIT plans to launch a transaction assurance system in e-commerce
Illustrative image (Photo: VNA)
The Centre of Information and Digital Technology of the Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade is expected to launch a system to ensure transactions in e-commerce from now until the end of the year.
This is to assist the parties to the transaction using protected online payments.
According to the Centre of Information and Digital Technology, the online payment on e-commerce markets still faces many difficulties due to the high return rate in e-commerce orders.
E-commerce platforms have had consumer protection mechanism, but there has been no mechanism to protect shop owners and no formal or convenient dispute resolution mechanism.
In order to solve the difficulties, buyers and sellers often use an intermediary stage, which is a system to secure transactions under the dispute resolution option (Escrow).
This means that two parties ask a third party to hold money, papers or other assets for a transaction on their behalf before the transaction is completed.
By this way, buyers and sellers can trust each other on e-commerce platforms and business-to-consumer (B2C) e-commerce websites.
The Escrow system of transaction assurance will solve the online payment difficulties of the e-commerce market by building a reliable intermediary system, ensuring that transactions take place according to agreement between buyers, sellers and brokers.
In addition, the system provides a place to keep the payment of the buyer and will only transfer it to the seller when the transaction is confirmed as successful from the parties participating in the transaction chain.
It also provides an online dispute resolution platform for the parties involved in the transaction.
Buyers and sellers have a default normal period of seven days to execute contracts.
During the holding period, only when the buyer clicks on the approve button to transfer the money to the seller, the money is actually transferred./.
Related News
E-commerce tax collection in Hanoi increased by 265%
10:28 | 13/10/2024 Finance
Insurance companies adapt to e-commerce trends
09:30 | 11/09/2024 Import-Export
Ho Chi Minh City: Many violations in e-commerce business
10:19 | 25/08/2024 Anti-Smuggling
Policies of goods quality inspection need to facilitate and prevent fraud
09:43 | 17/08/2024 Regulations
Latest News
Import and export are expected to reach 800 billion USD
13:32 | 04/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
13:29 | 04/11/2024 Import-Export
Rice exports likely to set new record in 2024
13:25 | 04/11/2024 Import-Export
Vietnamese goods conquer halal market through trust and quality
09:57 | 04/11/2024 Import-Export
More News
Exporters urged to have strategies to take advantage of UKVFTA for expansion
17:33 | 03/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
17:29 | 03/11/2024 Import-Export
Vietnam and UAE trade sees billion-dollar growth
07:15 | 03/11/2024 Import-Export
Sharing responsibility for ensuring security and safety of the supply chain
07:13 | 03/11/2024 Import-Export
Many factors affecting tuna exports in the last months of the year
19:38 | 02/11/2024 Import-Export
Vietnam still dominates Philippine rice import
19:36 | 02/11/2024 Import-Export
Vietnam cements ties with partners to engage in global semiconductor, AI industries
19:35 | 02/11/2024 Import-Export
Aquatic exports expected to rise in year-end despite challenges
19:33 | 02/11/2024 Import-Export
Trade Defense: The Key to Success for Vietnamese Businesses
10:39 | 02/11/2024 Import-Export
Your care
Import and export are expected to reach 800 billion USD
13:32 | 04/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
13:29 | 04/11/2024 Import-Export
Rice exports likely to set new record in 2024
13:25 | 04/11/2024 Import-Export
Vietnamese goods conquer halal market through trust and quality
09:57 | 04/11/2024 Import-Export
Exporters urged to have strategies to take advantage of UKVFTA for expansion
17:33 | 03/11/2024 Import-Export