Payments/VN
Viet Nam
ISO VN · 3 schemes
Summary
- VietQR is the national interbank QR standard (2021)
- 9.56 billion transactions in 2024 (+30% volume)
- 106.7% growth in QR code payments (2024)
- NAPAS 247 enables real-time 24/7 transfers
- 60% of Vietnamese use QR codes regularly
Banking landscape
Central Bank
- Name: State Bank of Vietnam (SBV)
- Website: https://www.sbv.gov.vn/
- Role: Monetary policy, payment systems regulation
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Vietcombank (VCB) | State-owned | VCB Digibank |
| 2 | BIDV | State-owned | BIDV SmartBanking |
| 3 | VietinBank | State-owned | iPay |
| 4 | Techcombank | Private | F@st Mobile |
| 5 | MB Bank | Private | MBBank App |
Market Structure
- Big Four State Banks: VCB, BIDV, VietinBank, Agribank
- Private Leaders: Techcombank, MB Bank, VPBank
- 50+ banks: VietQR participants
- Digital transformation: Rapid fintech adoption
2024 Performance
- 30% rise in transaction volume
- 14.4% rise in transaction value
- QR payments surged 106.7%
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| VietQR | NAPAS | Interbank QR | Active |
| NAPAS 247 | NAPAS | Real-time 24/7 | Active |
| VietQRCash | NAPAS | ATM QR withdrawal | Active |
| Interbank | SBV | Bank transfers | Active |
NAPAS Statistics (2024)
- 9.56 billion transactions
- 30% volume growth
- 14.4% value growth
- 106.7% QR payment growth
NAPAS 247 Features
- Real-time credit transfers
- 24/7 operation
- Under 10 seconds processing
- Limit: 500 million VND per transaction
QR code standards
VietQR
| Attribute | Value |
|---|---|
| Launch | 2021 |
| Operator | NAPAS |
| Format | EMVCo compliant |
| Participants | 50+ banks |
VietQR Features
- Single interoperable QR code
- Eliminates manual account entry
- P2P and retail transactions
- Real-time settlement
VietQRCash (ATM Withdrawals)
- Launch: August 2023
- Feature: Cardless ATM withdrawals
- Coverage: 60%+ of Vietnam's ATMs
- Process: Scan QR with mobile banking app
2024 QR Growth
| Metric | Growth |
|---|---|
| QR volume | +106.7% |
| QR value | +84.8% |
| Interbank electronic | +6.8% volume, +33.1% value |
Mobile payment apps
| App | Provider | VietQR | Users |
|---|---|---|---|
| VCB Digibank | Vietcombank | Yes | Large |
| BIDV SmartBanking | BIDV | Yes | Large |
| iPay | VietinBank | Yes | Large |
| F@st Mobile | Techcombank | Yes | Large |
| MBBank App | MB Bank | Yes | Growing |
E-wallets
- MoMo (dominant)
- ZaloPay (Zalo messenger)
- VNPay
- ShopeePay
- ViettelPay (telecom)
MoMo Leadership
- Largest e-wallet in Vietnam
- QR code payments
- P2P transfers
- Bill payments and services
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| VietQR | Interbank QR | EMVCo | 50+ banks | vietqr |
| VietQRCash | ATM QR | NAPAS | 60% ATMs | vietqrcash |
| NAPAS 247 | Real-time | NAPAS | Universal | — |
Sources
- NAPAS - VietQR FastFund 247
- NAPAS - VietQRCash
- Vietnam Plus - QR Surge 2024
- Vietnam Plus - VietQRCash Launch
- Transfi - Vietnam Payment Rails
- Lightspark - Instant Payments Vietnam
- Vietnam Plus - China QR Link
- TNGlobal - China-Vietnam QR
- Vietnam News - VietQRCash
- Vietcombank - VietQRCash Event
Full country report
Schemes
Standards
Primary · 4
Mentioned · 1