VNPAY - a pioneer in digital transformation in Vietnam

A revolution in e-commerce

In recent years, Vietnamese e-commerce has experienced remarkable growth. According to data from the Ministry of Industry and Trade, retail e-commerce sales were projected to reach US$5 billion in 2016, surpassing the $2.2 billion figure recorded in 2013. This significant increase represents a record-breaking surge compared to the revenue of just under $1 billion in 2012. However, the primary obstacle hindering the explosive growth of e-commerce in Vietnam is the payment method.

Since obtaining its license from the State Bank of Vietnam in 2015, VNPAY has established itself as a trusted payment intermediary in Vietnam. Recognizing the evolving needs and trends in social mobility, VNPAY took the lead by introducing QR code payment technology, leveraging existing infrastructure and the benefits of personal mobile devices. The introduction of VNPAY-QR is regarded as a pivotal transformation that has reshaped the digital economy landscape in Vietnam. QR codes laid the groundwork for the swift expansion of e-commerce during that period and fostered cashless payment habits among consumers, enabling businesses to diversify their sales channels and effectively boost revenue.

Cultivating user habits and fostering digital ecosystem establishment

The introduction of e-payment methods has significantly influenced the mindset and behaviour of local consumers, even though cash remains a prevalent method for paying bills at supermarkets and stores.

VNPAY Chairman Tran Tri Manh.

Mr. Tran Tri Manh, one of the co-founders of VNPAY with extensive management experience in the technology sector, has voiced his conviction that the utilization of QR code payment methods will witness remarkable advancements in the future, bringing about a complete transformation across industries from retail establishments to prestigious sectors such as restaurants and hotels. At present, users can effortlessly shop and settle payments using QR codes at over 350,000 nationwide points of sale, accepting transactions via banking applications or the VNPAY e-wallet.

VNPAY has also led the way in creating dedicated digital banking applications tailored to each bank's requirements. VNPAY collaborates with over 40 banks, including major institutions like Vietcombank, Agribank, BIDV, and Vietinbank. Moreover, VNPAY has established connections with thousands of vendors to develop a comprehensive service ecosystem within the VNPAY banking and wallet application, catering to customers' daily needs. This ecosystem covers various aspects, including shopping, transportation, and entertainment, such as booking taxis, flights, trains, cars, hotels, movies, golf outings, football events, online shopping through VnShop, bill payments, phone card top-ups, and numerous other utilities. Notably, through the VNPAY Taxi service, VNPAY currently partners with 170 reputable traditional taxi companies in Vietnam, facilitating their swift adaptation to the ongoing digital transformation in the market.

VNPAY's service ecosystem.

With the mission of "Making life simpler," VNPAY has made significant contributions to the digital transformation and the development of the national digital economy. Alongside the products above, VNPAY offers its customers and partners advanced technology solutions. These include Omni Channel Banking, which integrates Mobile Banking and Internet Banking into a unified system. Additionally, VNPAY Soft POS is a pioneering technology solution transforming mobile phones into POS machines in Vietnam, achieving PCI CPoC certification. Furthermore, VNPAY provides solutions such as VNPAY-Invoice and VNPAY TVAN, which offer comprehensive e-invoice functionalities for businesses and consumers, including invoice usage, transmission, and storage. VNPAY's solutions have garnered positive feedback from domestic customers and gained recognition through international certifications like eKYC (electronic Know Your Customer), showcasing Vietnam's competence in mastering AI technology in the global market.

Since its establishment, VNPAY has invested tremendously in super technology platforms with high-quality personnel from many countries to keep up with the most modern technology trends. The company has nearly 2,000 talented engineers and experts, applying and deploying many advanced technologies such as cloud computing, artificial intelligence (AI), Big Data, blockchain technology)...

As a trailblazing technology company at the forefront of digitalization, VNPAY aims to catalyze technology solutions, enabling businesses to digitize their products and services. By offering a wide range of fast, convenient, and secure payment methods, VNPAY strives to enhance users' experiences and improve the convenience of their transactions.

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