QR code tops cashless payment methods via Payoo

Payments via QR Code via the network of technology company Payoo skyrocketed 250% year-on-year in the first six months of the year, the company has reported.

It topped other cashless payment methods in terms of annual growth, including international credit cards (64%), and domestic ATM cards (7%). 

QR Code payments posted an annual three-fold increase over the past three years.

Top five sectors recording the most QR code transactions are catering services, supermarkets and convenient stores, fashion and cosmetics, entertainment, furniture and household appliances; and retail stores.

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), according to a survey conducted by Visa on consumer payment behavior in 2023.

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