Cashless payment value in 2024 is 25 times GDP

Non-cash payment activities in 2024 will reach over VND 295 million billion, exceeding the target, contributing to promoting digital transformation of banks and economic development.

According to the State Bank of Vietnam, in recent times, digital transformation activities in the banking sector have achieved encouraging results, contributing to the overall development of the economy .

The legal corridor to promote digital transformation of banking activities has been completed; the infrastructure serving digital transformation of the banking industry has been focused on investment, upgrading, and development; many friendly banking products and services with rich utilities, bringing practical value, meeting the diverse needs of customers; many basic operations of the banking industry have been completely digitized.

Banking industry databases have been deployed synchronously, effectively, connected and shared with many national and specialized databases.

Non-cash payment activities are widely deployed and have made great strides. The value of non-cash payments in 2024 will reach over 295 million billion VND, 25 times higher than GDP.

The proportion of adults with payment accounts has reached 87%, exceeding the target of 80% by 2025. About 80% of pensioners, social insurance and unemployment benefits in urban areas are paid through accounts.

Source: https://baobinhphuoc.com.vn/news/4/173443/the-value-of-payment-without-using-cash-in-2024-is-25-times-GDP-25