Vietnam and Singapore Launch Cross-Border QR Payment Service

Vietnam and Singapore have officially launched a cross-border QR code payment service, marking a new stage in the connectivity of retail payment infrastructure between the two countries and promoting the comprehensive development of the digital finance ecosystem. This service has been realized through the collaboration between Napas, Vietnam's domestic payment system, and Singapore's PayNow. This will enable consumers and businesses in both countries to conduct cross-border remittances and payments for goods and services more quickly, securely, and at a lower cost using smartphone applications. In particular, convenience is expected to significantly improve for tourists and business professionals traveling between the two nations. Vietnam has been focusing on promoting its digital economy in recent years, with the widespread adoption of cashless payments being one of the government's key policies. This collaboration with Singapore is seen as part of Vietnam's strategy to expand the digital payment network within the ASEAN region. In the past, Vietnam has already launched similar cross-border QR payment services with Japan, Hong Kong, South Korea, and China, actively advancing international payment integration. This move is analyzed as part of Vietnam's economic growth strategy pursued under its one-party system, aiming to attract foreign investment and stimulate economic activity by developing international financial infrastructure. Furthermore, for Vietnam, which has strong economic ties with China, strengthening payment integration within the ASEAN region is considered important for enhancing economic autonomy.