During the journey to promote cashless payment in Vietnam, one of the major barriers lies in the access to infrastructure rather than technology. Due to high expenses for the investment, operation, and maintenance of traditional point of sale (POS) devices, many small business households, especially in the suburban and rural areas, lack access to modern payment technology. This creates a significant digital divide between the areas with the early technology adoption and areas with limited infrastructure, especially in rural areas – where four million individual businesses operate every day.

With the emergence of the VNPAY PhonePOS solution, the landscape is changing. With an Android smartphone with NFC support, sellers can accept cards such as Visa, Mastercard, JCB, and Napas, alongside international e-wallets like Apple Pay and Google Pay – rather than investing in expensive specialised devices.

A customer makes payment via VNPAY PhonePOS

This solution opens up the possibility of flexible and cost-efficient card payments. It is suitable for the small retail models that lack the conditions to invest in technology. PhonePOS also provides a real-time transaction reporting system, helping sellers track revenue, control cash flow, and manage transaction history on their phones. For businesses without accounting software, this is a simple but effective operating tool that streamlines business activities.

According to a report by the State Bank of Vietnam, in 2024, the number of cashless transactions in Vietnam surged 53 per cent from the previous year. This is an impressive figure, but it has yet to reflect the potential of the fragmented retail market.

Tran Tri Manh, chairman of VNPAY

Tran Tri Manh, chairman of VNPAY, said, “To accelerate the progress, solutions are needed to promote the adoption of technology. Solutions should be easy to deploy, low cost, highly secure, and suitable for the use of small merchants. VNPAY PhonePOS meets all of these factors while integrating into VNPAY Merchant, making it easy for users.”

“There is growing access to digital payment methods in rural areas, which are home to over 60 per cent of the country’s population. From rural markets to highway stops and speciality vendors, all cashless transactions can be done safely and quickly,” he added.

Such payment solutions, which are popular in shopping malls, are now penetrating these localities, opening up business opportunities for millions of small business households nationwide.

At the same time, PhonePOS is also expanding its services in the tourism sector, which is on the upward trend. Many tourist hotspots like Hoi An, Sa Pa, Ha Giang, Mai Chau, Moc Chau, and Phu Quoc are welcoming increasing numbers of international tourists. Thus, the acceptance of international payment cards is no longer a difficult problem. Businesses from homestays to souvenir shops and roadside eateries can completely access new sources of revenue with just a smartphone.

Technology is only truly valuable when it reaches the masses. In that picture, VNPAY PhonePOS helps save costs while acting as a bridge between small business households and global financial flows. A future where anyone, anywhere in Vietnam, can participate in the digital economy is gradually becoming a reality.