VN — VnExpress
Da Nang Pilots Crypto Asset Payments at Multiple Street Areas
Blockchain1 min read
Da Nang, Vietnam, is letting people spend crypto assets at more places. A payment app called Basal Pay turns crypto into Vietnamese dong when people pay. The test now covers 10 areas.
What happened
Da Nang expanded a pilot program for crypto payments from 3 areas to 10. Users can pay with crypto, and the app converts it to Vietnamese dong (VND) using a VietQR code. The city's science and technology department gave the license. The test runs until August 26, 2028.
Key numbers
- The 10 areas include Da Nang airport, Hoi An old town, Ba Na Hills, golf courses, and coastal resorts.
- After one year, the app has 10,000 registered accounts and more than 15,000 transactions.
- Total transaction value in the first 3 areas passed US$100,000.
- Daily limit: 26 million dong (about US$1,000). Monthly limit: 776 million dong (about US$30,000).
How it works
To use Basal Pay, a user first adds crypto to a wallet in the app. Next, the user verifies identity (called eKYC, a online check of who you are). Then the user scans a QR code at a shop. The crypto is automatically changed to dong. The money can also be sent through NAPAS, Vietnam's national payment system. Basal Pay is the first app in Vietnam to convert crypto into official money.
Why it matters
This is a test of how crypto can be used in everyday life, like buying a meal or a ticket. The city says all transactions followed anti-money-laundering and anti-terror-financing rules. If the results stay good, the city may approve a bigger launch of Basal Pay and new similar apps. Other apps, such as PayD, UmiPay, and X-Border, also have smaller test licenses.
What to watch
- Whether the city approves Basal Pay for a full, wider launch.
- Whether new crypto payment apps get test licenses.
- How the test performs at the new locations up to 2028.
Glossary
- Basal Pay
- A payment app that changes crypto assets into Vietnamese dong when people pay at shops.
- VietQR
- A standard QR code in Vietnam that lets people pay by bank transfer by scanning it.
- NAPAS
- Vietnam's national payment network that moves money between banks.
- eKYC
- An online identity check, done with a photo or ID card, before using a financial service.