New Delhi

With Vietnam unveiling its International Financial Center (IFC) in Danang, fintech firm 9Pay is positioning itself at the forefront of the country’s digital payments push, aiming to connect local merchants with global travellers through next-generation financial solutions.

As one of the first ten participants in the Danang IFC sandbox, 9Pay has outlined a phased strategy that begins with digital travel payments, prioritising QR-based transactions and stablecoin solutions. These initiatives are designed to reduce friction for international visitors while accelerating Vietnam’s shift toward a cashless, innovation-led economy.

Launched officially on December 21, 2025, the Danang IFC is central to Vietnam’s ambitions in financial innovation, green finance and digital transformation. Leveraging the sandbox framework, 9Pay is testing cross-border payment models that seamlessly integrate domestic and international ecosystems.

The timing is strategic. Vietnam has rapidly become a preferred destination for Indian travellers, welcoming over 746,000 visitors from India in 2025, a sharp 48.9% year-on-year increase. While Indian tourists fuel demand for premium travel experiences, many continue to face challenges such as high foreign exchange costs and limited acceptance of familiar digital payment tools.

India’s digital payments landscape, led by UPI, stands in stark contrast. In 2025 alone, UPI handled nearly 18 billion transactions every month, accounting for almost half of global real-time digital payments. QR code payments are deeply embedded in daily life, with over 56 million QR codes active nationwide. This gap between India’s mature cashless ecosystem and payment limitations abroad has created a clear opportunity.

Through the IFC sandbox, 9Pay has introduced a B2B2C payment model that allows Indian tourists to pay at Danang merchants using their existing UPI-enabled banking apps or e-wallets, simply by scanning QR codes. The model offers a contactless, real-time payment experience while benefiting local businesses with faster settlements and lower costs.

Backed by a strong regulatory foundation, 9Pay holds a full Intermediary Payment Services Licence and a foreign currency receipt and payment licence from the State Bank of Vietnam. With more than six years of experience in cross-border fintech consulting, the company enables international payment providers to operate in Vietnam without establishing a local legal entity.

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Beyond QR payments, 9Pay is also testing blockchain and stablecoin-based solutions within the IFC framework, aiming to improve liquidity management, streamline settlements and reduce operational overheads for businesses.

By aligning global payment expectations with local market realities, 9Pay aims to help Vietnam evolve from a fast adopter into a regional leader in digital payments. For Indian fintech firms, the initiative signals a timely opportunity to access Vietnam’s 100-million-strong market through transparent, blockchain-enabled infrastructure turning cross-border potential into scalable growth across Southeast Asia.