VietQR bank transfer vs MoMo and ZaloPay for online deposits in Vietnam

Merchants who sell into Vietnam often start with the same assumption: put a card form on the checkout and wait for orders. It rarely works well. Vietnamese consumers are used to paying through their banking app and through e-wallets, and a checkout that offers neither feels foreign. This article compares the two rails that matter most for deposits, VietQR bank transfer and the e-wallets led by MoMo and ZaloPay, so you can decide what to put first on your payment page.

Why cards are not the default

International cards exist in Vietnam, but for many merchants they underperform. Issuers are cautious with cross-border and high risk merchant categories, and customers are used to the instant, free feel of a local transfer. For anything in a higher risk category, the practical question is not "cards or not" but "which local rail do we lead with".

How VietQR bank transfer works

VietQR is the QR standard promoted by Napas, the national payment network, and it sits on top of Napas 247, the instant interbank transfer service. The customer opens any major Vietnamese banking app, scans a QR code that carries the amount and a reference, confirms, and the money moves bank to bank in seconds, around the clock. Public explainers from Napas and from payment providers such as TransFi describe the same flow.

For a merchant, the attraction is reach. Almost every adult with a bank account can pay this way, with no wallet to open and top up first. The weaknesses are matching and limits. Each payment needs a unique reference or a dynamically generated QR so that you can reconcile it, and customers who type the amount or reference by hand make mistakes.

How MoMo and ZaloPay work

MoMo and ZaloPay are e-wallets. The customer holds a balance or links a bank account, and approves the payment inside the wallet app. The flow is familiar and fast, and wallet users tend to be comfortable with small, frequent payments. Wallet operators apply their own merchant rules, though, and categories they consider sensitive are often declined or limited. That is the main reason higher risk merchants cannot simply rely on a standard wallet integration.

The 2024 biometric rule

The State Bank of Vietnam issued Decision 2345, and from 1 July 2024 banks have required biometric authentication for online transfers above VND 10 million, and for cumulative daily transfers above VND 20 million, as reported by Vietnam News and Vietnamnet. For a deposit flow this matters in two ways. Larger deposits add a verification step in the customer's banking app, so some customers will abandon or split the payment. And customers who have not registered their biometric data with their bank cannot complete larger transfers at all. Plan your deposit page and support scripts around this.

Side by side

How to choose

For most high risk merchants in Vietnam the order is: lead with VietQR bank transfer, add a wallet option where your provider can actually support your category, and keep cards as a minor fallback. Ask any provider these questions before you integrate: does the QR carry a unique reference per payment, how fast do confirmations arrive, how are failed or mismatched transfers handled, which accounts receive the funds, and what are the settlement terms. Be wary of anyone who promises that every wallet will work for any category, because wallet acceptance is decided by the wallet operator and by your own business model.

Also check the legal position of your own activity. Vietnam restricts several activities that are common in the high risk space, and a payment provider cannot make an activity lawful. Take local legal advice before you launch.

FAQ

Is VietQR safe to use for deposits? It is a mainstream standard used across Vietnamese banks. The risk for a merchant lies less in the rail than in reconciliation and in the account that receives the funds, so use unique references and a provider that explains where the money lands.

Can I accept MoMo or ZaloPay for any business? Not automatically. The wallet operators set their own merchant category rules, and sensitive categories are commonly declined on standard integrations. Ask your provider for what is supported for your category rather than assuming.

Do larger deposits behave differently? Yes. Since the State Bank's biometric rule took effect in July 2024, transfers above the thresholds need a biometric check in the customer's banking app, which adds friction and can lower completion for large amounts.

Where BestPay24 fits

BestPay24 is a payment gateway for high risk merchants selling into Asia, including Vietnam. There is no setup fee and no prepayment. If you want to discuss which rail mix suits your category, message us on Telegram at @Bestpay24SalesSupport.

Sources: Napas and VietQR public materials, TransFi, Vietnam News, Vietnamnet.