Contactless Payments by VPBank: A Standout Feature in the Banking Industry

VPBank’s Pay by Account and Tap-to-Phone solutions, along with other contactless payment options, not only enhance the experience for individual customers and businesses but also showcase the bank’s pioneering mission in driving comprehensive digital finance.

The exhibition of the country’s achievements, “80 Years of Independence, Freedom, and Happiness,” opened on the morning of August 28 at the National Convention Center. VPBank was a prominent representative among the participating banks.

As a pioneer in digital transformation, VPBank impressed attendees and visitors with a hands-on experience of its contactless payment solutions (Tap and Pay) – the bank’s flagship technology for both individual and business customers.

During the exhibition, VPBank introduced guests to the Pay by Account solution, which allows individual customers to make payments directly from their VPBank NEO accounts without a physical card. Users only need a bank account and a smart device, and all transaction information is encrypted to ensure absolute security. VPBank is the first bank in the Vietnamese market to implement this solution.

Welcoming Ms. Nguyen Thi Hong, Governor of the State Bank of Vietnam, to the booth, Mr. Nguyen Chi Hien, Vice Director of VPBank’s Retail Banking Division, shared the goal of reaching 500,000 Pay by Account users by 2025, bringing convenience and security to over 100 million acceptance points globally.

For businesses, VPBank introduced the Tap-to-Phone (T2P) solution, which turns Android phones into payment acceptance devices, helping shops and businesses save costs and be more flexible in transactions. So far, T2P has recorded more than 15,000 successful transactions from over 1,200 stores.

At the same time, VPBank is also the first bank to deploy a banking agency model, with more than 3,300 transaction points nationwide. Convenience stores and electronics supermarkets have now become “new ATMs/CDMs,” serving hundreds of thousands of transactions each month, with a total value of over VND 1,000 billion.

“With advanced technology solutions, VPBank aims to provide a convenient, cost-effective, and easily accessible financial ecosystem, contributing to the expansion of comprehensive financial services for Vietnamese people,” said Mr. Hien at the event.

Since its establishment in 1993, VPBank has been serving over 30 million customers and has grown into one of the largest joint-stock commercial banks in Vietnam. As of June 2025, the bank’s consolidated total assets exceeded VND 1.1 quadrillion, the largest in the private banking sector.

Throughout its 32-year journey, VPBank has actively contributed to the national budget with thousands of billions of VND in taxes annually while maintaining its position as one of the most profitable banks in the system. In 2024, the bank’s consolidated pre-tax profit exceeded VND 20,000 billion, continuing to rank among the top in terms of operational efficiency.

VPBank’s success has also been widely recognized internationally. In 2025 alone, the bank has been honored multiple times by prestigious organizations, including the “Best Priority Banking Services in Vietnam 2025” and “Woman Entrepreneur of the Year – VPBank SME” awards by Asian Banking & Finance, and the “Best Bank for Millennial and Gen Z in Vietnam 2025” award by Global Banking and Finance.