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QR Pay – New payment method in the digital age
Posted date 08/05/2019
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Posted date 08/05/2019
1.338 view
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The trend of using smartphones in Vietnam is increasing along with the strong development of the Internet and 4G, mobile payment is becoming an inevitable trend. A series of payment solutions on mobile devices have been born to meet the needs of users. In which, payment via QR code is increasingly popular.
QR ( Quick response ) or QR Code authentication code is a form of quick response code/matrix barcode. QR Code is used for many purposes such as 2-layer account authentication, website advertising on flyers...
In the field of electronic payment, QR Code is a fairly new trend, especially in the Vietnamese market.
QR Code is superior to current traditional payment methods such as easy to deploy, does not require much infrastructure, diverse payment applications (payment at the counter, bill payment, payment via flyers,... Absolute security (because each QR Code can only be used once)
According to a survey conducted during Online Shopping Day by the Vietnam E-commerce Association (VECOM), up to 40% of smartphone users use smartphones to shop. According to Euromonitor, the total value of mobile payments in the Southeast Asian market, including Vietnam, will reach about 32 billion USD in 2021, 10 times higher than in 2013.
In the field of electronic payment, QR Code is a fairly new trend, especially in the Vietnamese market.
QR Code is superior to current traditional payment methods such as easy to deploy, does not require much infrastructure, diverse payment applications (payment at the counter, bill payment, payment via flyers,... Absolute security (because each QR Code can only be used once)
According to a survey conducted during Online Shopping Day by the Vietnam E-commerce Association (VECOM), up to 40% of smartphone users use smartphones to shop. According to Euromonitor, the total value of mobile payments in the Southeast Asian market, including Vietnam, will reach about 32 billion USD in 2021, 10 times higher than in 2013.
Illustration photo.
QR code payment is applied in many countries around the world such as India, Korea, China... In Vietnam, QR code payment application has been applied by many banks. QR Pay feature is currently integrated into Mobile Banking application of some banks with about 5 million users.
According to VNfinance's research, there are currently about 18 major banks that have included this payment method in their Mobile Banking applications, such as Vietcombank, Agribank, Vietinbank... Some e-wallets such as MoMo, Payoo or payment gateways VNPAY and mPOS have also applied this payment method.
Ministop, FamilyMart, Satra, Lotte Mart, Phong Vu, Phuc Long... systems have also deployed the application at their stores; FPTShop and CGV will soon also put the QR Code payment method into operation. VNPT - Media representative said that currently VNPT Pay's application allows customers of all banks to make payments via QR code. VISA representative said that up to now, there have been over 8,000 e-commerce stores/websites accepting QR Code payment method. It is expected that by the end of 2018, this number can reach 50,000 stores /websites.
2018 will be a busy year for banks and businesses implementing QR Codes. It is expected that within the next 2-3 years, QR Code payments will develop in parallel with other forms of electronic payments. This is also part of the Government's plan to reduce the proportion of cash payments by 2020.
QR Code brings many benefits to both sellers and buyers. For sellers, QR Code helps small businesses increase revenue, boost sales, or bring products to buyers more easily with a negligible cost. For buyers, QR Code helps buyers pay conveniently.
However, this new form of payment also has many potential difficulties. Among them, training and propaganda about the benefits of using QR Code, as well as changing payment behavior are the two biggest barriers. However, according to experts, with its outstanding advantages, QR Code will create a new revolution in mobile payment and will explode in Vietnam in the near future.
Source:
According to VNfinance's research, there are currently about 18 major banks that have included this payment method in their Mobile Banking applications, such as Vietcombank, Agribank, Vietinbank... Some e-wallets such as MoMo, Payoo or payment gateways VNPAY and mPOS have also applied this payment method.
Ministop, FamilyMart, Satra, Lotte Mart, Phong Vu, Phuc Long... systems have also deployed the application at their stores; FPTShop and CGV will soon also put the QR Code payment method into operation. VNPT - Media representative said that currently VNPT Pay's application allows customers of all banks to make payments via QR code. VISA representative said that up to now, there have been over 8,000 e-commerce stores/websites accepting QR Code payment method. It is expected that by the end of 2018, this number can reach 50,000 stores /websites.
2018 will be a busy year for banks and businesses implementing QR Codes. It is expected that within the next 2-3 years, QR Code payments will develop in parallel with other forms of electronic payments. This is also part of the Government's plan to reduce the proportion of cash payments by 2020.
QR Code brings many benefits to both sellers and buyers. For sellers, QR Code helps small businesses increase revenue, boost sales, or bring products to buyers more easily with a negligible cost. For buyers, QR Code helps buyers pay conveniently.
However, this new form of payment also has many potential difficulties. Among them, training and propaganda about the benefits of using QR Code, as well as changing payment behavior are the two biggest barriers. However, according to experts, with its outstanding advantages, QR Code will create a new revolution in mobile payment and will explode in Vietnam in the near future.
Source:
- https://vi.wikipedia.org
- http://www.siu.edu.vn
- http://moore.vn – QR Code is the new trend of Marketing
Trinh Thi Minh Nguyet
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