Vietnam’s Payment Rails & How They Work – Exploring NAPAS, QR Code Standards & the Cashless Transformation

Strong payment rails, the widespread usage of QR code payments, and a legal framework that is moving forward are all making Vietnam's payment system change swiftly. NAPAS Vietnam has been a big part of this expansion by making it easy to link together standardised mobile banking solutions, real-time payments, and a financial services network that works well with other networks. Vietnam is trying to go cashless, and this development is part of that effort. This has made the country one of the most technologically advanced markets in Southeast Asia.

The Payment Infrastructure in Vietnam: A Strong Force for Change

The State Bank of Vietnam (SBV) runs a number of systems that are connected to each other and make up the Vietnam payment rails. These are:

Systems that let banks send each other electronic payments
Clearing and settlement of stocks and bonds
Changing bank cards and electronic clearance systems
The systems that banks use inside and amongst themselves

Since the late 2000s, SWIFT, Western Union, and institutions like Vietcombank and BIDV have helped people use Visa and MasterCard.

Even yet, the National Payment Corporation of Vietnam (NAPAS) is the most important company that makes digital payments happen in Vietnam. There are 68 banks and other financial institutions that are members of NAPAS. It also maintains a network of over 20,600 ATMs and about 741,000 POS/mPOS devices. It is the main electronic clearing and financial switching facility in the country for transactions under 500 million VND, and it serves over 80 million consumers. The SBV still employs its old IBPS system for transactions that are worth more.

The expansion of the Vietnamese fintech sector is built on NAPAS. It gives individuals a very safe and flexible way to move money, pay businesses, and use mobile wallets.

Also read: Stablecoin Payments in Denmark: USDC and Cross-Border Freelancing in Scandinavia

NAPAS 247 and Real-Time Payments

The company's main product is NAPAS 247, which is a payment system that works in real time and can execute transactions in less than 10 seconds. You can use it 24 hours a day, 7 days a week through internet banking, ATMs, and mobile banking apps. It works with more than 40 banks.

With NAPAS 247, you can also pay with QR codes, which enable you to transmit money using codes you've saved or scanned. There were 5.5 billion cashless transactions in Vietnam in the first three months of 2025. They were all handled by NAPAS. There were 9.56 billion transactions in 2024. This was a 30% rise in volume and a 14.4% rise in value from the year before.

In April 2025, NAPAS and IDEMIA launched tokenised NFC payments. This was a huge step forward because it made transactions between people, on mobile devices, and in stores secure. You don't have to use cash or scan QR codes anymore because of this agreement. Bank applications (Android) and Apple Pay (iOS) can now operate with mobile wallets.

In May 2025, NAPAS and Mastercard also brought the first co-branded card to Vietnam. It combines NAPAS's capacity to work in Vietnam with Mastercard's ability to work around the world, so Vietnamese users can:

There are over 650,000 places in the country that will accept it.
You may pay at more than 150 million places throughout the world.
Payments that can be made with or without interaction and have dual-chip security

Use QR Code Payments in Vietnam

Vietnam is the fastest-growing QR code payment market in the region. Businesses of all sizes now accept QR payments since they are simple to use and don't cost much to set up.

In 2018, the SBV set formal criteria for QR codes. A year later, NAPAS accomplished the same thing, and with the aid of big banks including Agribank, BIDV, VietinBank, and Vietcombank, VietQR was born in 2021. VietQR makes sure that different institutions can operate together by meeting both the EMVCo Basic Standards and the SBV's standards.

It has changed a lot:

By the third quarter of 2023, there were more than 100 million VietQR transactions every month.
The quantity of QR codes climbed by 106.7% from the year before, and the value of QR codes grew by 84.8% in 2024.
Sixty percent of Vietnamese people use QR codes a lot these days.
A Visa survey from 2023 indicated that 88% of the people who took part have tried to buy anything without cash.

You may now use QR codes to pay for products both big and small. But fragmentation is still a problem. VietQR is an optional service that both banks and e-wallets can use. The rise of "merchant-presented" QR codes has also led to examples of false code replacement, which highlights how crucial it is to improve cybersecurity.

Vietnam's Move to Cashless: A Policy-Driven Digital Change

Vietnam is becoming more and more cashless by implementing rules that make it less customary to use cash, especially in public services. Most people have smartphones, 4G coverage is available to 95% of people, and 72% of people (70 million users) use mobile phones. All of these things encourage this digital drive.

By the end of 2024:

There were 17.7 billion cashless transactions that totalled $11.8 trillion.
From one year to the next, the number of non-cash payments grew by 56% and the value of those payments increased by 32%.
There were 54.5% more mobile banking transactions, and the value of those transactions increased by 34.3%.
According to a Visa survey from 2023, 56% of Vietnamese people now carry less cash.

A lot of people are also employing solutions that work with NFC. Every month, NFC transactions go up by 6%, while Apple Pay transactions go up by 15% every month.

The government's Mobile Money program began in 2021 and lets anyone with a mobile phone account send and receive modest amounts of money. The idea is to reach those who live in remote locations and don't have access to regular banks.

Also read: How DAOs, Startups and Remote Teams Can Use Stablecoin Payments in Portugal

Cross-Border Payment Integration Will Make Regions Work Together Better

Vietnam's involvement in the ASEAN Regional Payment Connectivity (RPC) project suggests that it intends to do business in other countries as well. Laos did the same thing after Thailand and Cambodia put up payment systems that worked with each other in 2022 and 2023, respectively. Vietnam wants to offer these services to critical allies like Japan, South Korea, and China by 2025.

There are still issues, though:

QR codes are still being made the same all across the world.
There are no limitations on how businesses can utilise QR codes in other countries.
The visual cues used to accept payments across borders still have certain limitations.

Product Insight: Businesses that want to get into regional digital commerce can utilise platforms like TransFi to get started fast and easily. TransFi is great for fintechs that wish to enter the Vietnamese digital payments industry or expand throughout ASEAN since it includes worldwide pay-in/pay-out choices, real-time compliance, and support for regulated money movement.

Safety and the Future Outlook

As we migrate to digital, cybersecurity is becoming more and more crucial. Vietnam ranked fourth in ASEAN and seventh in the Asia-Pacific region, according to the Global Cybersecurity Index 2020. But the increase in digital volume means that frameworks need to be stronger. The fact that Vietnam's digital economy is predicted to reach USD 52 billion by 2025, notably in transactions that use QR codes and mobile wallets, makes it increasingly clear that better fraud protection is needed.

But Vietnam is a terrific site for digital finance because its laws are forward-thinking, its banks are inventive, and fintech startups are welcome there.

FAQs:

What is NAPAS, and what does it accomplish for payments in Vietnam?

NAPAS is Vietnam's main payment switch. It connects banks and keeps track of low-value digital transactions happening all throughout the country in real time.

What sets NAPAS 247 apart from normal bank transfers?

It can take hours or even days for regular transfers to go through. But with NAPAS 247, banks can send money to each other in just a few seconds, 24 hours a day.

Is VietQR the sole QR code system in the country?

No. Even though NAPAS and SBV are pushing VietQR as the norm, a lot of banks and wallets still use their own QR systems, which makes things a little bit less organised.

How often do Vietnamese people scan QR codes?

By 2024, more than 60% of clients will frequently pay with QR codes, and the value of transactions will have gone up by more than 80% each year.

What can fintech companies do to enter Vietnam's payments system?

Fintech companies can grow swiftly in Vietnam by using APIs, switching from NAPAS in real time, and receiving services from platforms like TransFi that are only available in certain areas.

Table of Contents

Suggested Article

Explore our products

Payouts

Make global payments at the speed of a click

Collections

Accept payments, remove borders.

Ramp

Unlock Seamless Digital Currency Transactions Anywhere

Effortless Cross-Border Payment Collections

As the world becomes more interconnected and businesses engage in global trade, the seamless collection of payments from across the globe is increasingly important. Whether you're an eCommerce merchant, a freelancer, or a global enterprise, TransFi’s Collections make collecting payments from customers and partners worldwide not only easy but also secure and efficient. TransFi eliminates unnecessary delays and currency exchange complexities, ensuring your funds are always readily accessible. Our Collections product provides a fully compliant, scalable payment infrastructure with support for over 50 currencies, offering instant settlements in stablecoins or other fiat and digital currencies.

By using TransFi’s Collections, businesses can provide their customers with easy-to-use and familiar local payment options. Our Collections product not only automates business payments but also streamlines global transactions, ensuring the utmost efficiency and reliability for businesses worldwide.

Global Payment Collection, Simplified

Due to differences in regulations, methods of payment, and currency exchange rates, international payments can be difficult to manage. TransFi Collections overcomes these barriers by providing a single platform for companies that allows for multiple methods of payment, such as bank transfers, e-wallets, and stablecoin settlements. This enhances operational efficiency and reduces manual work by allowing businesses to track, manage and reconcile payments through a single dashboard.

TransFi allows businesses to automatically generate and manage invoices, attach supporting documents, and issue reminders to customers to foster effective collections. This proactive approach reduces payment disputes and delays, all while improving cashflow and financial management.

Seamless Payment Collection Experience for Businesses and Customers

TransFi Collections is designed to give businesses an efficient and smooth payment solution with the assurance of a secure and frictionless customer experience. Through our platform, businesses can accept payments in local currencies and convert automatically to stablecoins or fiat, making the hassles of currency exchange a thing of the past. With rapid and trusted settlement, businesses do not have to wait for slow international banking processing times anymore, gaining quicker access to funds. Our APIs can also be incorporated directly within the platforms of businesses, minimizing manual intervention and facilitating payment processing. TransFi Collections also provides real-time insight into transactions using different analytics and reporting tools, empowering businesses with key insights. No matter your requirement, be it managing recurring payments, processing single invoices, or dealing with bulk collections, our solution automates payment workflows to reduce administrative efforts and maximize efficiency. By simplifying the payment processes for both companies and their clients, TransFi Collections optimizes financial operations so that firms can concentrate on development and customer satisfaction without worrying about delays in settlement or complicated integrations.

Benefits of Partnering with TransFi for Cross- Border Payment Collections

Collaborating with TransFi for cross-border payment collections guarantees an efficient and seamless process for companies across the world. With borderless payment collection, companies can receive payments anywhere in the world without having to go through different banking networks or paying high conversion charges. TransFi Collections allows companies to collect money from foreign customers through local payment channels, thus providing greater reach and conversion rates. Real-time settlements remove the delays of traditional banking and allow payments to be made in stablecoins or fiat instantly, providing continuous cash flow. Automated invoice processing streamlines payment processes, saving manual labor and boosting efficiency by creating invoices, adding required documents, and sending timely reminders. Scalable API integration enables businesses to seamlessly integrate TransFi Collections into their current platforms, making global payment collection scalable and efficient. Advanced security and compliance provide the assurance that all transactions are encrypted, secure, and regulated to the highest standards. TransFi Collections is not merely a payment gateway but a full suite of solutions empowering businesses with scalable, compliant, and efficient payment collection services. Whether you collect payments from suppliers, freelancers, or international customers, our platform provides timely, cost-saving, and secure transactions. Step into a digital future of payments with TransFi and feel the force of borderless, seamless collections.

Empower Your Business with TransFi Payment Collections

TransFi Collections is not only a payment gateway but a complete solution that empowers businesses operating across borders with secure, cost-effective, compliant, as well as scalable payment collection tools. From payment collections for goods and services to e-commerce transactions, TransFi Collections provides effortless, secure, and instantaneous settlements.

With TransFi, businesses can experience the future of digital payments and the power of borderless and hassle-free collections. Our user-friendly dashboard facilitates seamless transactions and allows businesses to collect payments against goods and services, experiencing transaction speeds in seconds. Freelancers and influencers can also benefit from real-time transactions, enhancing the efficiency of their global payment collections. Using our secure and scalable stack, e-commerce businesses can achieve 90%+ conversion rates, 99%+ uptime, and low latency, ensuring enterprise-level performance.

Integrate TransFi Collections with your business and experience secure, seamless, and scalable payments that are not only efficient and reliable but also globally compliant.