Cashless payment on the rise in Viet Nam

The statistics of the central bank showed that internet banking transactions surged by 57.85 percent in volume and 32.43 percent in value. Mobile banking transactions increased by 68.54 percent in volume and 41.12 percent in value. Notably, QR code payments skyrocketed by 892.95 percent in volume and 1,062.01 percent in value.

Meanwhile, the amount and value of point-of-sale (POS) transactions rose by 16.87 percent and 13.65 percent, respectively. The figures for transactions via automated teller machines (ATM) went down by 15.14 percent and 18.76 percent, respectively.

By the end of 2023, about 40 banks and foreign bank branches had opened 35 million accounts via the eKYC (electronic Know Your Customer) process. The number of individual payment accounts reached over 182.88 million last year, up 21.8 percent compared to the same period in 2022, with indicators of non-cash payments growing well.

According to a project on the development of cashless payment in Viet Nam in the 2021-2025 period, it targets that the value of non-cash payments will be 25 times higher than GDP, while the proportion of the payment method in e-commerce will account for 50 percent by 2025.

In addition, 80 percent of people aged 15 and above will have a transaction account at a bank or other authorized institutions.

Average growth rate in terms of quantity and quality of cashless payment transactions is projected to reach 20-25 percent a year.

Transaction that made via mobile phones hit 50-80 percent per year, with transaction values expanding 80-100 percent annually; and via the Internet grow 35-40 percent a year./.