Currently, non-cash transactions are gradually increasing, most of which are done through scanning QR codes. Along with that, the market providing point of sale (POS) equipment products and services providing non-cash payment solutions is also growing.

Payment via QR code is becoming a method of non-cash transactions. Photo: CHIEN THANG

Safe and convenient methods

According to statistics from the State Bank of Viet Nam, in the first eight months of 2023, the number of non-cash payment transactions reached 6.85 billion transactions with a total value of VND 138.3 million billion, an increase of VND 348, 54% in quantity and 69.84% in value.

Through the QR code methods, there were 86.50 million transactions with a value of 47.26 trillion, an increase of 871.82% in quantity and 761.93% in value.

By the end of August 2023, the number of POS machines on the market had reached more than 490,000 machines, an increase of 78.52% compared to August 2022, showing that the number of transactions using QR code scanning is growing very fast and rapidly. Ms. Nguyen Thi Hien in Thanh Khe Dong Ward, Thanh Khe District said that paying by scanning QR codes saves a lot of time.

In addition, scanning QR codes also avoids the situation of mistakenly transferring money every time you make a shopping transaction.

“Previously, when making non-cash payments with bank account numbers and e-wallet connection numbers, I often mistakenly transferred money to someone else's account and lost it. Since making payment via QR code, it doesn't take me as much time to enter and verify information as before, avoiding mistaken transfers," Ms. Hien said.

The popularity of QR code scanning when conducting purchase and sale transactions among a large number of people mainly comes from policies and programmes such as establishing cashless streets and digital banking, thereby creating a positive, direct impact on the retail industry in the city.

Mr. Nguyen Minh Phong, the owner of a store specializing in providing bodybuilding supplements on Hai Phong Street, Chinh Gian Ward, Thanh Khe District shared that in two years of using QR codes, monthly sales at the store increased quite well and most customers gave good feedback from convenient payment.

The majority of customers buying retail products use non-cash payment methods, accounting for more than 70% and is gradually increasing.

One of the reasons why QR codes are widely covered comes from the linkage and coordination among supermarkets, retail chains and banks and e-wallet service providers that are running many programmes. Incentive programmes when paying via QR codes, as well as timely implementation of VAT reduction policies are motivations to stimulate shopping demand.

Mr. Nguyen Le Tuan Tuong, the Head of Media Mart electronics supermarket center in Hoa Minh Ward, Lien Chieu District said that the VAT tax reduction from 10% to 8%, along with support when paying via QR code, helps the average product price decrease from VND 200,000 - VND 1 million /product. 

Since mid-2023 until now, the proportion of customers paying via QR code has reached 70-80%, a hike of 30-40% compared to the same time last year. Timely implementation of policies and incentives helps increase the number of customers shopping in the current context.

Vibrant digital payment market

Many technology businesses specialsing in trading means and solutions for payment and digital transactions are promoting the development, improvement, and upgrading of products to reach more customers and increase product sales.

According to Mr. Nguyen Quy Tam, the Director of Sapo Technology JSC in Khue Trung Ward, Cam Le District, the market for providing digital solution equipment, and purchasing and selling management is very vibrant, with the participation of many people, large businesses and technology platforms because this is a field rich in potential and huge profits.

His business focuses on selling POS machines with many utilities and experiences for customers with features such as being able to make payments even when the internet connection has problems; extracting origin and product information via QR code; expanding connections with most banks and e-wallets.

Recently, after feedback and information about subjects using fake QR codes, some stores have changed from plates with pre-printed codes, to POS machines that display QR codes for payment, thereby forcing businesses to reach customers using other methods instead of giving away QR codes.

According to Mr. Tran Thanh Hai, the Head of Representative Office of NextPay Digital Transformation JSC in Da Nang, POS products are currently the trend to replace traditional QR codes system to avoid inadequacies and risks.

Recently, the prices of POS products are gradually decreasing to reach the market. With only VND 1 million and more, sellers can buy a POS product with full basic features such as displaying static QR codes, successful transactions, transaction control and notifications while still ensuring confidentiality.

The competition in the payment solutions market has created convenience to help stores promote cashless transactions.

According to Mr. Nguyen Cong Nhat Anh, the Director of Central Region Branch of the Viet Nam Solution JSC in Nam Duong Ward, Hai Chau District, to compete with other competitors, every month, VnPay e-wallets users will receive many discount codes when using QR codes to pay bills at some transaction points, discounts ranging from VND 5,000 – VND 150,000/transaction.

At the same time, the unit has coordinated with many brands, supermarkets, chain stores and restaurants to create many incentives and discount codes for customers when shopping via QR code scanning.

Reporting by CHIEN THANG - Translating by A.THU