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Due to the high expenses involved in investing, operating, and maintaining traditional point-of-sale (POS) devices, many small businesses, particularly in suburban and rural areas, have been a major barrier to adopting modern payment methods. This has created a significant digital divide, where regions with early technology adoption are far ahead of those with limited infrastructure, particularly rural areas—home to 4 million individual businesses operating daily.

With the emergence of the VNPAY PhonePOS solution, this landscape is changing. By using an Android smartphone with NFC support, sellers can accept payments from cards such as Visa, Mastercard, JCB, and Napas, as well as international e-wallets like Apple Pay and Google Pay. This allows businesses to bypass the high cost of investing in specialized POS devices.

This solution offers flexible and cost-efficient card payments, making it ideal for small retail businesses that may not have the resources to invest in advanced technology.

VNPAY PhonePOS also includes a real-time transaction reporting system, allowing sellers to track revenue, manage cash flow, and monitor transaction history directly on their phones. For businesses that lack accounting software, this tool provides a simple yet effective way to streamline operations.

According to a 2024 report by the State Bank of Vietnam, cashless transactions in the country surged by 53% from the previous year. While this figure is impressive, it still does not fully reflect the untapped potential of the fragmented retail market.

Tran Tri Manh, Chairman of Vnpay. Photo Courtesy of vnpay

Tran Tri Manh, Chairman of VNPAY, explained that accelerating this progress requires solutions that promote technology adoption. These solutions should be easy to deploy, low-cost, highly secure, and tailored to small merchants’ needs. VNPAY PhonePOS meets all of these criteria and integrates smoothly into the VNPAY Merchant platform, making it accessible and user-friendly.

“Rural areas, home to over 60% of the country’s population, are seeing increasing access to digital payment methods. From rural markets to highway stops and specialty vendors, all cashless transactions can now be made securely and quickly,” he added.

These types of payment solutions, traditionally used in shopping malls, are now expanding into these localities, creating business opportunities for millions of small business owners across the country.

Additionally, PhonePOS is extending its services into the growing tourism sector. Many popular tourist destinations, including Hoi An, Sa Pa, Ha Giang, Mai Chau, Moc Chau, and Phu Quoc, are witnessing rising numbers of international visitors. As a result, the ability to accept international payment cards is no longer a challenge. Small businesses, from homestays to souvenir shops and roadside eateries, can tap into new sources of revenue using just a smartphone.

Technology becomes truly valuable when it reaches the masses. In this context, VNPAY PhonePOS helps reduce costs and acts as a bridge between small businesses and global financial networks. A future where anyone, anywhere in Vietnam, can participate in the digital economy is gradually becoming a reality.

The solution, formerly known as VNPAY-SoftPOS, has recently been renamed VNPAY PhonePOS with the tagline “PhonePOS – Turn Your Phone into POS,” highlighting its simplicity, flexibility, and widespread appeal. With an NFC-enabled Android phone, any store or business, no matter how small, can accept international card payments and stay ahead of the digital payment trend.

In a significant milestone, VNPAY has become the first company in Vietnam to receive the Mobile Payments on Commercial Off-The-Shelf (MPCOS) security certification for the VNPAY PhonePOS payment solution, according to the Payment Card Industry Security Standards Council.

To achieve this certification, a payment solution must meet over 190 technical security requirements to system operations, monitoring, and security. This includes end-to-end data encryption, attack detection, periodic security testing, and robust security measures throughout the process of software installation, use, and updates on the device.