Digital banking payment activities ensure safety

Responding to questions about cashless payments, SBV Governor Nguyen Thi Hong said that the SBV has recently implemented many solutions such as reviewing the legal framework, facilitating cashless payments. Many activities are carried out through digital channels, applying technology, ensuring the safety of payment activities.

Non-cash payment indicators in the past 9 months have grown strongly, such as the rate of non-cash payment transactions increased by 49% in quantity, transactions via the internet increased by 60.3%, via mobile phone channels increased by 60.8%, via QR code increased by 105%...

“The decrease in ATM transactions shows an increasing trend of cashless payments. In September 2023, cash payments out of total payments decreased by 9.17% compared to 11.73% compared to 2020, showing significant results,” said Governor Nguyen Thi Hong.

Cashless payments are appearing in every corner of life. (Photo: Tuan Nguyen).

The Vietnamese card market in recent years has been assessed to have a rapid growth rate, contributing significantly to promoting the trend of cashless payments.

As of July 2023, the number of cards in circulation reached more than 140 million cards (up 8.27% compared to the end of 2021), with more than 103 million domestic cards and 36.7 million international cards. Of which, nearly 10.8 million cards opened with eKyc are in circulation (27 banks are implementing). Compared to the number of international cards, domestic credit cards are modest.

Vietnam is assessed to have many conditions to develop cashless payments. By the end of 2022, over 77.41% of Vietnamese adults had payment accounts at banks.

Currently, the market is forming a digital ecosystem, connecting banks and public service organizations, creating a seamless experience for consumers. Consumers only need 1 diverse payment application from movie tickets, food, etc.

Vietnam's card market, especially domestic credit cards, is still assessed by experts as having much room for development.

Source: https://vietnamnet.vn/hoat-dong-thanh-toan-ngan-hang-qua-kenh-so-dam-bao-an-toan-2211586.html