Popular Local Payment Methods in Vietnam

Vietnam is witnessing a digital payment revolution as urbanization, tech adoption, and government initiatives push for a cashless economy. From traditional cash transactions to innovative digital methods, businesses must adapt to thrive in this evolving financial landscape. Here's a breakdown of Vietnam’s popular payment methods and how TransFi makes the transition seamless.

?? Cash is Still the King, but Losing it's Ground

Despite digital advancements, cash remains dominant, especially in rural areas. Many businesses still rely on Cash on Delivery (COD), which accounts for nearly 75% of online transactions. However, digital payment adoption is accelerating due to government incentives and evolving consumer trust.

TransFi’s Role: TransFi facilitates a smooth transition to cashless transactions, offering businesses secure and efficient digital payment solutions.

?? E-Wallets – The Payment Revolution

E-wallets are transforming Vietnam’s financial ecosystem, offering speed, security, and convenience. The top players in the market are:

• MoMo ??: Vietnam’s leading e-wallet with over 30 million users, offering money transfers, bill payments, and online shopping.
• ZaloPay ??: Integrated with Vietnam’s largest messaging app, Zalo, making P2P and merchant payments seamless.
• Moca ??: Works within Grab for ride-hailing, food delivery, and more, catering to urban consumers.

TransFi’s Role: TransFi integrates e-wallets like MoMo, ZaloPay, and Moca into business payment systems, ensuring a seamless checkout experience and broader customer reach.

?? Bank Transfers – Safe and Sound

For larger transactions, bank transfers remain the preferred method due to their security and reliability. Leading banks such as Vietcombank, BIDV, and Techcombank dominate this space.

• Instant Payments ?: Interbank transfer networks ensure quick and secure transactions.
• B2B Transactions ??: Businesses rely on bank transfers for invoicing and bulk payments.
• E-Wallet Linkage ??: Most e-wallets integrate with bank accounts for easy fund transfers.

TransFi’s Role: TransFi helps businesses integrate local bank transfers into their workflows, ensuring seamless transactions in Vietnamese dong (VND).

?? QR Code Payments – Simplifying Transactions

Vietnam is embracing QR code payments, thanks to initiatives like VietQR by the State Bank of Vietnam. QR codes offer:

• Cost-Effectiveness ??: Ideal for SMEs and local vendors, eliminating the need for expensive POS machines.
• Instant Transactions ?: Faster, seamless payments for businesses and consumers.

TransFi’s Role: Businesses using TransFi can integrate QR payments, attracting tech-savvy customers and streamlining transactions.

?? How to Succeed in Vietnam’s Digital Payment Space

To thrive in Vietnam’s cashless revolution, businesses should focus on:

• Multi-Payment Options ??: Offer e-wallets, bank transfers, and QR codes to cater to diverse customer preferences.
• Mobile-First Approach ??: With most transactions happening via smartphones, mobile-friendly payment systems are essential.
• Localization & Trust ????: Using local languages and familiar payment systems builds trust and enhances customer experience.

?? Conclusion

Vietnam is racing toward a cashless future, with e-wallets, bank transfers, and QR code payments leading the way. TransFi empowers businesses to seamlessly integrate local payment options, simplifying global transactions with efficient payout and collection solutions.

?? Want to dive deeper? Read our full blog on Popular Local Payment Methods in Vietnam and discover how you can optimize payments for your business today!