Vietnam has many opportunities for QR code explosion

Payoo has just released a comprehensive report based on official sources and data from Payoo's nationwide payment system on the potential of QR codes.

QR codes hold the number one position in terms of growth rate.

It's easy to see that in 2023, QR codes held the number one position in terms of growth rate. Payoo's data on QR payments shows that the value of transactions using QR codes tripled, while domestic card transactions increased by just over 10%, and international card transactions increased by nearly 30% compared to the same period last year.

While international card transactions are common for high-value orders, QR code payments are preferred for smaller transactions. QR code payments under 100,000 VND through the Payoo system have increased fivefold compared to 2022.

The growth of QR codes over the past year has been supported by several factors: The VietQR platform allows retailers – especially SMEs – to avoid investing in complex POS systems requiring high verification standards. Instead, they can simply print a QR code to receive bank transfers from customers. QR transactions with zero fees are not only favored by retailers but also widely supported by customers due to their convenience, speed, the sender's control, and the security of payment information.

With QR codes gaining widespread support, banks and payment intermediaries have quickly jumped in, launching convenient solutions such as multi-purpose QR codes that accept both e-wallet and banking app QR codes, as well as account credit notification services. This demonstrates how the combined efforts of the entire market are further driving the development of QR payment trends.

Observing the Vietnamese payment industry, Payoo believes that QR codes still have significant potential for further growth. Looking at the Indian market, QR code payments via UPI (Unified Payment Interface) are used by over 300 million people and accepted at more than 50 million retail outlets, from roadside shops to high-end shopping malls.

In March 2023, statistics from the UPI regulatory body in India showed that over 8.65 billion transactions worth more than $170 billion had been conducted. The digital payment revolution in India has led to the elimination of 86% of the country's cash. Compared to Vietnam, the volume of QR payment transactions in this South Asian country is 40 times higher, which is the basis for Payoo's assessment that QR payments in Vietnam have significant potential for rapid growth.

KIM THANH

Source: https://www.sggp.org.vn/viet-nam-nhieu-co-hoi-bung-no-qr-code-post724267.html