Vietnam sees stronger mPOS payment

Source: Xinhua| 2019-05-01 23:16:11|Editor: Mu Xuequan
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HANOI, May 1 (Xinhua) -- Vietnam had 27,500 places accepting payment via mobile point-of-sale (mPOS) in 2018, posting a year-on-year increase of 99 percent, according to the Vietnam Bank Card Association.

Data from the association's annual report in 2018 also showed that the traditional POS payment acceptance network decreased by 8 percent against 2017, Vietnam News Agency reported on Wednesday.

This shows that banks and payment units no longer focus on developing traditional payment channels, but on new payment channels such as mPOS, Quick Response (QR) code and e-commerce.

Last year saw an explosion in the number of QR code acceptance units, with nearly 58,000 payment points, up 600 percent against 2017.

However, total payment transactions via QR were only 70 billion Vietnamese dong (3 million U.S. dollars). According to local experts, this shows that customers were still not familiar with QR code payment.

Although international cards accounted for only 13 percent of all types of cards, its payment revenue took 52 percent of total card payment transactions in Vietnam last year.