Paying by QR code is about to explode

According to a statistic, QR code payment is currently implemented by 18 banks such as BIDV, VPBank, Vietcombank, VietinBank, Agribank, TPBank, Maritime Bank, SCB, SHB …; Over 20,000 points use QR codes according to the common standards of the applicable banks, with over 8 million users. Benefits for consumers, businesses and banks will help QR codes become a trend in Vietnam in 2019.
Statistics from the Ministry of Information and Communications show that, as of June 2018, Vietnam had about 136 million mobile subscribers, up 10.28% over the same period in 2017, of which 4G subscribers increased by 53%. .

According to experts, this number will continue to increase in the future, this is a potential opportunity for QR Code to develop in Vietnam.

Bank massively deployed

In fact, in 2018 witnessed tremendous growth in the number of users and revenue that this payment method brought.

Mr. Tran Tri Manh, representative of Vietnam Payment Solution JSC (VNPAY), said that Vietnam currently has more than 20,000 merchants (merchants) that accept payment by VNPAY-QR with the growth of users up to 30% each. month.

Statistics of Maritime Bank about the last 3 months also show that the total payment volume through this method is estimated at over VND 300 billion / month, the growth rate is over 26.2% / month.

According to financial and banking experts, QR Code can be compared to regular credit card payment methods, besides that users don’t need to carry cards with them, QR Code can be solved. The problem of insecurity when paying via credit card.

Mr. Huynh Buu Quang, General Director of Maritime Bank, said that QR code payment is becoming a new trend, being applied by many countries. This payment method is rated as safe, simple and easy to use. It only takes a few seconds to complete the transfer, pay the bill, buy goods for a variety of services at restaurants, supermarkets, shops, taxis, online shopping … without using cash. No worry about card information.

Recently, payment service providers and commercial banks have strongly promoted and discounted users when paying via QR Code, making this method more and more popular.

For example, Eximbank, Sacombank, Maritime Bank … are applying promotions of 10-20% discount on the total bill.

According to experts, at present, most banks and many businesses are focusing on developing mobile payment infrastructure, in which scanning QR codes with QR Code is forecast to explode in Vietnam.

The leader of a joint stock commercial bank said that the QR code payment point network currently accounts for only 10% of the total non-cash payment means and this rate is continuing to increase. Meanwhile, the current number of ATMs has reached 18,000 and the number of active cards is 87 million ATM cards. The number of POS machines also increased by 23% compared to the end of 2016.

“This is also a drawback when the number of Mobile Banking users, e-wallets … is much less than the number of customers using bank cards of all kinds,” he said.

Prepare to sprint

Representatives of many banks commented that with many advantages compared to paying by card, especially the convenience trend that is popular among young people, in the future, paying with QR codes will accelerate, increase. outstanding growth compared to other non-cash payment methods.

Experts predict 2019 will be a very busy year for banks and businesses implementing QR Code. In 2019, there will be more business units and banking organizations preparing infrastructure to apply the payment method with QR Code authentication code.

“If there are only 18 banks applying QR Code in 2018, in 2019, the remaining banks will definitely not miss the opportunity to increase market share. Thus, in 2019, this payment method will “widely” cover in Vietnam, “an expert said.

It is expected that in the next 2-3 years, payment by QR Code will develop in parallel with other electronic payment methods, contributing to reduce the proportion of cash payments under the direction of the Government.

However, Mr. Tran Cong Quynh Lan, Deputy General Director of VietinBank, said that in order to achieve the expectation to make QR Pay really develop and become a convenient payment channel, completely replacing cash payment needs to be studied soon. Research and provide a unified standard for QR Code format in mobile payment for Vietnam market.

Currently, the biggest limitation of this method in Vietnam is that there is no general standard for QR Code, making it difficult to connect payment. Having a common standard of QR Code in mobile payment for Vietnam market so that different systems can read each other’s codes, towards payment connectivity is very necessary and convenient for both. customers and banks.

To solve this problem, the State Bank has completed the establishment of the basic standard “QR Code Specification in the field of payment in Vietnam”, which is expected to be issued soon.

According to Huyen Anh / thoibaonganhang.vn