The workshop "Cashless payment: Driving force for digital economic growth" officially took place on June 14, attracting 300 leaders of state agencies, economic experts, delegates... to participate.
The trend of "digitalizing" payment behavior
Ms. Le Thi Thanh Binh - Southern region director of Coc Coc Company Limited
Sharing the report "Understanding user behavior in the digital economy era", Ms. Le Thi Thanh Binh, Southern region director - Coc Coc Company Limited, said that in the context of consumer behavior shifting strongly to the digital environment, cashless payment methods are increasingly developing and becoming more popular in Vietnam.
According to a survey by Coc Coc, cash is no longer the dominant payment method, with 59% preferring to use cashless payment methods in daily transactions. Even when traveling to another country, Vietnamese people do not rely entirely on cash there, but instead combine the use of digital payment methods.
Specifically, 34% prioritize using 100% cash from the country they will visit; 34% prioritize using credit cards, international cards from Vietnam, prioritize using electronic money from the country they will visit; 28% combine using both cash and non-cash...
Cashless payments are currently used for most daily needs: 83% for consumer purchases; 72% for food and drink, transportation; 66% for living expenses (electricity, water, etc.); 51% for entertainment, sports, travel; 48%for education , health care, insurance. In particular, the group aged 35 and over has the highest rate of choosing cashless payments, reaching 76%, for living expenses.
Some essential needs are witnessing a trend of "digitalizing" payment behavior. After only 2 years, the rate of consumers choosing non-cash payment methods such as digital banking and e-wallets has increased significantly. However, the level of priority is clearly differentiated by age, region and income.
QR Code is a "national" method
Young people participate in the experience at Cashless Day - Photo: DUYEN PHAN
By age, the younger generation leads in prioritizing cashless payments with 69% in the 18-24 age group and 75% in the 25-34 age group.
By region, inner-city districts of centrally-run cities have the highest priority, with 74% of survey respondents in this area prioritizing going cashless.
By income, the priority increases with income level, with about 75% of people with income higher than 10.5 million/month prioritizing cashless payments.
For the group that prioritizes cashless payments, they use this method very often. Specifically, up to 90% of people use it regularly (daily/every few days). Meanwhile, the percentage of people who use it less (every few months) or rarely is quite low, at 5% of each group, respectively.
The 25-44 age group is the most frequent user, with 72% of consumers in this age group saying they use it daily. The survey also showed that users choose to pay through a variety of different means.
In which, online payment platforms such as digital banks and e-wallets are currently more popular than physical cards. Survey results show that 62% pay by website applications, banks; 48% e-wallets (Momo, ShopeePay,...)/online payment platforms ( VNpay , Onepay,...); 38% bank cards (hard cards/physical cards) such as ATM cards, credit cards...
This year's event is not only a technology experience festival, but also an important forum to announce the latest data on consumer behavior, affirming the strong shift to digital payments in Vietnam.
Sharing the user's perspective on the advantages of cashless payments, Ms. Binh said that some of the reasons users prioritize using cashless payments include: fast, easy to operate (72%); easy to manage finances (52%); diverse services, features and transaction methods (49%); security and safety (43%)... "Speed, convenience and safety - the strongest "weapons" of digital payments.
"Most users appreciate the speed, convenience and security of digital payments," Ms. Binh commented. On the contrary, the barriers that prevent users from using cashless payments or from using them less include: lack of flexibility when many places do not accept cashless payments (36%); concerns about information security (35%); slow transactions, errors, interruptions (33%); high costs, few incentives (14%).
"Lack of 'acceptance' from sellers, fear of risks, and transaction problems are the main barriers. The fact that many places do not accept digital payments, along with concerns about security and transaction problems, makes many consumers still prefer to use cash," Ms. Binh shared.
New boost from contactless payment in Vietnam
Mr. Phung Duy Khuong - Permanent Deputy General Director of VPBank - Photo: QUANG DINH
Mr. Phung Duy Khuong - VPBank's permanent deputy general director - brought to the workshop the trend of contactless payment Tap and Pay, a form of payment that is being accepted globally.
According to Mr. Khuong, we are living in a period of strong transformation of the digital economy - where all payment, financial and consumption activities are gradually breaking away from traditional forms, entering the era of "cashless" - "contactless" - "unlimited". When it comes to cashless payments, people used to think of money transfers, bank cards, or bulky POS devices.
However, customers of the digital age demand more: they need simplicity, the highest security and the ability to transact anytime, anywhere - using only personal devices such as phones or smartwatches.
That is also the reason why contactless card payments have become the top choice. From Q4-2024, more than 60% of transactions in the market have taken place in contactless form. This is a big leap not only in technology but also in the habits of Vietnamese users - a market that is still quite heavy on cash.
And at that explosive point, VPBank is proud to be the first and only bank in Vietnam to fully deploy the Tap & Pay ecosystem on most of the most popular platforms today: from Samsung Pay, nGoogle Pay, Apple Pay, Garmin Pay, VPPay wallet, to the breakthrough solution Pay by Account.
Thanks to an early and methodical implementation strategy, VPBank recorded a 70% growth in contactless transactions via credit cards, of which more than 81% were essential consumer transactions such as shopping, dining, and supermarkets - demonstrating high applicability and real consumer demand.
Not only that, VPBank is the first bank in Asia to deploy Pay by Account, allowing users to integrate their payment accounts (TT) onto their phones or watches, opening up the opportunity to access cashless payments to millions of Vietnamese people. To date, VPBank customers with their TT accounts can pay at more than 100 million Mastercard acceptance points globally and the bank aims to reach 500,000 Pay by Account users by 2025.
In addition to solutions for individuals, VPBank also offers optimal solutions for corporate customers and small businesses. The Tap to Phone (T2P) solution - turning NFC-enabled Android phones into payment devices - allows merchants to accept contactless card payments and send electronic invoices immediately to customers without having to invest in expensive POS machines.
Cashless Day 2025 is organized by Tuoi Tre newspaper, Payment Department, Banking Times - State Bank in collaboration with Ho Chi Minh City Department of Industry and Trade and NAPAS, under the direction of the State Bank and Ho Chi Minh City People's Committee, with the support of VPBank, Sacombank, HDBank, Visa, Mastercard and many partners.
The series of activities "Cashless Day 2025" not only creates a foundation for universal digital payments, but also contributes to promoting domestic consumption, economic growth, modernizing public administration, and universalizing financial inclusion, in line with the goals of the National Strategy on Digital Transformation.
As of early 2025, there have been 10,000 T2P app downloads, 1,500 regular sellers, 1,200 actual stores, and more than 15,000 successful transactions.
All of VPBank's contactless payment solutions - from Tap & Pay, QR code, Pay by Account to Tap to Phone - are seamlessly integrated on the VPBank NEO super app.
By the end of 2024, VPBank NEO has attracted more than 10 million users, processing more than 700 million transactions. To bring a truly personalized, secure and smart experience, VPBank has fully exploited the power of data, AI and cloud computing technology to enable flexible expansion, quick connection with partners and the digital community.
VPBank is committed to continuing to invest heavily, accompanying the Government, the State Bank and partners to expand the contactless payment ecosystem, promote the digital economy, and build a cashless society - modern, transparent, safe and sustainable.
Customers make unlimited payments with Momo's ecosystem
Nguyen Ba Diep - co-founder of MoMo Financial Technology Group - introduces Momo's ecosystem - Photo: QUANG DINH
Regarding the role of e-wallets in popularizing cashless payments among people and the development orientation for the next stage, Mr. Nguyen Ba Diep, co-founder of MoMo Financial Technology Group, said that cashless payments can now be made in many ways, including "Momo, we have created a very large ecosystem, customers can register for financial services, can buy and sell all products, and can use banking services," said Mr. Diep.
Momo's exhibition booth attracts customers' attention - Photo: DUYEN PHAN
Mr. Diep said that Momo is currently open for customers to make unlimited payments. Customers can pay by scanning QR codes for all types of different accounts. Secondly, if customers need to borrow a small amount from the bank, the wallet is connected to the bank to provide loans of up to twenty million very quickly.
"The role of payment intermediaries and e-wallets is not only limited to payment issues but also helps banks and financial institutions reach customers. We hope that in the coming time, Government and State leaders will continue to expand the field for payment intermediaries so that we can contribute more to the development of Vietnam," Mr. Diep shared.
Exciting Event Series Cashless Day 2025
Cashless Day 2025 with the theme "Cashless payment promotes digital economy". The series of events is held in the final year of implementing the Project on developing cashless payment for the period 2021-2025 according to the Prime Minister's decision.
The program is organized by Tuoi Tre newspaper, Payment Department, Banking Times of the State Bank in coordination with the Department of Industry and Trade of Ho Chi Minh City, National Payment Joint Stock Company (Napas) with the participation of VPBank, HDBank, Mastercard, Visa, Sacombank, Vietcombank, ACB, BIDV, Vikki, JCB, MoMo, Saigon Co.op, Vingroup Corporation - Joint Stock Company, Eximbank, Agribank, SHB, TPBank, KienlongBank, MB Bank, Vietinbank, TikTok Shop, Can Gio Island Bird's Nest, Phamarcity Pharmacy, UEL University of Economics and Law, Satra, Ho Chi Minh City Electricity Corporation, Loreal, KAFI, VIB, BVBank, UOB, LC Foods, Tefal, Phat Tai Investment and Culinary Joint Stock Company, Onelife Company Limited.
The program aims to raise social awareness, encourage people to access and use modern payment methods such as e-wallets, QR codes, contactless cards, etc., and contribute to building a sustainable cashless ecosystem in Vietnam.
One of the highlights of this year's event series is the "Ting Ting Day" festival, taking place from 7:30 a.m. on June 14 to 9 p.m. on June 15 at Nguyen Hue walking street, offering a series of experiences on payment technology, mini games, workshops on spending management, modern lifestyle...
In particular, a highly anticipated activity is the E-Concert with a star-studded lineup and two large promotional programs including a nationwide promotion program and a Shopping Season promotion program in Ho Chi Minh City.
Within the framework of the program, there was also a workshop on "Cashless Payment: Driving Force for Digital Economic Growth" with the participation of nearly 300 delegates.
Source: https://tuoitre.vn/59-nguoi-dung-uu-tien-thanh-toan-khong-tien-mat-bung-no-mot-phuong-thuc-thanh-toan-moi-20250614093236528.htm
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