Digital transformation of the payment industry takes new steps thanks to QR

Payment by QR code recorded growth in the third quarter of 2022

Breakthrough payment via QR

According to data from the State Bank, in the first 6 months of 2022, cashless payments by scanning QR codes increased by 86%. Furthermore, as released by the Payoo payment platform, in the third quarter of 2022, the form of QR payment increased impressively by 62% in quantity and 53% in value compared to the second quarter of 2022, including transactions via Payoo payment gateway and direct payments at the counter via Payoo POS.

Specifically, supermarkets, convenience stores, food and beverage groups and technology groups dominated the group. In which supermarkets increased 68% in quantity and 45% in value compared to the previous quarter. Particularly, the food and beverage group increased by 79% in quantity and 90% in value. In addition, this quarter, QR payment in the technology segment made a breakthrough, with the transaction value doubling in phones and laptops and increasing by 50% in electronics-related products.

In fashion and accessories, QR payment also recorded an average growth of nearly 50% in quantity and value. The growth of the fashion industry group is due to many sales promotions to stimulate users to experience QR code scanning. Typically, promotions at Uniqlo that reduce up to 200,000 VND for orders from 2 million are coordinated by Payoo and electronic wallets and banks.

QR accelerates the digital transformation of the payment industry

According to the Department of Telecommunications - Ministry of Information and Communications statistics, Vietnam has 93.5 million smartphone users, of which 73.5% are adults. As of September 2022, Vietnam has more than 81.8 million mobile internet subscribers, which bears a lot of potential resources for its future development.

Given the advantages of QR payment, Mr. Ngo Trung Linh, General Director of VietUnion, shared that one of the reasons for the highly accepted QR is the investment cost for this form of payment is very cheap and quick to deploy. Moreover, compared with payment by bank card, which requires investment in equipment, and technical configuration and is verified by financial institutions, QR payment does not need specialized machines due to image payment communication.

"As long as the scanner of a vending machine, a phone or even a QR code is fixed at the counter, users can complete an order. However, due to such advantages as cheap investment, and fast implementation, QR has quickly occupied a certain position. Typically, QR is gradually replacing most of the traditional methods in China," Linh said.

Mr Linh added that in Vietnam, QR payment is also receiving the support of the whole society. Banks and fintech organizations are all potential and dynamic units and actively participate in market expansion and increase payment acceptance points. Moreover, customers are mostly modern users, easily adaptable and accepting of new things. Accordingly, QR is playing a very important role in helping digital transformation happen faster and stronger than before.

Realizing the growth potential of QR payments, many fintech units and payment intermediaries also develop new payment solutions based on QR code technology, simplifying the process, optimizing operations and especially is to reduce transaction processing costs.

For example, Payoo recently signed a strategic cooperation agreement with Dragon Capital to support investors in paying for fund certificate investments on DragonX Vietnam's DragonX digital platform in both website and app versions. Accordingly, Payoo offers a new feature of "QR payment transfer", where users only need to place an order on Dragon X and then open their mobile banking application, uploading a photo on the QR code for payment.

The new "payment transfer" method by QR code benefits users because of the quick transfer rate and convenience without remembering account numbers and money transfer syntax like traditional transfer methods. It is known that the digital banking applications of major banks in Vietnam all meet the QR code payment transfer feature. This is considered a new step in the financial sector, helping customers simplify the investment process and revealing the future of investment and payment in everyone's life.

Mr Ngo Trung Linh said that only in the first month of implementation, the "QR code transfer" form was well received and supported by the investor community with many transactions.

Not only limited to the financial sector, Payoo's "QR payment transfer" can be extended to serve businesses in many different industries - those with high transaction volume or in trouble with cash flow control and statistics. New payment solutions give businesses more choices in their digital transformation journey.