BEST Vietnam has teamed up with digital payment solution provider VNPAY to jointly promote cashless payment solutions in the country.
As part of the deal BEST express couriers will provide consumers with a VNPAY QR code that can be scanned to complete payment for their goods and shipping fees, the companies said.
The QR code is generated independently for each shipment and covers 32 mainstream banks and 15 e-wallets in Vietnam.
Fang Longqing, head of BEST Express Vietnam, said: “BEST has always been committed to promoting the logistics industry with technology. This cashless payment solution is another milestone on BEST’s digital journey in Vietnam. In the future, we will strive to make more and more consumers complete online shopping using cashless payment solutions.”
According to Allied Market Research’s Vietnam Express Delivery Services Market Report 2022-2030, the Cash on Delivery model is still a preferred go-to method of payment for online purchases in Vietnam, with the COD ratio currently exceeding 80%. However, the trend of e-wallets has made significant inroads over in recent years with Robocash Group reporting that about 57% of Vietnam’s adult population actively using e-wallets, in contrast to just 14% at the end of 2018.
As a result of increased cashless transactions both consumers and couriers require less cash preparation and cash-carrying. Daily bank trips by logistics stations are also reduced while there is said to be lower return rates for merchants.
Ngo Anh Tuan, director of VNPAY QR code payment solution, said, “We hope that more customers can enjoy the fast, convenient, and secure cashless payment function of the digital age, and we also hope to optimise the workflow for BEST, thereby establishing a broader user base.”
BEST Vietnam added that in the next stage it plans to improve the efficiency of COD reconciliation by helping online shops receive payment on the same day.
