Viet Nam, Cambodia, Thailand launch cross-border QR code payment
VGP - Viet Nam has completed cross-border payment connections via QR codes with Thailand, Cambodia, and is connecting with Laos, noted Governor of the State Bank of Viet Nam Nguyen Thi Hong.
Viet Nam is planning to expand cross-border QR code payment with countries inside and outside the ASEAN region, highlighted Nguyen.
QR codes are used to pay by over 62 percent of Vietnamese. On average, they scan the code 16.2 times per month, which is higher than card usage (around 12-13 times per month), a survey conducted by Visa revealed.
According to a recent Visa study on consumer payment behavior in 2023, the average time Vietnamese people go without spending cash is 11 consecutive days per month, almost four times as long as in 2022.
In 2023, Viet Nam led Southeast Asia in the transition to cashless payments, with 88 percent of people having used this method before.
To date, more than 87 percent of adults have payment accounts at banks and many banks have over 95 percent of transactions processed on digital channels. The average growth in the number of payment transactions via mobile devices and QR code from 2017 to 2023 reached over 100 percent per year./.
