As Vietnam pushes towards a cashless economy, its financial system is evolving swiftly. Digital payments are becoming more common due to government programs, more individuals having access to the internet, and more people utilising smartphones. Recent information suggests that e-payments in Vietnam were worth $15 billion in 2021 and are predicted to rise at a compound annual growth rate (CAGR) of 15.7% by 2025. The market for mobile payments is also predicted to rise from USD 47.56 billion in 2025 to USD 76.04 billion by 2030, which means it might expand much more.

In this industry that is continually changing, banks like Techcombank, Vietcombank, and Sacombank help shops get and handle payments in a major way. Their initiative to make digital banking better for Vietnamese businesses has helped organisations in numerous industries, such as retail, logistics, e-commerce, and hospitality, find safe ways to pay.

Sacombank: Merchant-Centric Payment Innovation

One thing that sets Sacombank apart is that it offers merchants a number of various methods to get paid. The bank offers more than 20 credit card lines that are useful for a wide spectrum of customers, from everyday people to wealthy clientele. The bank partners with NAPAS, VISA, Mastercard, UnionPay, JCB, and American Express to make it easier for consumers to transact business at home and abroad.

Retailers can attract tech-savvy customers with mobile payment systems like Samsung Pay, Apple Pay, Google Pay, and Garmin Pay since Sacombank is focused on digital transformation. The bank also works with MoMo, VNPAY, and ZaloPay to enable Visa QR payments, which makes it easier to pay online and in person.

For instance, a tiny café in Ho Chi Minh City can now process Visa payments faster and cheaper by scanning a QR code on a customer's phone instead of utilising a conventional POS system.

Sacombank is one of the largest merchant networks in Vietnam, with more than 200,000 point-of-sale terminals around the country. Its online payment gateway, which began in 2008, is still one of the most essential ways to pay for things online. The free Sacombank payment speaker for small businesses verifies transactions as they happen. The mMerchant software turns smartphones into contactless point-of-sale (POS) systems using Visa's Tap to Phone technology. This is perfect for street vendors and small enterprises.

Sacombank is even safer because it stops fraud, follows PCI DSS v4.0 requirements, and adds features like multi-user balance notifications that make it easier to see and manage your money.

Also Read: Vietnam’s Top Payment Methods (MoMo, ZaloPay, VietQR) Explained

Vietcombank: Advanced Digital Payment Solutions

Vietcombank has improved its digital banking infrastructure for businesses of all sizes. The company's core product, VCB CashUp, was built with iGTB and combines supply chain finance, digital payments, electronic collections, and liquidity management to assist businesses in making the most of their cash flow and running their businesses more smoothly.

Small and medium-sized businesses (SMEs) can utilise the VCB DigiBiz platform to complete all of their banking online. Getting rid of costs for payroll, domestic transfers, and account maintenance makes running a business a lot easier. Vietcombank also has industry-specific SME packages with lower lending interest rates and Visa business cards that give cash back to help small firms save money.

Vietcombank's launch of QR-based payments and the Tap to Phone feature in 2023 means that retailers may now receive payments from Visa, Mastercard, JCB, and NAPAS directly on their cellphones.

For instance, a store in Da Nang doesn't require an expensive point-of-sale system anymore to quickly take card payments during special events.

These tools give business owners more control in two ways when used with Vietcombank's SME bundles: they offer improved financing conditions and real-time digital solutions for payroll and collections.

Techcombank: Efficiency and Affordability for Modern Merchants

Techcombank has merchant payment solutions in Vietnam that are both high-tech and affordable. For small and medium-sized businesses, the bank puts integration, flexibility, and transparency first.

You may pay bills, send taxes, make bulk payroll, and send money to folks in other countries and back home using the F@st eBank and Digital Banking systems. Customers can pay without cash when their order is delivered by scanning dynamic QR codes. Techcombank and BEST Vietnam worked together to make this possible.

The SoftPOS system costs only VND 15,000 a month and turns Android smartphones into contactless point-of-sale (POS) terminals that can accept card and QR payments, send electronic receipts, and keep track of transactions in real time. More and more small and medium-sized organisations (SMEs) and logistics companies are using this capability to save money on hardware.

The BusinessOne Connect package for larger enterprises includes the following:

• Free transfers throughout the country, and maintaining your account up to date
• Less money to send money abroad
• Better rates for deposits
• Two-layer authorisation keeps transactions safe.

Techcombank also integrates with Visa's Click to Pay, which makes it easier for online merchants to accept bank payments without having to type in information by hand.

A fashion brand in Hanoi that sells online was able to cut processing costs and the number of individuals who left their carts while raising customer trust by using Techcombank SoftPOS and Click to Pay.

Also Read: How Vietnamese Freelancers Can Receive USD Payments via Stablecoins

Digital Payment System in Vietnam

The digital payment system in Vietnam is growing swiftly. Mobile payments are now mostly done using e-wallets like MoMo, VNPAY, and ZaloPay. At least once a week, 71% of individuals use them, and 85% of people own at least one. QR code payments are one of the most popular and easiest ways to pay in the country. VietQR now works with them.

Cash is still vital in the informal and rural sectors, even though it is used a lot in cities. Many small businesses, market stalls, and eateries in the area still use cash since it is convenient to use. But this gap is steadily growing narrower since the government is backing cashless projects, and smartphone-based point-of-sale (POS) systems are becoming less expensive.

Real-World Example: SMEs Leading the Digital Shift

For example, a medium-sized clothing store in Hanoi used to just take cash, but today it also takes payments using Techcombank's SoftPOS and Sacombank's mMerchant app. The store noticed a 30% increase in recurring business and daily reconciliations that were more accurate in just six months. Logistics companies have also sped up transaction processing by over 40% by using Vietcombank's VCB CashUp platform. This illustrates that going digital right away increases earnings and productivity.

TransFi: Bridging Global and Local Digital Payments

 TransFi is incredibly crucial for Vietnamese business owners who want to sell things to people all over the world. The platform's cross-border payment solutions make it easy and cheap for businesses to get payments in different currencies from all over the world.   TransFi's solutions for converting crypto to fiat assist online merchants be paid safely and in a way that follows the law in their area. With TransFi, businesses may expand beyond Vietnam and take advantage of the growing trend of trade without borders and digital globalisation.

Future Outlook

In the next several years, Vietnam will probably become an even bigger leader in digital payments in the area. More innovation will come from open financial frameworks, 5G infrastructure, and more money from other countries. The Buy Now Pay Later (BNPL) sector is predicted to grow to $2.6 billion by 2025. This will add to the number of bank-based solutions. This will provide businesses with more options for consumer credit.

More and more small companies are going online; therefore, banks, fintechs, and e-wallets will need to work together to make sure that everyone can pay safely and affordably. If merchants start using integrated digital banking solutions early on, they will have an obvious advantage over their competition.

Conclusion

Vietnamese merchant payment systems demonstrate how fintech and traditional banks may collaborate to digitise enterprises. Vietcombank leads business digitisation with Tap to Phone and QR solutions. Sacombank is superior at linking wallets and reaching stores nationwide. Techcombank is known for its affordable, flexible choices for small and medium-sized businesses and online stores. These groups collaborate to keep Vietnam secure, cashless, and productive. Their collaboration has made digital payments accessible and essential for businesses in one of Asia's busiest markets. TransFi and other technologies can allow you to accept international payments. To easily accept digital payments, call a TransFi specialist now.

FAQs:

1. What's the best approach for Vietnamese companies to get paid?

Merchants can easily and safely take payments via POS machines, SoftPOS, QR codes, or mobile payment apps from banks, including Techcombank, Vietcombank, and Sacombank.

2. How do you utilise Techcombank, Vietcombank, or Sacombank to pay small businesses?

Businesses can use smartphones to process card or QR payments with Sacombank mMerchant, Vietcombank Tap to Phone, and Techcombank SoftPOS.

3. Which choice is the greatest for business owners?

Techcombank SoftPOS is one of the least expensive digital payment systems, costing only VND 15,000 a month.

4. Are these Vietnamese banking sites safe for internet stores to use?

Yes. PCI DSS security standards are followed by all major banks, which means that critical payment information is safe and encrypted.

5. Can you use these bank payment methods on e-commerce sites?

Yes, of course. All banks have online gateways or APIs that make it easy and safe for businesses to accept bank payments on their websites.