SmartPay and Mastercard have announced plan to roll out a digital payment service via Mastercard QR code.
They will enhance the digital payment acceptance capabilities of micro, small, and medium-sized enterprises (MSMEs) by equipping over 600,000 locations with Mastercard QR acceptance across the SmartPay merchant network in the country.
Consumers can make cashless payments for goods and services from their mobile phones by simply scanning a Mastercard QR code or manually inputting an alias provided by any Mastercard QR-accepting merchant.
The funds will be transferred in real time between the consumer and merchant.
“SmartPay had previously integrated Mastercard cards acceptance feature in SmartPOS devices [we] introduced in September 2022 and has been well received by … small and medium-sized businesses," Marek Forysiak, chairman of SmartPay, said.
"Mastercard QR is the next step in our efforts to offer a more convenient and efficient mobile payment solution to pay and get paid, allowing MSMEs to scale up their customer base to also serve international cardholders, increase revenue and boost their competitiveness to keep up with larger, which in turn promotes cashless payments in Viet Nam," he added.
Winnie Wong, Mastercard’s country manager for Viet Nam, Cambodia and Laos, said: "As Viet Nam's digital economy continues to grow, so does consumers' appetite for cashless payments. For those wanting contactless simplicity with an easy interface, adopting QR codes is the way to go.
“Mastercard is excited to partner with SmartPay to help MSMEs address consumer demand for more comprehensive digital payment options for everyday purchases, which can in turn help them grow their businesses and establish consumer loyalty.”
SmartPay will also implement other Mastercard acceptance solutions such as SoftPOS, which allows MSMEs to transform their regular smartphone into a point-of-sale terminal that can accept contactless payments made with a physical card without the need for traditional terminal hardware. — VNS