Technology

What is Paynow PayLater? A guide to signing up and paying with Paynow PayLater.

Paynow Postpaid Wallet is a feature on the Viettel Money app that offers users an account with a set credit limit for pre-purchasing and paying later. Its mechanism resembles that of credit cards at banks. So how can you register and use the Paynow Postpaid Wallet?

Administrator

16 February, 2024

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MoMo has a pay later wallet called MoMo Pay later, ZaloPay has a pay later wallet called ZaloPay Pay later, and Viettel Money also has a pay later wallet called Paynow. So how do you register for Paynow? What are the requirements? Should you use it? FPT Shop will reveal all right now.

What is Paynow Pay Later Wallet?

Paynow Pay Later Wallet is a consumer loan product without collateral provided on the basis of cooperation between Viettel Money and FE Credit – Vietnam Prosperity Joint Stock Company Limited Financial Company. This is an electronic wallet solution on the Viettel Money digital financial application platform, allowing users to shop in advance and pay later, reducing financial pressure. This mechanism is similar to the credit cards issued by banks.

In addition to basic payment services such as paying electricity, water, internet bills, cable TV fees, and topping up mobile phones, customers can also pay for many other shopping services, such as on e-commerce platforms, F&B (Tiki.vn, Loship, My Viettel, etc.).

Showcasing the outstanding features of Paynow Pay Later Wallet

Paynow Pay Later Wallet is becoming more and more popular among users, especially when the demand for online shopping and payment is increasing rapidly. This is because Paynow has many superior features, including:

Fast payment: By using the Paynow Pay Later Wallet, users can quickly pay for various service bills such as electricity, water, internet, cable TV, school fees, etc., completely online without having to go to payment points like traditional methods.
Quick registration: The process of registering and activating the Paynow Pay Later Wallet is simple, completely online, and does not require proof of income.

Automatic account approval: After confirming personal information, the user’s Paynow Pay Later Wallet account will be automatically approved within 2 minutes.
Free account maintenance: When using the Paynow Pay Later Wallet, users do not need to pay monthly maintenance fees.
Flexible payment limit and deferred payment time: The limit of the Paynow Pay Later Wallet is 2,000,000 VND, and the repayment time is up to 1 month. Users can make late payments for a maximum of 45 days.
Interest-free: When incurring expenses, the interest is calculated as 0% for a period of 15 to 45 days.
Fixed service fee: When there is a transaction using the money in the Paynow Pay Later Wallet account, users will have to pay a fixed service fee of 4% of the transaction value.

Activation and usage requirements of Paynow Pay Later Wallet

To register and use the Paynow Pay Later Wallet on the Viettel Money application, you need to meet the following requirements:

Having registered and owned a Viettel Money account with ViettelPay package 2A and 3.
Age: From 20 years old to not exceeding 60 years old.
Being a citizen living and legally residing in Vietnam.
Not having overdue debts, group 2 debts at credit institutions at the time of registration or using the Paynow Pay Later Wallet.
Not belonging to the group of credit-restricted subjects under the provisions of the Law and FE Credit at different periods.

Guide to how to register for Paynow Pay Later Wallet

If you meet all the above conditions, please follow the instructions below to register for the Paynow Pay Later Wallet:

Step 1: Open the Viettel Money application on your mobile phone > Select the Financial Insurance section > Choose Paynow Pay Later Wallet.

Step 2: Next, you need to check the personal information displayed on the screen. If it is correct, press Continue. If it is incorrect, press I want to edit information to correct the incorrect information.

Step 3: Then, you will proceed to verify the information by taking a portrait photo and an ID document (ID card or citizen identification card). Press Start capturing to take a photo. Note to take a clear photo without any missing corners.

Step 4: Fill in the required personal information and enter the Security question for cross-checking when checking information. When finished, press Confirm and register.

Step 5: Enter the Viettel Money password and select Sign and confirm with the OTP code to complete the registration process.

Now, you have successfully registered and activated the Paynow Pay Later Wallet on the Viettel Money application. Immediately, you can use utilities and services related to payment, shopping, or online services through Paynow.

Guide to how to make payments using Paynow Pay Later Wallet

How to make payments using Paynow Pay Later Wallet

Step 1: Access the Viettel Money application on your phone and log in to your account. Next, you will choose the service that you want to pay from the list of available services.

Step 2: When you have chosen the service you want to pay for, you will be asked to confirm the payment. At this time, choose Change account to select the payment method.

How to pay off the debt of Paynow Pay Later Wallet

Step 1: Access the Viettel Money application on your phone and log in to your account. Choose the Financial, Insurance section from the list of services.

Next, find and select Paynow Pay Later Wallet to access the limit and debt management section.

Step 2: Here, you select Limit details > Choose Pay debt.

Step 3: Next, 3 options will appear including: Minimum payment, Due debt, and Other amount. You will choose the option that suits your payment needs.

Step 4: Next, the system will ask you to enter the password and OTP code. Enter them correctly to complete the debt payment transaction.

Some notes when using Paynow Pay Later Wallet

Paynow Pay Later Wallet offers many useful features, but during use, you need to note the following:

Limitations on usage: Similar to other pay later wallets, the Paynow Pay Later Wallet only allows users to perform transactions, payments, and shopping on the Viettel Money application, except for money transfer, cash withdrawal, lottery purchase, insurance payment, investment, and loans.
Minimum payment: Users can choose to pay the entire outstanding balance or pay a part of the outstanding balance. If you choose to pay a part, the minimum amount is 2% of the total expenses incurred during the period (at least 50,000 VND), plus collection fee (if any) and corresponding interest.

Payment deadline: Users need to ensure that they make payments by the 15th day after the monthly statement is issued. This is the deadline, if not, you will have to pay late payment fees and interest incurred on the unpaid balance.
Fees and interest rates: If customers do not make payment on time, users will bear the late payment fees and interest rates incurred on the unpaid amount as stipulated by FE Credit.

You need to be aware of these notes to use Paynow Pay Later Wallet correctly and appropriately, while avoiding unnecessary fees.

Should you use Paynow Pay Later Wallet?

Since August 2021, FE Credit and Viettel Money have implemented a strategic cooperation and launched the Paynow Wallet on the Viettel Money application. As many people may know, FE Credit is a leading pioneer in the banking and financial sector. With its reputation and useful services, the company still maintains its leading position in the Vietnamese market with a consumer loan market share of over 50%.

FE Credit has served more than 10 million customers and collaborated with over 10,000 large and small partners nationwide. Therefore, you can completely trust and use the Paynow Pay Later Wallet of Viettel Money in combination with FE Credit. This product helps improve the customer experience in the field of online payment, allows customers to shop quickly and conveniently even when the Viettel Money account is empty, thereby reducing financial pressure.

With a simple registration process, you just need to download the Viettel Money application and fill in the information in the online registration form. The approval process is quick and all information is completely secure. After successful registration, the approval result will be automatically sent through the Viettel Money application or SMS to customers.

FAQs about Paynow Pay Later Wallet

What is the age requirement for registering for the Paynow Pay Later Wallet?

From 20 to 60 years old at the time of registration.

What documents are needed to register?

To register for the Paynow Pay Later Wallet, customers need to prepare a valid ID card and ensure that the information matches the ViettelPay account registered on the Viettel Money application.

When should the spent debt be paid?

Customers need to pay the spent debt within 15 days after the monthly statement is closed (this can be on the 17th or 22nd of the month depending on the registration time of the Paynow Pay Later Wallet). The final payment deadline is the 15th day after the monthly statement is closed.

What is the minimum payment amount for the Paynow Pay Later Wallet?

When the payment deadline arrives, customers only need to pay the minimum payment amount (displayed in the Limit details section), which is 30% of the total expenses incurred during the period (minimum of 100,000 VND) + fees and interest (if any).

What does the maximum 45-day interest-free spending transaction mean?

Spending transactions using the Paynow Pay Later Wallet will not incur any interest before the due date. After the due date, if the user does not pay the entire outstanding balance by the due date, the remaining outstanding balance will start to incur interest as specified.

What happens if the minimum payment is not made by the due date?

If you do not fulfill the minimum payment obligation by the due date, you will be liable for penalties and interest incurred on the unpaid balance as stipulated by FE Credit at different periods. Also, late payment may affect your credit history.

Conclusion

So, the Paynow Pay Later Wallet is an extremely useful solution for shopping in advance and paying later for those who are facing financial difficulties. If you are experiencing delayed salary or have unexpected expenses, and have spent all your money, leaving no money to pay bills and purchase necessary services, activate Paynow now.