The trend of cashless payments in Vietnam is increasing rapidly.

At the press conference announcing the series of events in response to Cashless Day 2023, jointly organized by the State Bank of Vietnam and Tuoi Tre Newspaper, speakers all noted that the trend of cashless payments is increasing strongly in Vietnam.

Mr. Pham Anh Tuan, Director of the Payment Department of the State Bank of Vietnam, shared that cashless payment activities have never been as strong as they are now. All places frequented by people, such as supermarkets, restaurants, shops, markets, and even sidewalk tea stalls, now offer cashless payment services.

Among cashless payment methods, QR code payment has shown the strongest growth in both volume and value. The number of payments each year is always many times higher than the previous year. In 2022, QR code payments increased by over 225% in volume and 244% in value compared to 2021.

The trend of cashless payments is surging in Vietnam - 1 — Mr. Pham Anh Tuan, Director of the Payment Department - State Bank of Vietnam.

In the first three months of 2023, non-cash payment transactions increased by 53.5% in volume compared to the same period last year. Specifically, payments via the internet increased by over 88% in volume and 7.4% in value; and payments via mobile phones increased by 65.5% in volume and 13.3% in value.

Notably, payments via QR code saw the strongest increase, rising by 160.7% in volume and 43.8% in value; payments via POS machines increased by 37.5% in volume and 32% in value. Meanwhile, ATM transactions decreased by 2.73% in volume and 4% in value.

" These figures show that cashless payment methods such as QR codes, mobile payments, and internet payments have become familiar to consumers. At shops, cafes, noodle stalls, vegetable and meat vendors in local markets... sellers all have QR codes so customers can pay easily and conveniently," Mr. Tuan emphasized.

According to Mr. Tuan, the State Bank of Vietnam and the Ministry of Public Security will focus on implementing the Project for developing applications of population data, electronic identification and authentication to serve national digital transformation in the period 2022-2025, with a vision to 2030. The units will focus on connecting and exploiting the national population database to clean up customer data and serve the operational activities of the banking sector.

As of April 2023, the State Bank of Vietnam, in coordination with the Ministry of Public Security, had completed the verification of over 25 million customer credit information records with the National Population Database.

At the press conference, Mr. Bui Ta Hoang Vu, Director of the Ho Chi Minh City Department of Industry and Trade, said that in recent times, the Department of Industry and Trade has continuously strived to connect with and encourage more people to participate in the cashless payment trend, focusing on commercial services and public services.
Currently, the Department of Industry and Trade offers 110 public administrative services, but as many as 109 of them are implemented online at level four. Cashless payments are also common among all officials and staff.

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