BEST Vietnam has partnered with Techcombank to improve cashless payments through the latter’s Virtual Account solution and QR code scanning. The primary objective of this partnership is to bolster the uptake of cashless payment solutions by leveraging QR code scanning technology.

As part of this joint effort, customers who receive shipments through BEST Express will now have the convenience of settling payments electronically. This streamlined payment process is made possible through the deployment of Techcombank's dynamic Virtual Account solution. Representatives from BEST Vietnam underscored the synchronisation of this move with the prevailing trajectory of intelligent payments in the context of the Industry 4.0 era.

He pointed out the dual advantages of mitigating the risks associated with physical cash transactions and providing clientele with a frictionless service encounter. In the company press release, officials from Techcombank expressed a bullish outlook on the collaborative prospects. They highlighted the intention of both entities to deepen their partnership, focusing on innovative approaches to liquidity management and optimised cash flow solutions, all of which would ultimately benefit BEST Vietnam and its extensive partner network.

It's worth noting that this endeavour follows in the footsteps of BEST Vietnam's earlier collaboration this year with VNPAY, a homegrown e-wallet application. The objective of that partnership was to drive the uptake of cashless transactions within its customer base. Cashless payments in Vietnam According to en.nhandan.vn, In 2022, a Visa study examining consumer payment trends revealed a significant reduction in cash usage within Vietnam, marking a decline from 2020 levels.

The survey found that 89% of consumers turned to electronic wallets for payments, while 85% favoured credit and debit cards, particularly for online and contactless transactions. VisaNet data highlighted that contactless transactions made with Visa cards in Vietnam doubled in 2022 compared to the previous year. At the same time, statistics from Vietnam's central bank underscored the rising popularity of cashless payments in terms of volume and value.

The initial five months of 2023 witnessed a 52.35% surge in cashless payments, with online transactions increasing by 75.54% in volume and 1.77% in value. Mobile payments rose by 64.26% in volume and 7.65% in value, QR code payments surged by 151.14% in volume and 30.41% in value, and point-of-sale (POS) payments grew by 30.35%, accompanied by a 27.27% increase in value. .