Viet Nam Payment Solution Joint Stock Company (VNPAY) has become Vietnam’s first and company to integrate payment methods using QR codes within mobile banking applications. QR code payment technology takes advantage of the available banking infrastructure and mobile phone utilities to bring a quick, convenient and safe payment method to both sellers and buyers.
With an integrated multi-bank QR code platform, customers can use QR codes on mobile banking apps from different banks to implement payments on e-commerce websites or in retail shops that accept payment by VNPAY-QR system.
The use of digital payment systems using QR codes has rapidly developed in China during the last five years and the QR code payment system has proven itself to be a payment system that is convenient and safe for consumers and for retail establishments and online stores.
VNPAY expects that both Vietnamese consumers and businesses will quickly embrace digital payment QR code payment systems as they become educated to the benefits of QR payment systems and understand that the system is convenient, safe and reliable.
QR payment systems are already taking hold in Vietnam, among transportation companies and retailers. VNPAY reports that there are 12 taxi and bus firms with more than 4,000 vehicles and over 20,000 payment points at shops, supermarkets and airports integrated with its QR Pay system. The company expects that the number of payment points will increase to more than 50,000 locations by the end of 2018 and will double to more than 100,000 locations by 2020.
As of July 2018, the QR Pay system is available within the mobile apps of 17 banks in Viet Nam and QR Pay is considered a primary solution for the development of a digital economy that relies on electronic payments rather than cash.
The Vietnamese government has announced that it wants the country to become a modern digital economy and the development of digital wallets, and QR code application e-payment systems are crucial systems within this vision. E-payment systems help business and consumers to shorten transaction times and save business costs. Integrated with e-government systems, they will also make financial reporting and taxation transparent and help government at all levels to become more efficient and save on personnel costs.