Partnership aims to promote digital payment solutions
BEST Vietnam, a leading logistics provider, has announced a strategic cooperation agreement with VNPAY, a prominent digital payment solution provider in Vietnam. The partnership aims to jointly promote and facilitate cashless payment solutions across the country.
Under the agreement, Vietnamese consumers can now make payments for their goods and shipping fees by scanning the VNPAY QR code provided by BEST express couriers. The QR code, generated uniquely for each shipment, covers 32 mainstream banks and 15 e-wallets in Vietnam, offering customers a wide range of payment options.
Fang Longqing, the head of BEST Express Vietnam, expressed the company’s commitment to leveraging technology to enhance the logistics industry. Longqing stated, “This cashless payment solution marks another milestone in BEST’s digital journey in Vietnam. Moving forward, we will continue to empower more consumers to complete their online shopping using cashless payment solutions.”
BEST Vietnam plans to further improve the efficiency of cash on delivery (COD) reconciliation, aiming to enable online shops to receive payment on the same day. As the COD model is currently the dominant online shopping method in Vietnam, the introduction of this cashless payment solution is expected to elevate the COD model to new heights.
Ngo Anh Tuan, the director of VNPAY QR code payment solution, expressed hopes of providing more customers with fast, convenient, and secure cashless payment experiences. Tuan emphasized the goal of optimizing workflows for BEST, thereby expanding the user base of both companies.
According to the Vietnam Express Delivery Services Market Report (2022-2030) by Allied Market Research, the COD ratio for online purchases in Vietnam currently exceeds 80 per cent. However, the COD model necessitates cash preparation by consumers, cash-carrying by couriers, daily bank visits by logistics stations, and high return rates for merchants, resulting in fragmented and labour-intensive management processes.
Fortunately, the growing popularity of e-wallets in Vietnam is facilitating the shift toward cashless transactions in online shopping. Robocash Group reports that approximately 57 per cent of Vietnam’s adult population actively uses e-wallets—a significant increase from 14 per cent at the end of 2018.
The collaboration between BEST Vietnam and VNPAY is expected to accelerate the adoption of e-wallets and cashless payments in the country, facilitating the digital transformation of the logistics industry. With this partnership, both companies aim to enhance convenience, efficiency, and security in the payment ecosystem while advancing the digitalization of Vietnam’s logistics sector.