The Vietnam Payment Solutions JSC (VNPAY) and UnionPay International signed an official agreement on cooperation in payments by QR code on June 20 in Hanoi. UnionPay will also become a strategic partner of VNPAY so that the latter can use payment methods by QR code on the mobile application of banks globally.

UnionPay cardholders around the world can pay by QR code at nearly 20,000 points established by VNPAY in Vietnam and the number is expected to increase to 50,000 by the end of the year. Cardholders use the QR code scanner integrated in a bank’s mobile application linked to UnionPay.

Linking the VNPAY-QR payment network with the UnionPay network worldwide will be an important step for VNPAY in joining the international payment system in the future.

Cooperation between VNPAY and UnionPay has considerable significance for the development of the economy in the context of international economic integration.

VNPAY has already successfully built and deployed a payment method using QR code, QR Pay, on mobile banking applications of banks. QR Pay allows customers using the mobile application of banks to scan the QR code to make quick payments for goods and services.

It has been integrated into mobile applications of most major banks in Vietnam, such as Vietcombank, VietinBank, Agribank, VietinBank, ABBANK, SCB, NCB, IVB, MartimeBank, SHB, and VIB, with a total of more than 8 million users. Mobile users of any of these banks can use the QR Pay feature to make payment by scanning the QR code at points of sale or on e-commerce websites. At stores, a single QR code is needed for payment by mobile apps of all these banks.

Chinese, South Korean and Singaporean tourists to Vietnam have been increasing in number in recent years and while they tend to be big spenders they are also in the habit of using new payment methods rather cash. A convenient payment infrastructure would help Vietnamese businesses increase their selling ability, increase sales, boost profits, and contribute to stepping up domestic production and on-spot exports. The deployment of fast and convenient payment methods such as QR Pay will encourage tourists to spend more in Vietnam.

Payment by QR code is becoming more and more popular around the world and Vietnam is not outside the trend. Developing QR code payments is a positive contribution to the development of trade and the promotion of non-cash payments in the country.