Through QR code payment, Banks and various types of intermediary payment service providers can more widely promote the business.Users can use smart machines to scan QR codes for access to data, information and websites, as well as to complete digital payments.
China is a leader in QR code payments, with Alipay and WeChat-coded payments spread across the streets of China, while also affecting overseas markets. In recent years, with the further popularity of smartphones, QR code payments have also begun to become popular in the ASEAN region.
After all, QR code payment systems do not require expensive internet-connected terminals, and transactions are quick, making them a more viable cashless social model for mobile-first southeast Asian countries.
According to data released by the World Bank, Vietnam is a country with a relatively low volume of non-cash transactions in Southeast Asia, which accounted for nearly 4.9% of non-cash transactions in 2016, compared with 59.7% in Thailand over the same period.
According to data released by the world bank, Vietnam is the country with relatively low non-cash transactions in southeast Asia, accounting for nearly 4.9% of non-cash transactions in 2016, while Thailand’s index reached 59.7% in the same period.
In order to catch up with the gap between Vietnam and neighboring countries in the field of mobile payment, Vietnam’s national payment system is now vigorously promoting two-dimensional code payment.
Vietnam is currently building a cashless society and plans to reduce its cash payments to less than 10% per cent by 2020.
March 2019, Vietnam Ho Chi Minh City officially in part of the bus route began to pilot two-dimensional code sweep code payment.
Passengers use ZaloPay’s payment QR code via mobile wallet to make a sweep payment without having to buy a paper tickets.
If the trial succeeds, Ho Chi Minh City will extend the QR code payment test to more bus lines.
For now, the QR code payment method will have the opportunity to go deeper into people’s lives after this test.
Ngo Trung Linh, general manager of VietUnion, the owner of the Payoo platform, said QR code payment services had been very successful in other countries and would be viewed and developed in Vietnam.
The ZaloPay payment platform said ZaloPay’s QR code acceptance point was up 20% compared to 2018. This year ZaloPay will expand the deployment of QR code payment receiving points, with targets accounting for 50% of total system revenue.
In addition to digital wallet development financial technology ventures such as MoMo, Payoo, ZaloPay and others are interested in QR code payment technology, many Vietnamese banks also develop their own applications through this payment method. Currently, there are about 18 Vietnamese Banks, such as BIDV, Vietcombank, VietinBank, Agribank, TPBank, VPBank, Maritime Bank, SCB, SHB and other application QR code payment services.
Sacombank, TPBank and NAPAS, as well as some related intermediary payment service providers, are now experimenting with QR code payment services in accordance with the unified standard, and plan to officially put them into use this year.