5:26:53 PM | 7/6/2023
SmartPay and Mastercard announced the expansion of their strategic partnership to implement a digital payment service via Mastercard QR code in Vietnam. The partnership aims at empowering micro, small, and medium-sized enterprises (MSMEs) by enhancing their digital payment acceptance capabilities. The goal is to equip over 600,000 locations with Mastercard QR acceptance across the SmartPay registered merchant network nationwide.
In Vietnam, MSMEs make up over 93 percent of the total number of operating businesses, playing a vital role in driving economic development. Nevertheless, MSMEs still face a profound challenge due to lack of infrastructure, specifically point-of-sale (POS) terminals and other digital payment acceptance technologies, which are hindering their ability to keep up with the national digital transformation.
According to the statistics from the Payment Department of the State Bank of Vietnam, as of the end of March 2023, payments via QR code experienced the strongest growth, with a 160.7 percent increase in volume and a 43.8 percent increase in value. Meanwhile, payments via POS terminals also saw significant growth, with a 37.5 percent increase in volume and a 32 percent increase in value.
The implementation of the Mastercard QR code in Vietnam will allow MSMEs to enable convenient, safe and seamless payment experience that better caters to their consumers’ evolving digital-first lifestyle. Consumers can make cashless payments for goods and services from their mobile phones by simply scanning a Mastercard QR code or manually inputting an alias provided by any Mastercard QR-accepting merchant. This payment method has the convenience of cash and the security of a card payment, without needing a card payment terminal. The flow of funds will be transferred in real-time between the merchant and the consumer, and they do not have to invest in a card payment terminal.
"With a mission to promote and enhance the quality of life for small and medium-sized merchants in Vietnam, SmartPay relentlessly strives to research and develop products and services that optimize business for traders and enterprises of all sizes. SmartPay had previously integrated Mastercard cards acceptance feature onto SmartPOS devices - a comprehensive payment acceptance device introduced by SmartPay in September 2022 and has been well received by a wide range of small and medium-sized businesses," said Marek Forysiak, Chairman of SmartPay. "Mastercard QR is the next step in our efforts to offer a more convenient and efficient mobile payment solution to pay and get paid, allowing MSMEs to scale up their customer base to also serve international cardholders, increase revenue and boost their competitiveness to keep up with larger, which in turn promotes cashless payments in Vietnam."
"As Vietnam’s digital economy continues to grow, so does consumers' appetite for cashless payments. For those wanting contactless simplicity with an easy interface, adopting QR codes is the way to go. Mastercard is excited to partner with SmartPay to help MSMEs address consumer demand for more comprehensive digital payment options for everyday purchases, which can in turn help them grow their businesses and establish consumer loyalty. This partnership contributes to fostering an inclusive and empowered digital payment ecosystem, bringing non-cash acceptance more conveniently and accessibly to MSMEs and enabling wider payment choice for consumers, which will further accelerate the country’s transition to a cashless economy,” said Winnie Wong, Country Manager for Vietnam, Cambodia and Laos, Mastercard.
With this partnership, apart from Mastercard QR, SmartPay will also implement other Mastercard leading acceptance solutions such as SoftPOS, a simple, low-cost acceptance solution which allows MSMEs to transform their regular smartphone into a point-of-sale terminal that can accept contactless payments made with a physical card – without the need for traditional terminal hardware.
B.H (Vietnam Business Forum)
Vietnamese
