MoMo Multi-Function QR brings convenience to users
The trend of paying by QR code is increasing rapidly
According to statistics from the State Bank, in the first 5 months of 2023, non-cash payment indicators increased in both quantity and transaction value compared to the same period in 2022. Specifically, non-cash payment transactions increased by 52.35% in quantity. Of which, payment via the Internet channel increased by 75.54% in quantity and 1.77% in value; via mobile phone channel increased by 64.26% in quantity and 7.65% in value; via POS increased by 30.35% and 27.27% respectively. In particular, payment via QR code scanning increased by 151.14% in quantity and 30.41% in value. This reflects the trend of shifting to electronic payment, non-cash payment, especially QR code scanning, which is growing rapidly in Vietnam.
The popularity of VietQR codes in Vietnam recently is also an inevitable trend as this is happening in countries in the region and has recorded many positive results. For example, in May 2023 alone, in India, there were more than 8 billion transactions through UPI (Unified Payments Interface) payment based on QR codes. Of which, 96% of transactions were made through e-wallet platforms, meaning that users prefer to open e-wallets and scan these QR codes.
Thus, it can be seen that e-wallet is a platform with a great advantage in the race for QR code payments. This time is also a "once-in-a-lifetime opportunity" for MoMo to realize the dream of cashless payments being replicated throughout Vietnam. At the same time, with the goal of always putting user and partner experience first, implementing a trial to launch a comprehensive and complete payment solution, ensuring maximum benefits for partners, MoMo has recently launched the "Multi-function QR" payment solution.
This is the first time MoMo has brought to the ecosystem of more than 100,000 partners (merchants) a comprehensive payment solution, helping them solve problems related to payment and receiving money during business operations.
Stores switch to using MoMo's Multi-Function QR
All mobile payment methods can scan MoMo's "Multi-function QR" code
"Multi-function QR" is MoMo's comprehensive payment solution for payment and transaction verification for shop owners of all sizes, from small and micro to large brand chains. This solution allows all mobile payment methods (e-wallets, banking applications...) to scan this MoMo QR code. This brings comprehensive payment and solves the concerns of sellers about payment - receiving money - reconciliation and cash flow management.
Previously, MoMo was one of the first units to "put forward the proposal" to the State Bank about a comprehensive payment solution via QR code. MoMo spent many months researching the idea, building a technology platform and conducting testing with more than 1,000 partners in many business fields (food and beverage, retail, etc.). This is the stage that MoMo focuses on and cares about the most, to thoroughly research the needs and experiences of partners when using the comprehensive payment solution. From there, perfecting the solution, meeting all the needs in the most meticulous way for its partners before officially deploying it widely to the market.
The results are impressive as in just the first 2 weeks of implementation in August, there were more than 10,000 payment acceptance points using MoMo's comprehensive payment solution "Multi-function QR". It is expected that by the end of this year, this comprehensive payment solution will be 10 times more widespread (more than 100,000 points) nationwide.
MoMo's comprehensive payment solution "Multi-function QR" brings many benefits to users and partners. For users, the biggest benefit is convenience, speed, ease and variety of payment methods. Now, users only need to use MoMo or all banking applications, scan the "Multi-function QR" code to easily and flexibly pay through a variety of money sources. In particular, users also have the privilege of paying with Postpaid Wallet after scanning MoMo's "Multi-function QR" code. Meanwhile, those who do not have MoMo can still make payments by opening the banking application and scanning MoMo's QR code.
For partners (merchant), all payment methods currently available on the market can scan MoMo's "Multi-function QR" code for payment. This helps store owners and businesses minimize the operation of many different QR code management systems. At the same time, MoMo provides a separate application for store owners and businesses called "MoMo Partner" (MoMo Merchant) on the Mini App platform. Accordingly, businesses can easily track and look up information, successful transactions... In the near future, MoMo will continue to improve audio solutions to help businesses receive payment notifications with vivid, intuitive sounds.
In addition, with the authorization feature, business owners can flexibly authorize employees to receive transactions at the store. Thanks to that, employees can proactively know that customers have successfully paid without having to ask the owner again.
After the comprehensive payment solution "Multi-function QR", MoMo also continues to promote financial solutions and partner solutions (merchant solutions) related to marketing - sales. Specifically, MoMo continues to promote the utilities of Postpaid Wallet to be able to pay via "Multi-function QR" code, thereby stimulating user spending and stimulating growth for partner businesses. Regarding the partner solution (merchant solution) related to marketing - sales, the 2 features Business Page (business page) and Voucher Distribution Channel (Voucher Distribution) on the MoMo Super App platform will support businesses to increase access and interaction with tens of millions of users, thereby improving business efficiency.
The advantage of MoMo when implementing the comprehensive payment solution "Multi-function QR" is the superior technology platform that ensures the ability to process a large number of transactions smoothly and seamlessly. This has been proven by the fact that MoMo is the leading payment channel on Apple, Google, Lazada platforms... This solution also has the ability to integrate into the POS system. This means that when receiving a successful payment transaction via the "Multi-function QR" code, the employee will immediately receive a notification on the POS system.
HUYEN LE
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