Payoo has just published a comprehensive report based on official sources and data on Payoo's nationwide payment system on the potential of QR codes.
It is not difficult to see that in 2023, QR codes will hold the number 1 position in terms of growth rate. Payoo's data on QR payments shows that the value of QR transactions increased 3 times while domestic card transactions increased by only more than 10%, international cards increased by nearly 30% compared to the same period last year.
While international card transactions are popular for high-value orders, QR payment is preferred for small-value orders. Payment transactions made using QR codes with a value of less than VND 100,000 via the Payoo system have grown 5 times compared to 2022.
The growth of QR codes in the past year has been supported by many factors: The VietQR platform allows retailers - especially SMEs - to not need to invest in a complex POS system that requires high appraisal requirements, instead they only need to print a QR code themselves to receive money transfers from customers. QR transactions with a fee of "0 VND" are not only favored by retailers but also supported by many customers because of their convenience, speed, initiative for the sender and security of payment information.
In the context of QR codes being supported by the whole society, banks and payment intermediaries have also quickly "joined in" and launched convenient solutions such as multi-function QR that accepts both e-wallet QR and banking applications or account credit notification services, showing that the whole market joining forces has been and is further promoting the development of QR payment trends.
Observing the Vietnamese payment industry, Payoo believes that QR codes still have many opportunities to explode further. Looking at the Indian market, QR code payments via UPI (unified payment interface) are used by more than 300 million users and accepted at more than 50 million retail stores, from roadside shops to high-end shopping malls.
In March 2023, statistics from the UPI monitoring agency in India showed that more than 8.65 billion transactions worth more than 170 billion USD were made. The digital payment revolution in India has caused 86% of the country's cash to be abolished. Compared to Vietnam, the volume of QR payment transactions in this South Asian country is 40 times higher than ours, which is the basis for Payoo to assess that QR payment in Vietnam still has many opportunities for rapid development.
KIM THANH
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