The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has partnered with Alipay+ to introduce cross-border QR payments which allows customers to use its VCB Digibank app abroad. — Photo Vietcombank

HÀ NỘI — Banks are rolling out cross-border QR payment services enabling consumers to make international transactions directly through domestic banking apps to tap into the country’s fast-growing digital economy.

The expansion of QR-based payments is gradually reshaping spending habits, reducing reliance on cash and international cards while offering faster and more transparent transactions at points of sale.

Recently, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has partnered with Alipay+ to introduce cross-border QR payments, which allow customers to use its VCB Digibank app abroad. 

The service enables payments in more than 50 countries, including China, South Korea, Singapore and Malaysia, as well as markets in Europe and the Americas, making a significant step in connecting payment infrastructure.

Other lenders are also accelerating similar initiatives.

The Bank for Investment and Development of Vietnam (BIDV) has developed VietQR Pay, which allows foreign visitors from markets such as the Republic of Korea and China to make payments in Việt Nam via their local banking apps or e-wallets.

The National Citizen Commercial Joint Stock Bank, in cooperation with the National Payment Corporation of Vietnam, has launched VIETQRGlobal, which enables merchants to accept payments from multiple international wallets through a single QR code with real-time currency conversion. 

While QR payment connections are expanding rapidly with the expectation to support trade, tourism and financial connectivity, experts said adoption remains below expectations, with a key bottleneck being the limited number of merchants accepting QR payments. 

Many small businesses still rely on person-to-person transfer QR codes, which are not designed for commercial transactions and can create difficulties for foreign users.

According to Phạm Anh Tuấn, Director of the Payment Department under the State Bank of Việt Nam, it is critical to expand the merchant acceptance network, warning that without broader coverage, bilateral payment links could not deliver their full potential. 

He stressed the need to shift from QR transfer codes to formal QR Payment to ensure reconciliation, consumer protection and regulatory compliance.

Due to the coexistence of multiple QR formats, foreigners often struggle to distinguish between transfer and payment QR codes, resulting in failed transactions.

Another barrier is cost.  While QR transfers are typically free, QR Payment involve fees for merchants, which discourages adoption among smaller retailers. 

Improving fee policies and accelerating the transition to QR payment standards, especially in tourism and retail, will be key to unlocking further growth, experts said. — VNS