Vietnamese businesses in the cross-border payment race

Cross-border payments are becoming a key driver of global e-commerce, tourism and services. Vietnam has emerged as a dynamic market, but to take advantage of the breakthrough opportunity, businesses need to quickly adapt to the trend of international digital payments.

Breakthrough opportunity for Vietnamese e-commerce

Cross-border payments are not only a transaction tool but also the “blood vessels” of the global digital economy . Thanks to the strong development of e-commerce, the demand for international payments is increasingly booming.

Cross-border payments are becoming a major driver of e-commerce.

According to the World Economic Forum (WEF), the total value of digital payments in the six major ASEAN economies reached 806 billion USD in 2022 and is expected to reach nearly 1,200 billion USD in 2025. This figure shows that the market is opening up a huge space for businesses capable of providing fast, safe and affordable payment experiences.

In Vietnam, the value of digital payments is even brighter when the total e-commerce revenue in 2024 exceeded 25 billion USD, an increase of 20% compared to the previous year. The transaction value on 5 major platforms (Shopee, Lazada, TikTok Shop, Tiki, Sendo) reached 12.5 billion USD, forecast to increase to 15.2 billion USD in 2025, an increase of about 22%. Not only that, Vietnam's cross-border e-commerce exports could reach 11 billion USD in 2027.

In this context, it is crucial for businesses to be able to provide a variety of international payment options. Currently, in addition to traditional channels such as Visa, Mastercard, JCB or American Express, global consumers increasingly prefer international e-wallets such as PayPal, Alipay, WeChat Pay, Apple Pay or Google Pay. In parallel, “buy now, pay later” (BNPL) solutions such as Klarna, Affirm or Afterpay help increase order conversion rates, especially in the fashion , electronics and fast-moving consumer goods industries.

For large-value B2B transactions, businesses still use international bank transfers via the SWIFT system, while the emerging trend is cross-border QR code payments such as VietQR connections with PromptPay (Thailand), SGQR (Singapore), allowing customers to pay in local currency. In addition, global integration platforms such as Stripe, Adyen or Worldpay are being chosen by many small and medium-sized enterprises because they support multiple currencies, multiple methods and reduce the risk of fraud.

In that trend, the cooperation between Payoneer and Stripe announced in Vietnam in August 2025 is a typical example. Payoneer Checkout has integrated Stripe's modern payment technology, allowing Vietnamese small and medium-sized enterprises to accept multiple payment methods at the same time. With the flexibility from e-wallets to international cards, this solution is expected to help domestic enterprises compete fairly with international competitors.

Payoneer Checkout enables Vietnamese SMEs to accept multiple cross-border payment methods at once.

According to Mr. Vu Ai Viet, Country Director of Payoneer Vietnam, Vietnam’s cross-border e-commerce industry is entering a period of strong transformation. The Checkout upgrade will help small and medium-sized enterprises compete internationally and take full advantage of opportunities from this potential market.

With the growth rate of e-commerce and digital commerce, it can be seen that cross-border payments are no longer an option but a mandatory factor for Vietnamese businesses to integrate globally.

Strengthening regional connectivity

While Payoneer - Stripe brings solutions from outside, domestic fintechs show their desire to "bring Vietnam to the world". Accordingly, at the end of August, ZaloPay announced that Vietnamese users can scan QR codes to pay in 5 Asian countries: Singapore, Japan, Korea, Malaysia and Indonesia. This is a big step forward, affirming Vietnam's technological capabilities and realizing the goal of accompanying Vietnamese people when traveling abroad.

Previously, since March 2025, ZaloPay has become the first Vietnamese application to allow QR scanning at more than 120,000 stores in the NETS and SGQR network in Singapore. By the end of the year, the application is expected to open an additional feature allowing international customers to scan QR in Vietnam with Visa/Mastercard cards issued in any country, expanding two-way payments.

At the regional level, ASEAN is implementing the Regional Payment Connectivity (RPC) initiative to connect quick payment and QR systems between countries. Vietnam has cooperated with Thailand in the PromptPay - VietQR project, allowing tourists to pay directly in local currency, significantly reducing costs and processing time. This is an important foundation to help Vietnam integrate more deeply into the international payment chain.

At the same time, the Vietnamese fintech market is currently experiencing explosive growth. According to GlobeNewswire, the value of Vietnamese fintech in 2024 will reach 15.67 billion USD and could reach 50.21 billion USD by 2030, with an annual growth rate of 21.5%. The mobile payment segment alone will reach 40.5 billion USD by early 2025, thanks to 84 million smartphones and nearly 79 million internet users. This is a favorable foundation for domestic fintech to develop cross-border services.

Zalopay announced that the international QR scanning feature is now available in 5 countries.

According to financial and economic experts, cross-border payments are not only a transaction method but are becoming a core competitive advantage for Vietnamese businesses in the digital age. The ability to accept many forms of international payments not only opens up new markets but also enhances the brand and builds trust with global customers.

However, to develop digital payments in Vietnam, the legal framework needs to be in line with international standards and security technology must be strong to strengthen user trust. In addition, transaction costs also need to be optimized so that small and medium-sized enterprises do not have their profits "eroded".

In the context of a rapidly developing digital economy, if Vietnam effectively leverages international cooperation, domestic innovation and regional networks, it can become a dynamic digital payment hub in Southeast Asia. This is not only a business opportunity but also a strategic step forward, affirming the country's position on the global economic map.

baotintuc.vn

Source: https://baolaocai.vn/doanh-nghiep-viet-truoc-cuoc-dua-thanh-toan-xuyen-bien-gioi-post881216.html