VietQR is a quick response payment method developed by the State Bank of Vietnam (SBV) to promote cashless payments in the country. The code generated enables consumers to scan and pay for products and services using the camera on their mobile devices.
Since its introduction in 2018, Viet QR has gained significant adoption in Vietnam. The government has been actively promoting the use of the code, with incentives and campaigns to encourage businesses to adopt it. As of 2021, more than 90% of banks and 90% of merchants in Vietnam have adopted Viet QR. Customers can make payments without the need for cash or cards, and transactions are processed instantly. This makes it an ideal payment method for small transactions, such as buying groceries or paying for public transport. Now for the first time, folks would be able to onramp and offramp into crypto assets using Viet QR, thanks to TransFi.
Viet QR also supports interoperability between different payment providers, making it easier for consumers to use a range of payment services with a single QR code. This has helped to increase competition and innovation in the payments market, driving further financial inclusion in Vietnam. With more people using digital payments, it is easier for them to access other financial services, such as loans and savings accounts. Hence for these reasons, TransFi has added support to buy crypto and sell your digital assets using VietQR in their widget.
Overall, VietQR has been a success in Vietnam, with its adoption growing rapidly since its introduction. As the country continues to promote cashless payments and digital financial services, we can expect to see further growth in the adoption of VietQR and other digital payment solutions.