Payment with QR Code has become popular in VN

A smartphone and a QR Code scan are needed for users to make payments for online shopping, or electricity and water bills.

Analysts say that making payments via QR Code has become popular as people believe that it is safer than payments in cash or card, especially after local newspapers reported a series of cases in which hackers stole clients’ information.

Users just need to open Mobile Banking app of commercial banks, choose QR Pay and then scan bar codes with a smartphone camera. The program will automatically fill in the information necessary for the payment and users do not have to enter other information.

Users can buy goods online, shop at shopping malls and convenience stores without cash, ATM, Visa or Master Cards. With the internet, 3G and 4G boom, and with 70 percent of population using smartphones, payment via smartphones is a growing tendency.

The representative of VNPAY, one of the payment portal service providers in Vietnam, said the payment method has many advantages. It is simple, while businesses don’t have to make a heavy investment in infrastructure. It is can be implemented on a large scale quickly and at low cost.

For sales websites using electronic payment portal service, the platform of payment via QR Code is an effective and convenient tool, apart from traditional payment methods, including cash, card, internet banking and e-wallet.

Consumers are worried about hackers continuously posting clients’ personal information on internet. The information is believed to be sourced from payment transactions and customers’ cards shown when buying goods at large retail chains in Vietnam. 

Experts have advised customers, businesses and retailers to diversify payment modes with the focus on safety rather than only convenience.

According to the Information Security Agency, conducting cyberattacks to steal personal information is becoming popular. This has influenced consumer confidence and hindered the government’s efforts to develop non-cash payments.

Security experts say that it is safe to make payments with QR Code, because only users’ basic information can be displayed, and hackers won’t be able to exploit the information. 

Eighteen large banks have integrated the payment mode into their Mobile Banking apps, including Vietcombank, Agribank and Vietinbank. Some e-wallets such as MoMo, Payoo, and payment portals VNPAY and mPOS also have applied the payment method.

The Vietnam E-commerce Association reported that 40 percent of smartphone users in Vietnam use their phone to shop. Euromonitor estimated that the total mobile payments in Southeast Asia, including Vietnam, may reach $32 billion in 2021.

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