Vietnam's NAPAS to expand QR payment reach to China, Japan, South Korea
VietQR code payments continued to show outstanding growth, recording a 2.2-fold increase in transaction volume.
In 2024, the National Payment Corporation of Vietnam (NAPAS) completed the expansion of QR payment service connections between Vietnam and Thailand for its two member organizations and piloted the QR service between Vietnam and Laos for six others.
In 2025, NAPAS plans to further expand its cross-border QR payment connections with countries such as China, Japan, and South Korea.
Throughout 2024, the NAPAS system processed an average of over 26 million transactions per day, a 30.8% increase in volume and a 15.9% increase in value compared to 2023. NAPAS 247, the fast payment transfer service, saw a 34.7% increase in volume and a 16.4% increase in value, accounting for 93.5% of NAPAS's total services.
Furthermore, VietQR code payments continued to show outstanding growth, recording a 2.2-fold increase in transaction volume and a 2.6-fold increase in transaction value compared to 2023.
ATM withdrawals via the NAPAS system in 2024 continued to decline sharply by 19.5% year-on-year, accounting for only 2.4% of the system's total transactions. These results demonstrate the increasing prevalence of electronic payment methods replacing cash in the daily lives of citizens and businesses.
