Payment with QR code booms in Vietnam

  • by VNBUSINESS
  • November 20, 2018

Payments for many different kinds of goods and services, from air tickets to electricity bills, can be made by scanning QR codes with mobile cameras.


 
While traditional barcodes with parallel lines can store only 20 digits, QR codes can store information with thousands of characters and digits. The combination of encrypted black modules can store any data, from names, brands, addresses, links and images to information and product details.

QR Code has seen a boom in recent years thanks to the popularity of smartphones and e-payments. In Japan and China, for example, $1,650 billion worth of goods were transacted via QR Code in 2016.

While traditional barcodes with parallel lines can store only 20 digits, QR codes can store information with thousands of characters and digits. The combination of encrypted black modules can store any data, from names, brands, addresses, links and images to information and product details.

One decade ago, one QR Code scanning operation lasted 17 seconds, while now, a transaction is completed with just a touch. Another advantage of the payment method is that no internet access is required.

QR Codes have become popular in Vietnam. A report found that QR Code payments are implemented at 18 banks, including state-owned banks such as BIDV, Vietcombank, VietinBank, and large joint stock banks such as VP Bank, Maritime Bank, SCB and SHB, with 8 million users. 

It is simple, compact, easy to use and friendly to users. Customers do not have to download any app to use the service, because QR Pay has been integrated with banks’ mobile apps.

The QR feature on apps allows users to scan QR Codes with a smartphone camera to quickly transfer money, make payment for bills and shop. 

Only a few seconds are required to complete transactions at restaurants, supermarkets, shops, taxis and e-commerce websites, or on any product with QR Code. There is no need to use cash or a card, or worry about information security.

With 130 million mobile phone subscribers, including 41.8 million subscribers using 3G and 70 percent of population using smartphones, QR code has great potential to develop in Vietnam.

Tran Tri Manh, CEO of VNPAY, a payment solution provider, said that more than 20,000 merchants now accept payments with VNPAY-QR with the number of users increasing by 30 percent a month. 

The products and services accepting payments with QR Code are becoming more diverse. Vietnam Airlines, Vietjet Air and Jetstar recently announced they will accept payments via QR Code. 

At Vietjet, which began accepting VNPAY-QR on October 3, more than 50,000 air ticket bookings has been paid with QR Pay as of early November.
Source: Vietnamet

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