During the “QR Code Payments: Transparency and Unlimited Experiences” conference, Ms. Sonal Asnani, Head of Asia-Pacific at NPCI International Payments, shared India’s experience from standardizing QR codes and expanding digital payments across all population groups to coordinating multiple stakeholders in the banking-financial ecosystem, offering practical lessons for Vietnam as digital transformation and financial inclusion rise on the strategic agenda.
She believes Vietnam’s success in expanding QR payment acceptance will depend on several core principles: standardizing payment infrastructure, particularly QR codes and central routing systems; ensuring openness and neutrality to avoid platform monopolies; strengthening multi-stakeholder collaboration; and designing services with users, from small businesses to ordinary consumers, at the center.
Scaling inclusion
India launched the Unified Payments Interface (UPI) in 2016. This unified payment platform allows users to transfer money, pay bills, and shop both online and in-store without relying on cash or credit cards. In October 2025, the UPI processed more than 20.7 billion transactions worth roughly $310 billion, accounting for over 80 per cent of all digital payments nationwide.
Across the Asia-Pacific region, QR code payments are emerging as a dominant trend thanks to their convenience, low cost, and ease of deployment. China and India are the two leading markets in terms of adoption. In both countries, people use QR codes for virtually every daily transaction, from buying vegetables at the market and hailing a taxi to paying utility bills and accessing public services.
This widespread usage is driven by two key factors: low investment costs for merchants and easy access for end users. Without the need for dedicated POS (point-of-sale) devices, shops, street vendors, and small businesses simply print a QR code and place it at the checkout counter. With just a smartphone, even a low-cost model, consumers can make instant payments by scanning the code.
In the early phases of India’s digital payments journey, most transactions were P2P (Peer-to-Peer), meaning money transfers between individuals. However, this model neither recorded business revenue nor created clear cash flows that could support access to credit or tax administration. The shift to P2M (Peer-to-Merchant) marked a turning point, enabling businesses to formalize revenue, helping tax authorities reduce leakage and allowing small merchants to access credit and scale their operations.
The UPI’s breakthrough lies in its high degree of interoperability and standardization. The ecosystem enables users to choose from more than 75 different applications to make payments, as long as those apps comply with UPI technical standards.
Merchants only need a single QR code for all transactions, without being tied to a specific provider. Transactions are processed in real time at reasonable cost. This creates a level playing field, prevents platform monopolies, and encourages innovation in financial applications and services.
Notably, India’s experience in fostering cooperation between banks, fintech companies, and regulators illustrates the power of multi-stakeholder coordination in deploying financial technology. Clear roles and strong consensus have enabled the UPI to grow rapidly, from urban centers to rural areas and from individual users to businesses and government agencies.
As Vietnam accelerates the development of its digital economy, lessons from the UPI are highly relevant. Vietnam is already among the fastest-growing cashless payment markets in the region. However, the coverage of P2M acceptance points remains limited. Broad adoption of standardized QR codes and encouraging merchants to accept P2M payments could be a breakthrough measure, boosting transaction efficiency while extending digitalization to all corners of the economy.
Crossing borders
According to experts, the next stage of Vietnam’s payment development will go beyond domestic “scan to pay” and move towards cross-border connectivity. To achieve this, Vietnam must standardize QR codes in line with international norms and expand payment acceptance points both inside and outside of the country. “For international visitors, especially tourists from India who are familiar with the UPI, being able to pay through compatible methods such as QR payment will enhance their experience and increase spending in Vietnam,” Ms. Asnani noted.
In fact, Vietnam already has the foundations to adopt and scale a similar model. The national financial switching system (NAPAS), together with policies from the State Bank of Vietnam (SBV) and the government promoting digital payments, lay the critical groundwork for building an open, interoperable ecosystem that supports real-time payments.
NAPAS will serve as the central hub for international connectivity, ensuring a seamless experience for users: if they are accustomed to the convenience of domestic QR codes, they should be able to pay in the same way when traveling abroad. Conversely, international visitors to Vietnam, whether for business or tourism, will be able to pay easily, helping stimulate consumption, increase spending, and enhance transparency in foreign-exchange management and cross-border cash-flow monitoring.
At the same time, the SBV plays a leading role in implementing cross-border local-currency settlement, enabling direct payments between countries in their own currencies without using an intermediary currency. This approach reduces dependence on third-party currencies and strengthens the central bank’s control and the role of the VND in international transactions.
For the payment ecosystem to grow sustainably, banks and fintech companies must work closely together to build merchant acceptance infrastructure. This is not only a responsibility but also an opportunity: Vietnam’s potential for expanding cashless payments remains substantial, offering benefits to both service providers and consumers.
A key pillar in upgrading QR transactions from transfers to payments is policy support that encourages businesses and merchants to change their behavior. “When shifting from P2P to P2M, small merchants and household businesses also gain tax advantages, as they receive appropriate incentives when adopting formal payment methods,” Ms. Asnani said, noting that the Indian Government implemented fiscal policies to accelerate QR payment adoption.
In the long term, Vietnam could consider offering tax reductions based on the share of revenue generated through cashless payments. This is not only a financial incentive but also a clear signal of national policy: prioritizing digitalization, transparency, and modernization of the economy through modern payment practices.
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