BEST Vietnam and VNPAY Partner to Promote Cashless Payments in Vietnam

HANGZHOU, China, July 6, 2023 /PRNewswire/ -- BEST Vietnam today announced signing a cooperation agreement with VNPAY, a leading digital payment solution provider in Vietnam, to jointly promote cashless payment solutions in the country.

Starting today, Vietnamese consumers can complete payment for their goods and shipping fees by scanning the VNPAY QR code provided by BEST express couriers. 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."

Fan also said BEST Vietnam will in next stage try to improving the efficiency of COD reconciliation, helping online shops receive payment on the same day.

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 optimize the workflow for BEST, thereby establishing a broader user base."

As cash on delivery model (COD) is the mainstream online shopping model in the nation, this cashless payment solution is expected to promote the COD model to a new level.

According to Allied Market Research's Vietnam Express Delivery Services Market Report (2022-2030), the COD ratio for online purchase in Vietnam currently exceeds 80%. However, this model requires cash preparation by consumers, cash-carrying by couriers, daily bank trips by logistics stations, and high return rates for merchants, resulting in a fragmented, labor-intensive management.

Good news is the trend of e-wallets becoming increasingly popular in Vietnam is facilitating cash-less transformation for online shopping.

According to Robocash Group, about 57% of Vietnam's adult population actively uses e-wallets, in contrast to just 14% at the end of 2018, which is considered significant penetration.

It is expected that the cooperation between BEST Vietnam and VNPAY will further popularize e-wallets and cashless payments in the country, and aid in the digital transformation of the logistics industry.

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SOURCE BEST Inc.

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