VNPAY-QR payment solution
Towards a cashless society
With many distinctive advantages such as quick payment, convenience, and security, VNPAY-QR has changed consumers’ habits around cashless payment, making contactless payment more accessible to the people while supporting government plans to make Vietnam a cashless society.
In 2022, VNPAY-QR — a QR code scanning payment solution of the Vietnam Payment Solution Joint Stock Company (VNPAY) — met many stringent criteria and was honoured as a Vietnam Value product for the second time.
VNPAY-QR has been honoured with the Vietnam Value status for the second time.
VNPAY-QR has been honoured with the Vietnam Value status for the second time.
This prestigious award once again affirms that VNPAY-QR is a leading trusted electronic payment brand. It also acts as a launchpad for VNPAY to enhance its competitiveness, integrate with the international payment market, and pursue the core values associated with the criteria of the Vietnam Value programme: innovation, creativity, and pioneering capacity.
More than 250,000 points of sale in various sectors.
VNPAY-QR is built to meet the standards of international card organisation and the State Bank of Vietnam’s QR code standards. Moreover, this payment solution uses AI technology to create smart consumption habits, helping to reduce risks and authenticate users.
This is a payment solution developed and integrated on banks’ Mobile Banking applications through QR Pay feature. Accordingly, by simply logging in to the banking application or e-wallet, users can quickly scan codes to pay bills at VNPAY-QR payment acceptance locations nationwide.
Currently, VNPAY is developing the VNPAY-QR payment system with more than 250,000 payment acceptance points nationwide in many different fields such as retail, fashion, electronics, hospitals, schools, and others. Users can pay through VNPAY-QR on more than 30 banking applications and 15 e-wallets.
VNPAY-QR payment solution has many outstanding advantages such as quick payment, convenience, safety, security, and many promotions. VNPAY-QR contributes to changing habits of users regarding cashless payments, helping Vietnamese people get closer to modern and contactless payment methods, minimising the use of cash.
Business Director at VNPAY Nguyen Anh Tuyet said that VNPAY-QR payment solution being named as a National Brand for second time is a great honour, further motivating VNPAY in its development process.
“However, having more titles also means more pressure. We need to try to make the company grow stronger and more sustainably, worthy of the title and stature of a Government’s programme, for a prosperous Vietnam with valuable products and services for a simpler life,” Tuyet said.
Also according to VNPAY's representative, the company has been developing technology – connection infrastructure as well as payment network with hundreds of thousands of partners and ecosystems, providing platform services and utilities for e-commerce and cashless payments.
The VNPAY representative said in the coming years, VNPAY will continue to promote payment development in the fields of transportation, healthcare, and potential small business households that have not been accessible before. The expansion of payment methods will create conditions as well as a premise for VNPAY's goal of expanding cashless payments in Vietnam.
Customers are experiencing VNPAY-QR payment.
Customers are experiencing VNPAY-QR payment.
Promoting digital payments in Vietnam
VNPAY-QR payment is convenient and safe, so it has been used by many customers.
VNPAY-QR payment is convenient and safe, so it has been used by many customers.
As part of the strategy to expand and develop the VNPAY-QR brand, at the end of 2022, VNPAY and Ho Chi Minh City Union of Trading Cooperatives (Saigon Co.op) signed a strategic cooperation agreement, contributing to promoting digital transformation and non-cash payments in the retail industry in Vietnam.
VNPAY and Saigon Co.op sign the strategic cooperation agreement.
VNPAY and Saigon Co.op sign the strategic cooperation agreement.
Accordingly, customers can use the VNPAY-QR method to make payments and scan the VNPAY-QR codes on the VNPAY-POS devices to shop at the Co.opmart and Co.opXtra supermarket systems nationwide. They can also experience the VNPAY payment gateway on Saigon Co.op's e-commerce sites from December 10, 2022.
Le Tanh, Vice Chairman of the Board of Directors and General Director of VNPAY, said that the cooperation provides users with a modern and fast payment method. As a leading fintech company whose technology infrastructure is upgraded daily by connecting with thousands of payment points of Saigon Co.op, we expect to contribute to developing cashless payment in Vietnam even more strongly.
The cooperation provides users with a modern and fast payment method. As a leading fintech company whose technology infrastructure is upgraded daily by connecting with thousands of payment points of Saigon Co.op, we expect to contribute to developing cashless payment in Vietnam even more strongly.
Anyone can use VNPAY-QR on VNPAY wallet
VNPAY-QR code scanning on VNPAY e-wallet
Shopper experience VNPAY-QR payment method
Cashless payment contributes to limiting the amount of cash in circulation of goods, minimising social costs, expanding space, and shortening the time for the process of selling and buying goods and services in the economy. At the same time, it contributes to developing professional services on revenue and expenditure, bank cards, online payments, and electronic payments without changing the converted cash value.
Recognising the role and importance of cashless payment, the Government has issued many guidelines and policies to promote the development of this form of payment. Accordingly, on December 30, 2016, the Prime Minister issued Decision No. 2545/QD-TTg on approving the Scheme on non-cash payments in Vietnam for the 2016-2020 period.
On February 23, 2018, the Prime Minister issued Decision No. 241/QD-TTg approving the Scheme on promoting payments via banks for public services, including taxes, electricity, water, tuition fees, hospital fees and payment of social security programmes. Decision No.1813/QD-TTg dated October 28, 2021, of the Prime Minister approving the Scheme on Cashless Payment Promotion in Vietnam for the 2021-2025 Period.
Non-cash payment is an inevitable trend in the process of developing global economic and trade. Vietnam has been keeping pace with this trend and has achieved remarkable initial achievements. According to data from the VisaNet network, the number of contactless transactions on Visa cards in Vietnam in 2022 was doubled compared to 2021.
Non-cash payment indicators also increased in number and value of transactions. Data from the State Bank showed that, in the first 5 months of 2023, compared to the same period, non-cash payment transactions increased by 52.35% in quantity; via internet channel increased by 75.54% in quantity and 1.77% in value; via mobile phone channels increased by 64.26% and 7.65% respectively; via QR Code method increased by 151.14% and 30.41% respectively..., reflecting the trend of shifting to electronic payment, non-cash payment.
According to VNPAY’s report, VNPAY-QR cashless payment transactions will grow strongly in 2022, reaching 300% compared to the same period in 2021. This data shows room to develop and promote non-cash payment in Vietnam is huge.
Published: December 2023
Production managers: NGOC THANH - VIET ANH
Content: VAN TOAN
Photos: VNA, vnpay.vn
Design: HANH VU
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