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Le Doan Hop, former Minister of Information and Communications and chairman of the Establishment Council of the Vietnam Book of Records, granted the Vietnamese Record certificate to Vietnam Payment Solutions JSC
Vietnam Payment Solutions JSC (VNPAY) was licensed by the State Bank of Vietnam as a payment gateway in 2011. VNPAY, owing to the firm’s successful launch of QR code payment solutions, was certified by the Vietnam Record Organisation – Vietkings as “The first payment gateway to integrate QR code payment into mobile banking applications” last August. VNPAY still holds the record.
VNPAY has managed to develop a QR payment gateway that takes full advantage of existing banking infrastructure and the mass adoption of mobile devices. QR Pay serves as a fast, convenient, and secure payment method for both sellers and buyers.
QR Pay, integrated into mobile banking applications, enables users to make payments on e-commerce platforms, service points, and bazaars that accept QR code payment.
QR Pay is integrated into mobile banking applications
Notably, QR Pay provides businesses with an easy-to-deploy, low-cost, and multi-use payment solution. In particular, QR Pay allows payments on websites, bills, Facebook, catalogues, and more, thus helping to turn these advertising channels into sales platforms.
VNPAY is maximising efforts in deepening its market penetration, with a view to building VNPAY-QR into a new payment trend preferred by both businesses and customers. A dozen taxi and bus companies running a fleet of a combined 4,000 vehicles have already integrated QR Pay into their business.
More than 20,000 points of sales accept QR code payments for online and offline shopping, food, air tickets, and more. The number of points of sales is predicted to soar to 50,000 by the end of 2018.
The QR code is scanned for quick payments at stores
As of July, QR Pay has been integrated into the mobile applications of most major commercial banks in Vietnam, including Vietcombank, VietinBank, Agribank, BIDV, ABBANK, SCB, NCB, IVB, MaritimeBank, SHB, VIB, TPBank, and more. The number of bank account holders using QR Pay has already reached more than eight million.
Use QR Pay to make payments at automated vending machines
A representative of VNPAY said that electronic payment is an integral part of digital transformation. Electronic payment methods shorten transaction times and save management costs for enterprises, while helping to increase the transparency of the national financial system and the circulation of currency, hence supporting economic development.
QR Pay is considered a breakthrough payment solution that could pave the way for a cashless payment boom in Vietnam. Thousands of economic entities in Vietnam have connected with the payment gateway QR Pay and accept QR code payments.
Prestigious ones such as Vietnam Airlines, VTVcab, SCTV, VinaPhone, MobiFone, Viettel, EVN, FPT, VTCPay, Bao Kim, Kangaroo, Haravan, Canifa fashion stores, Helio Café chains, and others have connected with QR Pay.
Vietnam Payment Solutions JSC (VNPAY), founded in March 2007, takes the lead in electronic payments in Vietnam. VNPAY was licensed by the State Bank of Vietnam as a payment intermediary under Permit No.15/GP-NHNN.
VNPAY centres on its core businesses finance and banking, information technology, and telecommunications. The firm offers its services to more than 40 commercial banks and payment companies in domestic and international markets, as well as thousands of enterprises. As noted, VNPAY provides a variety of modern and convenient payment solutions, including QR code payments.
QR code can be used to encrypt any data such as website addresses, product and service information, and contacts. Previously, QR code only served as a tool for advertising as well as a source of product information in Vietnam. However, QR code technology has now been integrated into mobile banking applications to simplify payments on e-commerce websites and virtual stores.