Vietnam signs cross-border payment agreement, users will be paid in VND in 5 Southeast Asian countries

At the meeting of finance ministers and central bank governors of ASEAN taking place in Jakarta (Indonesia) on August 25, the State Bank of Vietnam signed an agreement on a cross-border payment mechanism. central ASEAN5 countries including Indonesia, Malaysia, Thailand, Philippines and Singapore.

Accordingly, Vietnam will join these five Southeast Asian countries to connect the payment system by using QR codes for retail transactions.

holder Vietnam signs cross-border payment agreement, users will be paid in VND in 5 Southeast Asian countries

Payment via QR code allows users to pay for items at a retail store without carrying cash. Users only need to have a smartphone and a bank account, when paying, they bring the phone’s camera to scan the code, the system will automatically deduct money from the bank account.

This payment method helps Vietnamese tourists traveling through Indonesia, Malaysia, Thailand, Philippines and Singapore can pay for food, drinks, shopping in a simple and convenient way, no need to change money, No need to carry a lot of cash.

Previously, Vietnam and Thailand had an agreement to accept payment via QR code from the end of 2022.

Currently, Indonesia has successfully connected its payment system via QR code with both Thailand and Malaysia.

This signing will be a driving force to promote the development of trade, investment, tourism and many other economic fields in the country, contributing to the economic recovery of businesses.

READ:  "Uber China" hits the US market