Cross-border QR code payment launched

Vietnam has completed cross-border payment connections via QR codes with Thailand, Cambodia, and is connecting with Laos, the Government News quoted Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong as reporting on May 28.

According to the SBV Governor, Vietnam is planning to expand cross-border QR code payment with countries inside and outside the ASEAN region.

QR codes are used to pay by over 62% of Vietnamese. On average, they scan the code 16.2 times per month, which is higher than card usage (around 12-13 times per month), a survey conducted by Visa revealed.

According to a recent Visa study on consumer payment behavior in 2023, the average time Vietnamese people go without spending cash is 11 consecutive days per month, almost four times as long as in 2022.

In 2023, Vietnam led Southeast Asia in the transition to cashless payments, with 88% of people having used this method before.

To date, more than 87% of adults have payment accounts at banks and many banks have over 95% of transactions processed on digital channels. The average growth in the number of payment transactions via mobile devices and QR code from 2017 to 2023 reached over 100% per year, the Government News reported.