On November 19th, the seminar titled “QR Code Payments: Transparency and Unlimited Experience” was held under the guidance of the Payment Department of the State Bank of Vietnam, co-organized by VnEconomy and NAPAS.
During the seminar, Ms. Phan Thị Thanh Nhàn, Director of the Card and Operations Center at the Bank for Investment and Development of Vietnam (BIDV), presented statistics indicating that the global QR transaction volume is projected to reach nearly $6 trillion by 2025 and could surpass $8 trillion by 2030. The Asia-Pacific region stands as the most vibrant market for QR payment models and methods.
In Vietnam, within the first nine months of the year, the number of QR transactions increased by 61%, with transaction values rising over 150%. Currently, there are two forms of QR transactions: QR money transfer (personal QR, or VietQR) and QR payment.
Regarding QR money transfer (VietQR), Ms. Nhàn highlighted its ease of implementation. Any store, from vegetable vendors to fishmongers, can simply open an account and display their personal QR code to start using it immediately.
However, this QR code does not serve as a payment acceptance point; it is merely a personal account code. When money is transferred, it is impossible to distinguish between civil transactions and goods purchases. Opening an account and displaying a QR code does not enable the system to differentiate between payments for goods and personal loans.
“In reality, at any store, for a party costing 10–20 million VND, when settling the bill at the reception, aside from card payments, people often take out their smartphones and transfer money to the personal QR code of the receptionist or store owner. The entire amount goes into a personal account, making it impossible to distinguish between payments for goods and personal transactions. Since it is a civil transaction, if there is an issue with the goods, legal disputes arise, the system does not recognize it as a goods payment transaction but merely as a relationship between two individuals,” Ms. Nhàn analyzed.
Additionally, Ms. Nhàn mentioned that 2-3 years ago, when BIDV, along with several banks and NAPAS, implemented cross-border QR payments, there were instances where Thai tourists visiting Vietnam attempted to use their smartphones to scan QR codes but were unsuccessful because they were VietQR codes. During the pilot phase, bank representatives had to physically inspect sales points to ensure they had QR Pay codes to accept cross-border QR payments.
Regarding e-wallets like Momo and ZaloPay, Ms. Nhàn noted that these platforms have a single payment source—account-to-account transfers—and lack diverse funding options. Despite their limitations, Ms. Nhàn acknowledged that the campaign offering free QR money transfers for both senders and recipients has significantly boosted the VietQR network.
As for QR payment (QR Pay), it is a payment acceptance method clearly defined in Circular 15 of the State Bank of Vietnam. A payment acceptance unit must have a contract between the bank providing payment services and the merchant. Therefore, it cannot be set up as quickly as opening an account and displaying a QR code. Merchants must comply with the regulations outlined in Circular 15.
The advantage of QR Pay is that it addresses most of the shortcomings of QR money transfer: sales management, cash flow management, transaction transparency, and clear reconciliation. However, it is not as simple as just displaying a QR code. Banks and management units must invest, and costs are a concern.
Ms. Nhàn also pointed out that the biggest challenge in implementing QR payments is that sellers are accustomed to receiving personal transfers due to the absence of fees and simple procedures. Additionally, payment risks and AML (Anti-Money Laundering) issues in cross-border QR transactions are matters that need attention.
The representative from BIDV Bank also proposed to the State Bank of Vietnam and NAPAS to expand the cross-border QR network to countries such as Thailand, Laos, Cambodia, and soon China, South Korea, Taiwan, Malaysia, and Singapore. This expansion will promote the sale of goods and services and encourage merchants to switch to QR Pay.
Secondly, the bank leader suggested considering regulations that prohibit goods payment transactions from being conducted via personal-to-personal transfers, thereby incentivizing the transition to QR Pay.
Regarding NAPAS, Ms. Nhàn mentioned that although current transaction volumes are low, and cross-border QR transaction tracing and fraud have not yet become widespread, unusual transactions such as money transfers for gambling in Cambodia have emerged. A stricter MCC (Merchant Category Code) framework, similar to that of international card organizations, is needed to mitigate risks.
Furthermore, banks and NAPAS should collaborate on fee structures during the initial phase to alleviate concerns among small traders about costs, encouraging them to switch from VietQR to QR Pay.
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