What are the common payment tools in Vietnam? Tips for use

Payment tools in Vietnam have developed rapidly in recent years, with both localised e-wallets and international payment methods. Here are the main tools and tips on how to use them:

I. Mainstream payment instruments

1. Cash (Tiền mặt)

• specificities: Vietnam is still a cash-dominated society where cash is commonly used for small transactions (especially by street vendors, taxis, etc.).
• directions::
  • Exchange Vietnamese dong (VND) in advance, US dollars can also be used in some tourist areas but the exchange rate is not good.
  • Choose a fee-free bank for ATM cash withdrawals (e.g. TPBank, VPBank, etc.).

2. Bank card (Thẻ ngân hàng)

• Common Card Types::
  • Local cards: Debit/credit cards issued by Vietcombank, Techcombank, etc.
  • International cards: Visa/Mastercard/JCB (common to large shopping centres and hotels).
• take note of::
  Some POS machines may reject cards issued abroad.

3. Mobile wallet

(1) MoMo

-Market share over 50%, function similar to paypal
Features.
-Sweeping code payment (support inter-personal transfer)
-Mobile phone top-up/utility bill payment
-Cross-border remittance (support China-Vietnam corridor)
Registration: need to bind Vietnam mobile phone number + ID/passport

(2) ZaloPay

Payments feature of social software Zalo
Advantageous scenarios.
-Fast money transfer with Zalo friends
-Over 200,000 offline co-operative merchants

(3) ViettelPay

A product of telecoms operator Viettel
Highlights.
Extra discount on top-ups
Accessible from 140,000 agent outlets nationwide

4. Bank App Direct Transfer
Direct Debit via Mobile Banking
Popular Apps.
-Vietcombank
-MBBank
-TPBank

Operation Procedure:Enter the payee's mobile phone number or scan the QR code to complete the payment.

II. Scenario-based application guidelines

III. Tips for foreign visitors
1. For short-term stays, cash + Visa card combination is preferred
2. Long-term residents can register for MoMo after applying for a local SIM card (passport authentication required).

Latest News:Pilot interoperability between UnionPay QR code and Vietnam's local wallets from 2023, Chinese tourists are expected to pay directly by scanning the code in the future.

Okay, then to add more practical details and latest trends of payment tools in Vietnam:

IV. Exclusive solutions for foreign tourists

1. Cross-border payment instruments

• UnionPay::
  • Over 80% ATMs and 500,000 merchants in Vietnam accept UnionPay cards (especially in tourist cities).
  • Some merchants support UnionPay QR codes from 2023 (e.g. VinMart supermarkets, pharmacy chains).
• Alipay/WeChat Payment::
  • Limited to a few areas where Chinese tourists congregate (Hanoi's Hoan Kiem Lake shopping area, Ho Chi Minh's Pham Ngoc Lao Street, etc.).
  • tip: When scanning a merchant's QR code, you can pay directly if the price is displayed in "VNĐ", but if it is displayed in RMB, you may incur a high exchange rate fee.

2. Interim electronic purse programme
- WISE International Money Transfer App
Convert to VND after top-up with a foreign bank card
Advantage:Real-time exchange rate is better than the airport exchange point

- Airwallex Virtual Card
Suitable for e-commerce shopping, support multi-currency settlement

V. Handling fee guide to avoid pitfalls
|Operations |Typical Costs |Money Saving Tips |
|—|—|—|
|ATM Cash Withdrawal |Single 30,000-60,000 VND Fee |Choose a fee-free bank (e.g. SeABank) |
|Credit Card Spending |1.5%-3% Currency Conversion Fee |Prioritise cards with no foreign exchange fees |
|MoMo Top Up |Counter Cash Top Up 1% Commission | Switch to Internet Banking Free |

VI. New changes for 2024

1. Digital VND pilot
   Vietnam's central bank is testing CBDC (Central Bank Digital Currency), which may distribute government subsidies through e-wallets in the future.

2. Biometric payments on the rise
   Some high-end shopping malls (e.g. Takashimaya in Ho Chi Minh City) already support fingerprint/face recognition payments.

3. Progress in China-Vietnam connectivity
   Guangxi's border areas are piloting a special digital wallet for the "Border Mutual Market", which may be extended to the tourism scene in the future.

VII. Security reminders
1️⃣Watch out for "card cloning" scams: try to swipe your card at regular shops and avoid taking the card out of sight.

2️⃣ eWallet Fraud Prevention Essentials:

• MoMo officials will never ask for an OTP verification code
• ZaloPay transfers require double confirmation of avatar and name.

3️⃣ Emergency channel freeze:
- For bank cards call the bank hotline (+84) 24 3944 6699 (Vietcombank)
- MoMo Customer Service Fast Track:Dial *151#

If you need a hands-on demo of a specific scenario (e.g., paying a Grab driver with MoPo), let me know the part of the use you care most about~!