QR Payment in Vietnam: Trends and new prospects

Receiving money via QR codes (Quick Response) is reshaping the spending habits and financial management of Vietnamese consumers. Amid the booming fintech (financial technology) industry, this payment method not only offers unparalleled convenience but also drives the growth of a cashless economy.

Let’s explore QR payments in detail, from market trends, benefits, and challenges to future prospects, as well as PayME’s pioneering role in this field.

 

What is QR Payment?

QR payment is a transaction method that involves scanning a QR code using a mobile application. This technology allows customers to make payments without cash, credit cards, or even physical contact.

Key Benefits:

• Convenience: Quick and easy transactions without the need for specialized devices.
• Security: Encrypted QR codes reduce the risk of fraud.
• Versatility: Applicable across various industries, from retail and dining to transportation services.

PayME’s QR payment solution is an advanced fintech innovation in Vietnam. With outstanding features, PayME QR delivers seamless, secure, and efficient payment experiences.

Notable Features of PayME QR:

• Multi-platform integration: Functions across both websites and mobile apps.
• Connectivity with major banks and e-wallets: Enhances user flexibility.
• Smart transaction management: Enables real-time revenue tracking and reconciliation.

 

The Current State of QR Payment Adoption in Vietnam

QR payment is becoming the backbone of Vietnam’s digital payment ecosystem, particularly following the COVID-19 pandemic. With an average monthly growth rate of 8%–10%, QR payments are now commonly used not only for convenience store shopping and dining but also in sectors like electronics, home furnishings, jewelry, and even financial investments. In addition to QR codes, 2024 is also witnessing the rise of NFC contactless payments.

Rapid Growth:

• According to the State Bank of Vietnam, QR Code transactions surged by over 225% in 2024.
• 90% of Vietnamese banks now support QR payments, making it an industry standard.
• Retail, dining, and transportation sectors have widely adopted QR payments as a primary payment method.

Leading Banks in QR Payment:

Major banks like Vietcombank, BIDV, and VPBank are aggressively advancing QR payments under the QRIS standard, ensuring seamless compatibility and user convenience.

 

Comprehensive Benefits of QR Payment

For Users:

• Fast and convenient: No need to carry cash or credit cards.
• High security: Transactions are encrypted and protected, minimizing data loss risks.

For Businesses:

• Cost savings: Reduces cash handling expenses and minimizes counting errors.
• Operational efficiency: Enhances transparent and accurate real-time revenue tracking.

For the Economy:

• Encourages cashless transactions: Contributes to a fully digitalized society.
• Enhances financial transparency: Reduces illicit transactions and promotes sustainable growth.

 

Challenges and Solutions

Despite its potential, QR payment implementation in Vietnam still faces challenges:

• Uneven technological infrastructure: Rural areas lack sufficient digital payment support.
• Consumer habits: Older generations or those less tech-savvy still prefer cash.
• Data security: Fraud and scams require stricter control measures.

PayME’s Solutions:

Advanced security investments: Implementing DCI PSS encryption and multi-factor authentication to ensure maximum transaction safety.

 

The Future of QR Payments

The 2025–2030 period is set to be a breakthrough era for QR payments in Vietnam. Key emerging trends include:

• Increased investments from banks and fintech firms: Financial institutions will enhance QR payment adoption to expand market share.
• Government support: Policies will encourage digital payments across all economic sectors.
• Comprehensive integration: Payment platforms like PayME, MoMo, and ZaloPay will continue expanding services for an all-in-one user experience.

According to Statista, the global QR payment market is projected to exceed $20 billion by 2028. With a strong fintech foundation, Vietnam is poised to be a key player in the region’s digital payment landscape.

 

Conclusion: QR Payments – The Future of Digital Transactions

QR payments are not just a convenient solution but a strategic step toward modernizing Vietnam’s economy. With PayME’s QR payment solution, both users and businesses can experience simpler, more secure, and more efficient financial transactions than ever before.

Fintech is transforming how we approach payments and financial management. With support from businesses, banks, and the government, QR payments will continue evolving and setting new standards for digital transactions