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VTB plans to launch QR payments in Vietnam, open an office in Mumbai, and double client base in Shanghai
Besides, the credit institution has already received approval from the Central Bank of Iran to open a branch in Tehran. Foreign branches are strategic structures for the international settlement system that VTB is building.
This was reported by VTB Board member Olga Basha: “VTB's “supporting points” are branches in India and China, as well as the Vietnamese-Russian Bank (VRB). All branches are connected to and integrated with local payment systems. We do not operate via SWIFT, of course, so the risks are reduced, since there are no intermediaries.”
By the New Year, Russian tourists in Vietnam will be able to make OR code payments in the VTB mobile bank. This was announced by the Vietnamese-Russian bank, where VTB controls 49.5%, the same equity stake is held by BIDV (one of the largest Vietnamese state-owned banks) and 1% belongs to NGS (a technology group). Legally and technically, VRB is a “domestic” bank for both countries. It is the only one in Vietnam that supports operation of the Mir payment system and, according to VTB, serves “almost the entire volume” of trade in the ruble / dong pair (up to 40% of trade turnover between the countries).
In Vietnam, there is a national QR standard, which works on the merchant-presented scheme: the seller shows the QR, the client scans it. The VTB application will read these codes, and then the payment will go through the local infrastructure. A user from Russia will be charged in rubles, and a store in Vietnam will receive dongs – a scheme similar to that in Turkey.
The application area of the national QR in the country is wide and growing rapidly; the regulator and NAPAS are directly promoting cross-border QR payments for tourists. This means that you can pay for purchases almost anywhere.