Mastercard accompanies Vietnam towards a cashless future

After 5 years of implementing the National Digital Transformation Program, Vietnam has made many strong strides, with Mastercard as one of the important partners helping to promote the digital payment ecosystem.

Cooperation in building a cashless economy

Vietnamese consumers’ payment habits are changing rapidly. By the end of 2024, the country will have more than 204.5 million personal payment accounts and 154.1 million active cards. Nearly 87% of people over 15 years old have a bank account and there are more than 443,000 points of acceptance of digital payments nationwide.

Cashless payments have grown impressively in both quantity and value, exceeding the target set in Decision 11813 on the Project on developing cashless payments in Vietnam for the period 2021 - 2025. Specifically, in 2024, the value of cashless payments will reach VND 295.3 trillion - 26 times higher than Vietnam's GDP - exceeding the initial target. The number of transactions via QR codes in the first quarter of 2025 increased by more than 81% over the same period last year, becoming the fastest growing and most popular cashless payment method.

Cashless payments in Vietnam continue to grow strongly.

Many awareness campaigns such as Cashless Day and Vietnam Card Day have encouraged people to switch to digital payments. Cross-industry collaborations have been modernizing payment experiences in many areas such as retail, tourism , and public services - making digital utilities an essential part of life. Mastercard accompanies these programs, providing expertise and technology standards, contributing to building a sustainable foundation of digital trust.

An important milestone is the NAPAS-Mastercard co-branded card, launched in May 2025. This is the first product to integrate domestic and international chip standards, helping users make flexible transactions both domestically and internationally. In public transport, Mastercard cooperated with HURC1 to deploy contactless payments on Metro Line 1 and from April 2025 expanded to the entire Ho Chi Minh City bus network. Passengers can pay by credit card, debit card, EMV card, e-wallet and smart device.

NAPAS-Mastercard co-branded card allows Vietnamese users to conveniently transact anywhere.

Along with innovation, cybersecurity is seen as a fundamental factor. As technology adoption increases, the need to protect data and maintain consumer trust becomes more urgent. This is an industry-wide effort that requires continuous collaboration from all stakeholders. Since 2019, Mastercard has invested $10.6 billion in cybersecurity innovation to protect consumers, businesses and financial institutions. As a result, $47.9 billion in fraud losses have been prevented in the past three years thanks to cybersecurity solutions using artificial intelligence.

Inclusivity and empowerment in the digital age

Digital transformation is most meaningful when it creates opportunities for everyone. In Vietnam, the shift to cashless payments is helping small businesses grow, empowering women to start businesses, and connecting rural communities to the formal economy.

Programs supported by Mastercard and partners like Strive Women are helping equip small businesses with digital payment tools that simplify the checkout process, build customer trust and expand access to new markets. For many small and micro businesses, digital transformation is about more than just accepting card payments, it’s about growth opportunities through increased visibility, data and a broader customer base.

At the consumer level, the convenience of contactless and mobile payments is changing the way people shop, travel and access services. Digital education programs and community initiatives are helping people become more confident with new payment technologies, while evolving cybersecurity regulatory frameworks help protect user data and foster trust.

The past five years have marked Vietnam’s success in digital transformation thanks to a long-term vision and close coordination between parties. The next phase will focus on optimization: better connectivity, more sustainability and more inclusiveness. The vision of the National Digital Transformation Program goes beyond 2025, requiring long-term cooperation from public and private partners. With global experience in payment technology, cybersecurity and digital transformation solutions towards smart cities, Mastercard affirms its commitment to supporting Vietnam in building a comprehensive, sustainable digital economy and bringing prosperity opportunities to everyone.

Source: https://baodautu.vn/mastercard-dong-hanh-cung-viet-nam-huong-toi-tuong-lai-khong-tien-mat-d431710.html