Banks optimize boom in payment via QR code

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Minh Tam 17:30, 2018/06/01

Most of large-sized banks have so far integrated payment methods via QR code (QR Pay) on mobile app to bring their products and services closer to customers as the mobile payment is forecast to continue booming in Vietnam in the time to come.

Statistics showed that the country’s online payments reached 110 million transactions last year, which pointed out very large confidence of customers in this payment method.

Online payments in Vietnam reached 110 million transactions last year

It is forecast that with the liberalization in policy, strong internal resources of businesses and the resonance of the entire society, mobile payment will continue booming in Vietnam.
The new, modern, convenient method of payment (QR Pay) has appeared and is gradually coming into life, suitable to the payment trend of countries in the region and the world.
With the supplementation of QR Pay feature, not only banks but businesses will be able to cut many kinds of fees, while limiting mistakes in payment and inventory. By doing so, businesses and banks can be interconnected, creating an ecosystem where customer is the focus.
From a customer perspective, the biggest benefit of QR Pay is the convenience, flexibility and ease. QR Pay simply includes a few basic steps: login to mobile app of banks, choose QR Pay function, use your phone to scan QR code of the shop, enter the amount and verify to complete the transaction.
In terms of security, the usage of QR Pay not only minimizes the stealing of information on credit card, or cash via two layers of security but is also convenient in installing.
Besides e-wallets of MoMo, Payoo, only after six months being put into operation, since September 2017, Samsung Pay received registrations of nearly 400,000 users, and 500,000 successful transactions, raising the total transaction value to VND350 billion.
So far, 15 banks and three card switching organizations have connected with Samsung Pay, accounting for 75 percent of the domestic card payment market.
Apart from Napas ATM card of such banks as Vietcombank, Vietinbank, BIDV, Sacombank, Shinhan Bank, ABBank, Agribank, Techcombank, TPBank, SeABank, Woori Bank Vietnam, there also have international cards such as Visa and Mastercard of Vietinbank, Citibank, Shinhan Bank, Sacombank, TP Bank, Maritime Bank, Saigon Commercial Bank (SCB), FE Credit.
Samsung has recently introduced new features allowing users to carry out mobile payments through manipulations with Gear S3 smart clock.
The government of Thailand has gradually taken strong measures to develop non-cash payment in the country. Currently, e-payment in Thailand (including mobile payment) is expected to increase from 68.2 billion Baht in 2015 to 143 billion Baht by 2020.
In Indonesia, the people ignore credit cards to shift to mobile payment. FT Confidential Research (FTCR) supposes that the widespread development of mobile payment is challenging the position of credit card in Southeast Asian region.
According to Visa’s survey in 2017, in terms of sales, the Asia-Pacific market has a value of nearly $11 trillion. Currently, more than half (55 percent) of transactions here are still being carried out by cash, which means that $6.1 trillion still has the potential of changing into electronic transactions.
Joe Cunningham, director of risk management for Visa Asia Pacific said apart from applying technology advancements to enhance payment experience for consumers, the issue of securing and ensuring transparency of payment system is the key for the development of commercial industry.
The rapid change of payment ecosystem requires new security measures not to affect the convenience of customers and sales units.

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