Vietnam Payment Landscape
Payment Landscape
Vietnam Payment Landscape
The Vietnam Payment Landscape is regulated by the State Bank of Vietnam (SBV), and the core is National Payments Corporation NAPAs Offered 24/7 Fast Transfer vs. VietQR Unified QR code. E-wallets are represented by MoMo and ZaloPay, and cash on delivery (COD) still accounts for a considerable proportion of e-commerce. Understanding the Vietnamese payment landscape helps to understand PayCools' VietQR acquiring and bank payout capabilities in the local area.
1
Regulatory & Payment Structure
| Body | Responsibilities |
|---|---|
| SBV (State Bank of Vietnam) | Central bank and payment landscape supervision, issuing cashless payment and electronic payment regulations |
| NAPAS | National payment company, operates interbank clearing, switching and NAPAs 247 fast transfer, VietQR standard |
| VNPAY | Market share Leading payment gateway and acquirer, providing e-commerce payment collection, scanning code, bank card acceptance |
| Intermediary Payment License | E-wallets and payment intermediaries need to be licensed by the SBV (within the framework of Decree-Law 101/2012) |
2
Core payment network
- NAPAs 247 Fast Transfer: Instant transfer between banks, 7 × 24 hours of operation, is the infrastructure for digital payment in Vietnam
- VietQR: The unified QR code standard (compatible with EMV QR) developed by Napas supports bank app code scanning payments, and is the unified entrance for offline and online code scanning payouts.
- Cross-border mutual recognition of QR codes: VietQR in Vietnam is interconnecting with QR codes in ASEAN countries such as PromptPay in Thailand to support cross-border scanning
- Bank Transfer/Online Banking: Local bank inter-app transfer is one of the mainstream payment methods, and "transfer order" is more common in e-commerce
Fast money transfer and QR codes in Vietnam are standardized by NAPAs. Merchants can connect to VietQR to cover most local banks and wallet users.
3
eWallet
MoMo
The largest independent e-wallet in Vietnam, covering transfer, payment, scanning, e-commerce and offline consumption.
ZaloPay
Relying on Zalo's social ecology wallet, it is deeply integrated with e-commerce and life services.
Carrier/eco wallet
ViettelPay, VNPT Pay (carrier-based); ShopeePay (e-commerce ecology); Moca (Grab ecology), etc.
VNPAY Wallet
VNPAY ecological wallet, which is coordinated with the bank card and QR code collection system.
4
QR Code Payout (VietQR)
VietQR is PayCools' core acquisition method in Vietnam:
- Standard: NAPAs is unified, compatible with EMV QR, bank apps and mainstream wallets can be scanned
- Merchant side: The merchant system generates a dynamic QR code with the order information, and the user confirms the payment after scanning the code
- Arrival: Switched by NAPAs, usually arrives in real time, and the order result is returned through the payment result notification
- Applicable scenarios: E-commerce online payment, offline store scanning, bill collection, self-service equipment
5
Other payment methods
- Card: Visa/Mastercard/JCB and UnionPay, online payments with 3DS; local debit cards (NAPAS cards) are widely used in ATMs/online banking
- Cash on delivery (COD): E-commerce is still common, and users pay in cash or by card when receiving goods, which is an important supplement
- Convenience/Cash: Offline cash payment still accounts for a considerable proportion, over-the-counter payment and cash recharge points (such as F88, etc.) serve non-card holders
- Bank transfer: The user transfers the order to the merchant's public/private account through the bank app, and some e-commerce support
6
Compliance Essentials
- License Plate: E-wallets/payment intermediaries are required to obtain an SBV license (Decree-Law 101/2012 and subsequent amendments), and unlicensed intermediaries are not allowed to carry out payment business
- KYC / AML: Wallet account real name classification, customer due diligence and anti-money laundering requirements (Anti-Money Laundering Act 2012 and amendments thereto)
- Data localization: Payment and network data storage are subject to Vietnamese data localization and network security requirements (Decree No. 53/2022, etc.)
- Cross-border: Cross-border collection and payment and entry and exit of funds are subject to SBV foreign exchange and cross-border payment regulations
7
Capability mapping of PayCools in Vietnam
| Ability | Description |
|---|---|
| Acquisition | Support VietQR dynamic QR code payout (channel code VN_VIETQR_DYNAMIC) |
| Pay on behalf of others | Supports payouts to local Vietnamese bank accounts (see the payout channel list for details) |
| Ledger/Refund | Support ledger and refund capability is subject to channel availability |
| Related Documents | VietQR Acquisition Details, Vietnamese payment channels |