VPBank SME has enhanced its MerchantQR service, enabling businesses in Vietnam to accept payments from international visitors using their preferred digital payment methods. This upgrade, facilitated by a connection to the Napas system, allows payment acceptance units in Vietnam to process transactions from various interconnected international networks, including: ITMX (Thailand), ACLEDA Bank (Cambodia), LAPNet (Laos), UPI and Alipay (China), GLN (South Korea), and NETS (Singapore).

International customers can now conveniently scan a QR code at any point of sale in Vietnam using their familiar banking applications or e-wallets. Merchants do not need to generate separate QR codes for different groups of tourists, as the same MerchantQR can serve both domestic and international customers.

When a transaction occurs, the payment amount is converted and displayed on the customer's application according to the service provider's mechanism. Concurrently, sellers receive the equivalent amount in Vietnamese Dong (VND) directly into their VPBank account, almost in real time.

VPBank SME upgrades MerchantQR to support Vietnamese businesses. *Photo: VPBank*

According to a VPBank representative, this system removes the need for tourists to exchange VND cash. For businesses, it eliminates the direct handling of foreign currency and common inconveniences associated with cash payments, such as counterfeit money, torn bills, or the complexities of counting and storing foreign currency. The immediate transfer of funds to accounts after transactions also empowers businesses with more proactive cash flow management. This means sales revenue quickly returns to accounts, supporting working capital needs without waiting for lengthy reconciliation cycles.

MerchantQR was developed by VPBank SME as an "all-in-one" solution, allowing a single payment acceptance point to serve multiple customer groups and payment methods on the same infrastructure. Depending on the network and application used, international customers' payment sources can originate from bank accounts or other legal payment methods supported by the application, such as credit cards or e-wallets.

VPBank provides sellers with both static and dynamic QR codes, catering to diverse business models. Integrating multiple payment methods into a single code simplifies the checkout process, which is particularly beneficial for stores and branch chains that frequently serve international customers. For instance, at a tourist destination, customers can select a product and pay instantly using their home country's payment application, avoiding the need to find currency exchange services or switch to an unfamiliar payment method. This streamlined process enhances the shopping experience and creates more opportunities for businesses to convert visitors into actual revenue.

MerchantQR is therefore designed for mass-market businesses, specifically stores, retail chains, and service providers in cities and tourist areas that regularly welcome customers from various countries.

To encourage businesses to adopt this payment method, VPBank is offering a 0% fee for domestic transactions and a 0,3% fee for international customer transactions until 26/11. Following this promotional period, the international transaction fee will be 0,6%.

Through MerchantQR, VPBank SME aims to simplify cross-border payments at the point of sale, assisting businesses in reaching international customer segments and capitalizing on additional revenue growth opportunities.

(Source: VPBank)