Global fintech firms eye cross-border payment opportunities in Vietnam

At Digital Finance Day 2026, held on June 6 and 7, QR-code payment solutions for both domestic and international transactions drew significant attention from users and service providers alike, thanks to their convenience, instant processing, and minimal transaction costs.

For international payments, many banks and financial institutions said they are accelerating the development of cross-border QR payment solutions.

Chinese tourists can now make payments in Vietnam by scanning Global QR payment codes at selected merchants.

Tourists from major markets such as South Korea and China are often subject to restrictions on the amount of cash they can carry when leaving their countries.

When visiting Vietnam, they have traditionally relied mainly on bank cards or cash, creating inconvenience and, to some extent, limiting shopping and spending activities.

Alongside cross-border QR payment models, fintech companies are also proposing new solutions based on digital assets.

Lee Yu Jin, CEO of Zekto, a fintech company specializing in digital payments, told Tuoi Tre (Youth) newspaper that the rapid growth of tourism and trade between Vietnam and South Korea is creating strong demand for payment solutions that are convenient, low-cost, and capable of processing transactions quickly.

She said that Zekto participated in Digital Finance Day 2026 to gain a better understanding of payment demand and international payment infrastructure in Vietnam.

Lee said she is particularly interested in finding the most convenient, efficient, and cost-effective payment solutions for South Korean tourists visiting Vietnam, a group that represents a large and high-spending segment of travelers.

According to Lee, the goal of new payment solutions is to enable tourists to make payments as easily as they would in their home countries while improving connectivity between financial and banking systems across nations.

“Beyond QR payment methods, which have been widely welcomed, Vietnam could consider solutions being studied by many fintech start-ups that use digital assets designed to maintain stable value as an intermediary layer in cross-border payments,” Lee said.

Under such a model, South Korean tourists in Vietnam could continue making payments by scanning QR codes, similar to existing digital payment methods. 

Transactions would be processed through a stablecoin layer before being converted into local currencies by banks in each country.

Lee said that simplifying payment processes for tourists and businesses through additional payment options could encourage higher levels of spending by visitors.

Speaking at the workshop 'Payment Standardization – Enhancing Business Efficiency,' organized by Tuoi Tre, Tran Le Bao Chau, vice-chairman of the Ho Chi Minh City Food and Beverage Association, said the local tourism industry needs solutions that can increase spending by international visitors, with cross-border payments playing an important role.

In early April 2026, Vietnam officially launched bilateral QR payment connectivity with China.

At the end of April, a similar arrangement was introduced with South Korea, allowing Chinese and South Korean tourists to make QR payments in Vietnam.

Payment volumes from visitors from the two countries have since surged from several hundred million Vietnamese dong per day to several billion Vietnamese dong per day. (VND100 million = US$3,797)

Pham Anh Tuan, director general of the Payment Department under the State Bank of Vietnam, said the central bank has worked with relevant agencies to expand bilateral retail payment connectivity through QR codes with countries across the region and beyond.

In practice, cross-border digital payments are creating new momentum for tourism, trade, and consumer spending.

Various proposals involving blockchain technology, digital assets, and digital finance models are currently attracting growing attention as demand for cross-border payment solutions, particularly in tourism and trade, continues to rise rapidly.