Co-opBank & VNPAY: Partnering to Deliver Comprehensive Payment Solutions to Customers

The Co-operative Bank of Vietnam (Co-opBank) and Vietnam Payment Solution Joint Stock Company (VNPAY) have signed a cooperation agreement to implement a comprehensive payment solution package: VNPAY-QR, VNPAY SmartPOS, and VNPAY PhonePOS. Through this partnership, Co-opBank’s business and household customers can easily access and own a full suite of modern payment services that streamline operations, enhance business efficiency, and provide convenient payment experiences  

Promoting Cashless Payments

In recent years, the demand for cashless payments has been steadily increasing, becoming a common trend in daily life and business activities in Vietnam. According to the State Bank of Vietnam, as of March 2024, the number of POS devices had increased by 32.68%, and the number of POS transactions rose by 13.65% year-on-year. This reflects the growing consumer preference for electronic payments, especially methods like QR codes, bank cards, Samsung Pay, and Apple Pay.…

Currently, Co-opBank offers a variety of payment solutions to customers, such as e-Banking, the Co-opBank Mobile Banking app, Co-opBank CFeBiz for corporate clients, and Co-opBank Napas chip cards. Co-opBank considers the expansion of modern banking services and payment acceptance systems as a strategic priority and inevitable trend. 

Therefore, this strategic cooperation between Co-opBank and VNPAY to deliver comprehensive payment solutions is expected to further contribute to offering safe, modern, and convenient payment options to meet the diverse needs of customers, while promoting the development of cashless payments in Vietnam.

VNPAY-QR – Fast, Convenient Payment Solution

To help businesses and household traders diversify digital payment methods, optimize transaction management, and ensure transparent reconciliation, Co-opBank and VNPAY have integrated VNPAY-QR into their comprehensive payment solution suite. This service provides two options: Static QR and Dynamic QR, meeting various transaction needs in all situation.

With Static QR, customers scan the code at the cashier and manually enter the payment amount. Meanwhile, Dynamic QR is generated for each transaction and displayed on the invoice or payment screen, making transactions more accurate and faster. Customers can choose to pay from bank accounts, e-wallets, or credit cards, offering a flexible and convenient payment experience. Currently, VNPAY-QR is integrated with over 40 banks, 15 e-wallets, and implemented at more than 450,000 payment acceptance points nationwide.

VNPAY SmartPOS – Versatile, Flexible Solution

VNPAY SmartPOS is developed as an all-in-one service integrating multiple features from payment processing and automatic settlement to transaction lookup, receipt printing, and refunds. This solution supports a wide variety of card payments (magstripe cards, chip cards, and contactless cards), VNPAY-QR ….

Additionally, VNPAY SmartPOS supports 0% installment payments with nearly 30 banks and financial companies, easing payment pressure for consumers. This helps businesses and traders using SmartPOS increase their competitiveness and meet consumer demand more effectively.

VNPAY PhonePOS – Turning Smartphones into Modern POS Devices

Besides offering all-in-one convenience, Co-opBank and VNPAY also address the cost challenges of investing in, renting, and maintaining POS equipment for small and medium-sized businesses. Specifically, with VNPAY PhonePOS, businesses and traders can turn their Android smartphones into professional payment devices.

By applying this solution, users and merchants can process payments using contactless chip cards (Visa, Mastercard, JCB, Napas) and smart devices. It also integrates various functions such as transaction management (lookup, reprint e-invoices, refunds), debt tracking, and summary reporting… 

The registration process for PhonePOS is simple and fast, enabling businesses to experience a modern, secure, and quick payment method. VNPAY PhonePOS also features 0% installment plans with nearly 30 banks and financial companies, offering consumers flexible financial solutions when making purchases.