The short answer to the question you asked:
myjson = myjson.replace("VALUEPLACEHOLDER1","SoMeTHiNGeLSe")
Now, if you are talking about tricky pattern matching, then you will need to use regex if you want to approach this from a string-manipulation perspective. That sets you up for all sorts of unanticipated problems down the road with things you didn't anticipate, though, and you'll probably be happier in the long run if you embrace using JSON.
Try using the NewtonSoft JSON libraries. Then you can do something like:
dim myobj as new MyClass
myobj = jsonconvert.deserializeobject(of MyClass)(myjson)
That will turn your JSON string into an instance of MyClass called myobj, and you can access its properties directly, changing whatever you want:
myobj.MerchantReferenceCode = "SpecialMerchant"
Note that if the class definition for MyClass has properties that the JSON has no values for, they'll be present in the new class instance with no values. You can then set those values as you wish.
If the JSON has properties that don't exist in your class, they'll be dropped/lost in the conversion, so you do need to study your source data.
And you turn it back into a string again easily:
dim newjson as string = jsonconvert.serializeobject(myobj)