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As recent as a decade ago, it would have been unthinkable to go about my daily business without my wallet. It contained things that facilitated my life. Eating at a hawker center? Cash. Traveling around? Concession card. Ran out of cash? Just pop my ATM card at the nearest dispenser. I’m sure many of you had similar experiences too.
However, everything changed when mobile-based payments showed up. Only hawker centers and coffee shops held out for a time, but they eventually adopted QR and contactless payments.
Today, I can basically do everything I want through my smartphone, be it taking the bus or buying lunch. QR code payments, in particular, are almost essential because of how ubiquitous they are in Singapore, thanks to platforms like Paylah or PayNow.
Something similar is happening in Vietnam too, as QR code payments are now available everywhere including eateries, street vendors, and many more places. Today’s feature story explores not just what this means for local consumers but also its potential impact on players in the digital wallet space.
Today we look at:
- Whether the humble QR code is the future of payments in Vietnam
- Nvidia’s new lineup of chips
- Other newsy highlights such as AnyMind Group’s acquisition of Arche Digital and the shutdown of SG Bike.
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What’s in the box?
Image credit: Timmy Loen
It’s easy to see why QR code payments are so popular. They take only a few seconds to complete, and you don’t have to worry about having enough money on hand or dealing with an irritating amount of pocket change in your wallet. But how it will affect e-wallets and whether it can completely take over a country like Vietnam remain to be seen.
- Leading the way: One of the main drivers for QR code payment adoption is VietQR, which was introduced in 2019 by the National Payment Corporation of Vietnam. In Q3 2023, payments via VietQR reached 100 million transactions per month.
- Through the hoop: Apart from competition from the likes of VietQR, digital wallet operators also have to contend with regulations. In Vietnam, all e-wallets must be linked to bank accounts and users must verify their identity by uploading a photo of a valid ID card or passport.
- No butting heads: Still, e-wallets don’t necessarily need to go head to head with QR code payments. The former still offers useful services such as allowing users to pay bills, purchase tickets, place ecommerce orders, and more. Ultimately, each payment method serves different purposes.
Read more: Vietnam’s QR code revolution puts pressure on digital wallets
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