Vietnam Business Channel

Vietnam’s Ngan Luong launches QR code payment system with 15 local banks

NganLuong.vn, an e-wallet and online payment gateway has announced its partnership with 15 banks, to support customer payments through scanned QR codes. Participating banks include Agribank, ABBank, Agribank, BIDV, SCB, SHB, TVB, Vietcombank and VietinBank. 

Customers can use the QR code payment services through the mobile applications of their individual banks. The QR code payment system allows consumers to make payments to both individuals and companies without having to enter bank account or card information. Transactions are conducted in seconds by means of a QR code scan, which saves consumers time and effort and provides greater security in the payment process. 

To make payments, customers need to only have a smartphone with a camera so that they can scan the QR codes. When they want to make payment they simply scan the QR code, log in to their bank’s mobile banking app and follow some simple steps to make payment. 

QR code payment systems have become popular in China and are being rapidly adopted by countries throughout Southeast Asia. QR code payment services are growing in Vietnam, where more than half of the population has smartphones. As well as being a convenient and efficient payment system for consumers, Ngan Luong says that the use of QR code payment service can help enterprises reduce operational costs and raise their revenues.

NganLuong.vn is trying to take advantage of Vietnam’s 42 million 3G and 4G mobile subscribers and offer e-wallet and QR code payment services that will allow consumers a more convenient, faster and more secure payment channel. Along with bankcards and Internet banking, e-wallets and QR code payments services are part of a transition to a digital society that encourages customers to use non-cash payment methods.

Ngan Luong was named by Forbes Vietnam as one of the Top 10 outstanding payment solutions in Vietnam, with 1.3 million users and total transaction value of US$200 million USD. The company provides payment services to 35 of Vietnam’s banks and financial institutions.