Vietnam expands cross-border QR payments to more than 60 markets

Banks and payment intermediaries are working to improve system connectivity and integrate payment services to make cross-border transactions more convenient for travelers and other users.

Speaking at a seminar titled "Smart Connectivity – Building a Digital Ecosystem" in Hanoi on Wednesday, as part of Vietnam Digital Payment Day 2026, Pham Tien Dung, deputy governor of the State Bank of Vietnam, said digital transformation must go hand in hand with consumer protection, data security and cybersecurity.

He said payment solutions must meet safety and security standards and that service providers must coordinate promptly to resolve incidents and complaints.

Digitalization must also help prevent illegal transactions, he added.

Dung called on banks and payment intermediaries to develop integrated payment models covering the entire customer journey, from ordering and purchasing goods to confirming services and completing payments.

He also called on the National Payment Corporation of Vietnam (NAPAS) to support banks in establishing technical standards and connecting systems to facilitate cross-border transactions.

Artificial intelligence (AI), data and new business models are expected to create opportunities while posing security challenges, particularly as technology-related criminals adopt increasingly sophisticated methods.

He called on service providers to proactively develop new solutions to ensure that digital services remain both convenient and secure.

Banks, payment service providers, technology companies and media organizations should continue working together to build a digital ecosystem.

Nguyen Ba Diep, senior vice chairman of MoMo, said that the e-wallet provider had partnered with various businesses to expand access to overseas services.

Its ecosystem connects users to approximately 100 million payment acceptance points in 60 countries and territories and offers services such as international SIM cards, flight bookings and hotel reservations, Diep said.

MoMo has also partnered with 56 airlines to expand its service offerings and facilitate customers' travel and cross-border transactions.

MoMo is also focusing on transaction security as it expands its international network.

The company has worked with the central bank and the Ministry of Public Security to prevent risks, detect suspicious transactions and alert users to potential threats.

MoMo's system flags approximately 29,000 transactions a day, helping the company maintain a reported safe and successful payment rate of 99.95 percent, Diep said.

Pham Anh Tuan, director of the central bank's Payment Department, said bilateral cross-border QR payment services had been implemented in markets including China and were being promoted in Singapore, Taiwan, India and Malaysia.

Vietnamese travelers can use QR codes through certain banking applications and e-wallets overseas, while international visitors can use digital payment services in Vietnam, he said.

Tuan identified three priorities for developing a safe and convenient digital payment ecosystem: connecting infrastructure, integrating services and building digital trust.

He called for common technical standards and greater compatibility among banks, payment intermediaries, public services and digital economy platforms.

He said open application programming interfaces (Open APIs) and expanded bilateral QR payment links could improve connectivity, reduce duplicated investment and give users more payment options.

Tuan said service integration should simplify the customer journey and reduce processing times, manual operations and costs.

He added that building digital trust required transparent fees and terms, efficient complaint-handling channels and stronger financial literacy, including guidance on protecting one-time passwords and identifying impersonation scams.

Do Hong Cam, deputy director of the Civil Aviation Authority of Vietnam, said secure, fast and convenient payments could improve passenger experiences and help airlines expand their services.

Cam called for stronger legal frameworks, greater connectivity and closer links between aviation, tourism, accommodation and dining services.

He said biometric technology at airports and in-flight internet services could also improve passenger convenience.

However, fragmented systems and the risk of customer data leaks remain challenges for the industry, requiring coordinated investment in infrastructure, technology and human resources.

Hoang Minh Tien, deputy director of the central bank's Information Technology Department, said cross-border payments involve multiple banks, intermediaries and payment systems operating under different national standards, creating potential security risks.

The central bank has standardized data requirements and instructed payment service providers to comply with relevant technical standards.

Circular No. 50/2024/TT-NHNN, dated October 31, 2024, sets out security requirements for customer authentication in online transactions, with authentication measures determined by transaction type and risk level.

The central bank has also connected with 21 organizations providing fraud prevention solutions to warn users when they transfer money to accounts suspected of being involved in fraudulent transactions, Tien said.

The bank is also working with the Ministry of Public Security and commercial banks to support investigations into scams and payment fraud.