A comprehensive guide to common payment methods used in supermarkets and restaurants in Vietnam

When travelling or living in Vietnam, it is crucial to know the common local payment methods. This article will detail the most popular payment methods for supermarkets and restaurants in Vietnam to help you easily cope with various spending scenarios.

Cash payments: still the dominant option

Despite the growing popularity of electronic payments, cash is still the basic form of many transactions in Vietnam.

Why does cash still matter?

1. wide acceptance:: Almost all small restaurants, street food stalls and traditional markets accept cash only
2. Microtransaction facilitation: Particularly convenient for transactions valued at less than VND100,000 (approx. US$4-5)
3. No technical barriers: no smartphone or bank account required to use it

Tips for use:

• It is recommended to carry notes in multiple denominations (10,000/20,000/50,000/100,000/200,000/500,000 rupiah).
• Large notes (500,000 rupiah) may be difficult to change in small shops.
• ATMs are located throughout the city, but be aware that some charge a fee.

QR Code Scanning Payment: A Rapidly Rising Electronic Method

In recent years, QR code payment has become one of the fastest growing non-cash transaction methods in Vietnam.

Primary QR code platform:

1. Momo Wallet - Leading local mobile wallet by market share
2. ZaloPay - Payments built into Zalo social software
3. ViettelPay - Solutions introduced by Viettel Telecom
4. VNPAY-QR - Harmonised standard system developed by the VNPT Group

Advantages of QR code payments:

• prompt settlementNo waiting for bank processing time
• low thresholdJust smartphone and bank account linked
• Promotions galoreFrequent discounts and cashback offers

POS card and contact payment

With the improvement of financial infrastructure, the use of bank cards in commercial establishments has steadily increased.

Visa/Mastercard International:

• Commonly accepted by large supermarket chains (VinMart, Big C, etc.), upscale restaurants
• Coverage is higher in large cities such as HCMC and Hanoi than in small towns
• ATM cash withdrawals are subject to a handling fee (usually 3%-5%)

Other international card types such as JCB/American Express:

The scope of application is relatively limited, it is recommended to have a Visa or Mastercard as the main card.

NFC Mobile Wallet & Contactless Technology

Near Field Communication (NFC) technology supported by modern smart devices is gaining popularity in urban shopping areas.

Apple Pay/Samsung Pay app status:

There is no official entry into the Vietnamese market yet; local alternatives include:

1. GrabPay (available within the Grab ecosystem)
2. ShopeePay (under e-commerce platform Shopee)

Google Pay Compatibility:

Debit card binding service supported by a few banks only

The emerging model of "buy now, pay later" (BNPL)

There are two main forms of instalment options emerging in the young consumer segment.

1. Credit card instalments (6 to 12 months interest free common)
2. Services provided by specialised BNPL platforms such as Fundiin and Kredivo

It is mostly used in electronic product shops rather than daily food and beverage shopping.

Through the above analysis: Although the traditional banknotes still account for a certain proportion, but the digital process is rapidly changing the retail landscape of this Southeast Asian country; tourists can be flexible to combine a variety of means will greatly enhance the smoothness of the consumer experience!

Tips for popularising and using e-wallets in Vietnam

With the increase in smartphone penetration, e-wallets have become an important tool for urban residents in Vietnam to make daily payments. Below are several mainstream e-wallets and their features:

1. MoMo Wallet - market leader

• Number of users: over 30 million registered users
• Featured Functions::
  • Supports utility bills, telephone top-ups and other daily payments.
  • "MoMo Discounts offers discount coupons for food and beverage.
  • NFC near field payment function (limited to some models)
• Applicable Scenarios::
  Convenience stores in Ho Chi Minh City about 87% accepted
  Chain restaurants such as The Pizza Company, Highlands Coffee

2. ZaloPay - Social Attribute Payments

• cutting edge::
  Deep integration into Zalo social software (Vietnam's version of WeChat)
  New users usually enjoy 50% discount on their first order (up to Rp100,000 off)
• Tips for use::
  Scan your personal QR code to quickly transfer money to a friend
  Weekend cashback on supermarket purchases is often available

3. ViettelPay - Telecommunications Department Representative

Mainly covers state-run sites such as military hospitals/schools
Additional 10% for prepaid card recharge

Notes on POS payments

Be careful when swiping your card at star-rated hotels or foreign-owned supermarkets:

1. Dynamic Currency Conversion (DCC) Trap
   The cashier may ask "in USD or VND".
   Always choose the local currency (to avoid 3%-5% exchange rate loss)

2. Dual Currency Card Recommendations
   It is recommended to carry cards that support both Visa and UnionPay:
   - VinCommerce Supermarkets Group POS has lower UnionPay fees
   - Local bank ATMs such as Agribank give priority to recognising UnionPay cards

3. Microtransaction limitations
   Some merchants require a minimum amount to be swiped (usually 200,000 rupiah or more)

Hands-on Guide to QR Code Payment

Master these tips for smoother code-scanning payments:

▶️ Difference between static and dynamic codes

-Fixed QR code on the menu → Enter amount to confirm
-Barcode change on the cashier's screen → automatically brings up the amount payable

▶️ cross-border traveller usage

China Alipay/WeChat Pay can be used in the following scenarios.
✔️Circle K Convenience Store All Locations
✔️VinGroup's malls (Spectrum needs to be enabled for international payments)

Special circumstances in which cash is used

A sufficient amount of cash is still required in the following cases.

◉ Wholesale trade in the early hours of traditional vegetable farms (Cho Ben Thanh, etc.)
◉ Remote area family restaurant (bun cha Ha Noi old shop)
◉ Temple Donation Boxes/Street Performers Rewards
◉ Charge for toilets at motorway rest stops (usually 5,000 rupiah)

Recommended daily base cash reserves.
500,000-700,000 rupiah/day in metropolitan areas
1-1.2 million guilders/day in the suburbs

Emerging Trends Ahead to 2024

1.Biometric Payment Pilot
Sacombank is testing fingerprint verification POS machines

2.Cryptocurrency application attempts
Some coffee shops in Hanoi accept payment in USDT stablecoin

3. Super App Integration Wave"
Grab will soon connect to VNPAY-QR system for 3-in-1 payment

Keeping abreast of these latest developments will make your Vietnam consumer experience more convenient and hassle-free!