The MPOS Vietnam Technology JSC has officially launched its QR code mobile payment solution that allows more than 3,000 retailers to integrate QR payments into devices accepting the MPOS technology.

The payment solution is based on EMVCo’s international standards and allows retailers to use one QR code to accept payments from mobile applications on mobile devices activating the QR code.

Mr. Nguyen Huu Tuat, General Director of MPOS Vietnam, said the QR payment solution of Visa will promote e-commerce payment transactions as well as mobile payment services and delivery and charging at home.

“This service will be implemented nationally, especially in areas where electronic payments are still in their infancy,” he added. “There will be approximately 100,000 acceptance points by 2020.”

“The use of mobile phones and QR code technology will support existing POS sites by providing businesses with a reasonably priced and highly efficient way to use them,” said Mr. Sean Preston, Director of Visa in Vietnam, Cambodia and Laos. “We recognize the significant opportunities for QR code technology to accelerate the adoption and acceptance of electronic payments around the country, particularly in small or card-accepting units in remote areas.”

The idea of applying QR codes for electronic payments brings huge benefits to consumers, businesses, and banks during the boom in mobile technology. In China, QR code payments are available everywhere.

The Monetary Authority of Singapore (MAS) said in August it would develop a QR code payment system for country. Thailand has adopted EMVCo’s QR standards and other countries in Southeast Asia are standardizing QR ecosystems to promote electronic payments.

In Vietnam, some banks and electronic wallets have developed QR code payment methods. Closed payment solutions remain but are incompatible with other networks or force accepting units to use different QR codes. This is both annoying and confusing for users.

The MPOS Vietnam Technology JSC is the first in Vietnam and Southeast Asia to provide Mobile POS solutions.