Mobile transactions have increased 600-fold in 20 years. (Payment Department)

Over the past two decades, the payment sector in Vietnam has witnessed remarkable growth, with the value of mobile transactions increasing by 600 times. This achievement bears the strong imprint of the Payment Department (State Bank of Vietnam), the unit that played a key role in creating the foundation for the nation's modern digital payment ecosystem.

The Payments Case: 20 Years of Building a Modern Payment System

Building the legal framework and core infrastructure.

The Payment Department has spearheaded the development of a crucial legal framework, ranging from regulations on payment standardization, chip card standards, and QR codes, to a controlled testing mechanism for Fintech (Fintech Sandbox). These policies have paved the way for the strong development of cashless payments.

Simultaneously, the national payment infrastructure has also been firmly strengthened. The Interbank Payment System (IBPS), considered the "backbone" of the economy , has recorded a 36-fold increase in the number of transactions and a 148-fold increase in value compared to 2005. Alongside this, the electronic financial switching and clearing system operated by Napas has also achieved an average annual growth rate of over 170% in terms of volume and 180% in terms of value during the period 2018-2025.

The digital payments boom and a comprehensive ecosystem.

The data paints an impressive picture of growth. In 20 years, the total number of cashless transactions has increased more than 500 times, while the value of transactions has increased more than 60 times. Internet transactions have increased 59 times in number and 21 times in value.

In particular, QR code payments, although only popularized since 2018, have experienced breakthrough growth: more than 700 times in volume and over 400 times in value. This development has been driven by innovative policies such as the application of eKYC in account opening, 24/7 fast payment, and the popularization of mobile banking and e-wallets.

The digital payment ecosystem is not limited to the financial sector but also extends to public services, from taxation and customs to education and healthcare, contributing to building the foundation for the digital economy and digital government.

Enhancing security and protecting users.

Along with rapid development come security challenges. The Payments Department has proactively responded by launching the SIMO system in 2025, a platform for monitoring and alerting to payment fraud.

By the end of 2025, this system had recorded over 592,000 accounts showing unusual activity and issued over 2.1 million alerts. As a result, over 670,000 suspicious transactions were paused or canceled, preventing estimated losses of up to VND 2.57 trillion, demonstrating a strong commitment to protecting user rights.

The Payment Department is also actively researching new technological trends such as central bank digital currencies (CBDCs) and cryptocurrencies to develop response scenarios and ensure the stability of the national financial system.

Source: https://baolamdong.vn/giao-dich-di-dong-tang-600-lan-sau-20-nam-vu-thanh-toan-410051.html