This marks an important milestone in VNPAY's journey to bring cashless payment closer to all, from households and small businesses to major enterprises.

MPoC is the latest security standard introduced by the Payment Card Industry Security Standards Council (PCI SSC), aimed at setting stringent requirements for contactless payment solutions using smart mobile devices.

Unlike previous standards only applying to dedicated hardware, MPoC expands its security scope to mobile devices. It enables users to enter their PIN and make contactless payments on their smartphones without the need for a physical device at the point of sale (POS). It opens up opportunities to access modern payment technologies in a flexible and user-friendly way.

The VNPAY PhonePOS solution has been deployed across more than 10,000 businesses. The security continues to be upgraded following the MPoC certification. Rather than investing in expensive specialised POS devices, businesses now only need an Android phone with NFC support to accept card payments.

VNPAY PhonePOS has been integrated into the VNPAY Merchant app, enabling quick payment by touch. It also supports various contactless payments via cards such as Visa, Mastercard, JCB, and Napas, alongside payments via Samsung Pay, Google Pay, or Apple Pay. This solution is especially suitable for small business models such as restaurants, coffee shops, retail stores, or even shippers who need flexible payment tools while still ensuring data security.

In addition to the payment function, PhonePOS also provides a real-time transaction reporting system, helping sellers track cash flow, control revenue, and optimise business operations.

To achieve MPoC certification, a payment solution must meet over 190 technical requirements related to security, monitoring, and system operations. In addition to end-to-end data encryption, the standard also requires attack detection, periodic security testing, and security throughout the entire process of installing, using, and updating software on the device.

Vietnamese fintech companies' standards are now on par with giants such as Apple, Visa, and Mastercard. This acknowledges the technical aspects of Vietnamese firms and demonstrates their technological capabilities are of the highest international standards in digital finance.

MPoC is not merely a 'security passport'; it also opens the door for certified businesses to expand their partnerships in a world where security is a top priority for international payment systems. As Vietnam integrates and builds its national payment infrastructure towards modernity, a local firm achieving MPoC standard is a positive signal.

Customers can make payment via VNPAY PhonePOS when shopping

According to data by the State Bank of Vietnam, last year saw a surge of 53 per cent in cashless transactions over 2023. In this context, internationally compliant solutions like MPoC are expected to encourage the widespread adoption of digital payments, from urban to remote areas.

PhonePOS represents how technology can be deployed flexibly at low costs while ensuring security and user-friendly features. This is in line with the digital transformation of the finance and banking sector and Vietnam’s strategy to promote cashless payments.

Nguyen Anh Tuyet, deputy CEO of VNPAY, said, "The MPoC certification affirms that VNPAY's solution has fulfilled the strictest requirements. Moving forward, we will focus on developing flexible payment solutions that are easy to deploy and ensure international standards, thereby encouraging the adoption of cashless payments nationwide."