Vietnam is accelerating its digital economic development and becoming one of the most dynamic markets in Southeast Asia for digital payments. By the end of 2024, the country recorded more than 204.5 million active personal payment accounts and 154 million cards, with nearly 87% of adults owning a bank account. In the first quarter of 2025, QR code transactions increased by 81% year-on-year, reflecting a strong shift to cashless payments nationwide.

Mr. Sharad Jain, Country Manager of Mastercard in Vietnam, Laos and Cambodia, recently delivered a presentation on the topic “Empowering people through safe and accessible payments”, affirming Mastercard’s commitment to accompanying Vietnam in promoting a cashless economy while embracing global innovation trends.

Figure 1 Mr. Sharad Jain, Country Manager of Mastercard in Vietnam, Cambodia and Laos.jpg
Mr. Sharad Jain, Country Manager of Mastercard in Vietnam, Cambodia and Laos shares his vision for safe and accessible digital payments

Strengthening trust through smart technology

As Vietnam’s digital ecosystem continues to grow, trust is becoming the foundation of every interaction in the digital world . In 2024, cyberattacks caused a global loss of $9.5 trillion, with cybercrime costing the world’s third-largest economy, behind only the US and China, a figure that is expected to reach $15.6 trillion by 2029, a 64% increase, in part due to the explosion of generative AI. However, Mastercard is turning this very technology into a defensive advantage.

Mastercard’s Decision Intelligence Pro uses AI trained on a trillion data points to evaluate each transaction in less than 50 milliseconds, increasing fraud detection by up to 300%. Meanwhile, its Consumer Fraud Risk solution, now deployed in the UK, can stop payment fraud before money leaves a victim’s account.

Globally, Mastercard will process 159 billion transactions by 2024, and has invested $10.6 billion in cybersecurity technology innovation since 2019. Over the past three years, the company's technology has helped prevent more than $47.9 billion in fraud losses worldwide.

Mastercard is also leading the global shift to tokenization – replacing traditional card numbers with unique, encrypted tokens that prevent sensitive information from leaking. This makes it harder for cybercriminals to steal card information, as many of the card numbers are removed from the physical card.

In addition to enhancing security, tokenization technology also eliminates the need to manually enter card numbers or OTP codes, providing a seamless, convenient and secure payment experience. By 2030, Mastercard aims for 100% of card transactions in Vietnam to be tokenized and securely authenticated.

Figure 2 Young people are excited about digital experiences.jpg
Young people are excited about digital experiences

Empowering everyone to enter the digital economy

Behind the success of Vietnam’s payments transformation journey lies a crucial mission: ensuring no one is left behind. Despite rapidly developing digital infrastructure, 62% of Vietnam’s population still lives in rural areas, where access to financial services is limited.

Mastercard is contributing to Vietnam’s goal of expanding safe and accessible financial solutions to every household. Technologies such as eKYC, biometric authentication and QR payment networks are helping millions of new users access financial services quickly and securely.

The company also promotes the building of a collaborative ecosystem where governments, banks, fintechs and technology companies co-create inclusive financial solutions. In Vietnam, these partnerships have strongly promoted the adoption of QR payments, digital banking and contactless payments, helping small traders, rural startups and everyday consumers fully participate in the digital economy.

With more than 15 years of partnership with Vietnam, Mastercard continues to support the country’s digital priorities, promoting trust, inclusiveness and innovation. By combining AI-based security technology, seamless payment systems and accessible financial tools, Mastercard is helping to build a safe, seamless and inclusive digital economy that empowers every individual and business.

Phuong Dung

Source: https://vietnamnet.vn/mastercard-gop-phan-phat-trien-he-sinh-thai-thanh-toan-so-ben-vung-tai-viet-nam-2461392.html