VN PAY recorded as only QR code developer on mobile banking apps

Friday, Jul 06, 2018 16:04

Le Doan Hop, former minister of Information and Communications cum chairman of the Viet Nam Record Association, awarded a certificate of Viet Nam Record to Viet Nam Payment Solution Joint Stock Company. — VNS Photo

Viet Nam Payment Solution Joint Stock Company (VNPAY) has become the country’s first and only unit integrating payment methods using QR codes on mobile banking applications.

VNPAY was granted a licence by the State Bank of Viet Nam for using QR codes in 2011. The QR code payment technology takes advantage of available banking infrastructure and mobile phone utilities to bring a quick, convenient and safe payment method to both sellers and buyers.

Customers could use QR codes on mobile banking apps of different banks to implement payments on e-commerce websites or shops accepting payment by VNPAY-QR.

QR code payment has become a new payment trend in Viet Nam for both firms and customers thank to VNPAY’s efforts to expand its markets.

Currently, there are 12 taxi and bus firms with more than 4,000 vehicles and over 20,000 payment points at shops, supermarkets and airports integrated with QR Pay. It is expected that the number of payment points will be increased to 50,000 by the end of 2018.

As of July, QR Pay is available with the mobile apps of more than 17 banks in Viet Nam.

QR Pay has been considered one of solutions for the boom of non-cash payment in Viet Nam.

In recent years, the application of e-payment has become an indispensable part of the economy. E-payment helps shorten transaction times, saving management costs for businesses and making the country’s finances more transparent. — VNS

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