With the Vietnamese government's policy to promote cashless payments, online payments in Vietnam are growing rapidly, with people increasingly using services such as QR codes, e-wallets and bank transfers in their daily lives. New technologies are becoming more available and accessible, contributing to the promotion of the digital economy.
Retail show learns that Online payments in Vietnam are growing rapidly as people increasingly use services such as QR codes, e-wallets and bank transfers in their daily lives in line with the government's policy to promote cashless payments. New technologies are becoming more available and convenient, contributing to the promotion of the digital economy.
QR code payments become mainstream
The results of a survey conducted by Sapo, a multi-channel sales management platform, on the operations of 15,000 sellers nationwide in 2023 showed that as many as 43.8 per cent of sellers accept bank transfers as a form of payment, with 15.33 per cent of them transferring money by scanning VietQR codes. Various sellers have also prepared VietQR codes for customers/shippers to transfer money at any time.
QR codes are becoming a popular payment trend and the proportion of QR code payments is increasing. According to the Vietnam National Settlement Joint Stock Company (NAPAS), in the third quarter of 2023 alone, the number of payments via VietQR QR codes doubled to more than 100 million transactions per month. On the Payoo system, the number of QR code payments in the third quarter of 2023 increased by 6 per cent and the amount by 30 per cent compared to the previous quarter.
Retail show learns that QR codes were only popular for retail shopping and restaurant transactions, but they are now very popular in the bill payment space as well. QR code payment modes are also now being carried out for lifestyle services such as utilities, TV, internet, tuition and hospitalisation fees, with the number of transactions increasing 1.6 times from the second quarter of 2023.
According to the NAPAS representative, "One of the key reasons why QR code payment is leading the trend of cashless payment is because of the government's cashless support policy in place. For the people, QR code payment is not only popular with tech-savvy young people, but it is also very convenient for middle-aged and elderly people due to its ease of implementation."
On top of that, QR code payment fees are very competitive compared to other forms of payment such as card or bank transfers, making it popular with many sellers.
Forming a new online payment technology
Retail show learns that E-wallets offer many advantages, such as ease of payment, time savings, better management of expenses, high security, and users are often subject to promotions from e-wallet apps.
Dang Xue Nhung, manager of Visa (Vietnam and Laos) ePayment Technologies, said Vietnam has been rapidly adapting to digital payments and reducing cash usage.In 2023, 66 per cent of users use bank cards to pay online, 70 per cent pay via e-wallets or apps, and the proportion of QR code payments has increased dramatically by 61 per cent compared to 2022.
This indicates that consumers tend to say no to cash. Online payment services companies face potential opportunities to expand their services and usher in new technology trends.
With the global trend of online payment, Vietnam is rapidly adopting new online payment technologies to contribute to the promotion of the digital economy and meet the requirements of economic and social development.
Source: 微信公众号—东盟社