Cashless payments on the rise: Banks focus on developing digital infrastructure

Payments on digital platforms have continuously increased in both quantity and value, showing that people's habit of using cash has gradually decreased.

To meet the demand for payment using digital banking services, which is expected to increase dramatically at the end of the year, commercial banks are constantly focusing on investing in infrastructure development.

Customers authenticate biometric data to make money transfer transactions at Tien Phong Commercial Joint Stock Bank.

Cashless transactions increased by 43.32% in quantity

According to the State Bank of Vietnam , in the first 9 months of 2025, non-cash payment transactions in the whole system increased by 43.32% in quantity and 24.23% in value compared to the same period in 2024, showing that the trend of electronic payments is becoming more and more popular.

Of which, transactions via the internet increased by 51.2% in quantity and 37.17% in value; via mobile phones increased by 37.37% in quantity and 21.79% in value. In particular, transactions via QR codes increased by 61.63% in quantity and 150.67% in value. In contrast, transactions via ATMs continued to decrease by 16.77% in quantity and 5.74% in value, showing that people's cash withdrawal habits are being replaced.

The national payment infrastructure system operates stably, safely and effectively. Specifically, transactions via the interbank electronic payment system increased by 46.87% in value; transactions via the financial switching and electronic clearing system increased by 19.14% in quantity. To date, 53 organizations have been licensed to provide intermediary payment services, of which 49 organizations provide e-wallets, contributing to market diversification.

A relatively new form of electronic payment, Mobile Money, has been really effective in universalizing comprehensive finance, with more than 10.89 million accounts, of which 70% are in rural, mountainous and island areas. The total number of transactions via Mobile Money reached more than 290.4 million, worth about VND 8,511 billion, helping millions of people in remote areas access modern financial services without needing a bank account.

A representative of the Vietnam Bank for Agriculture and Rural Development ( Agribank ) said that the bank pays special attention to developing electronic banking applications with a friendly interface and many utilities. In particular, Agribank Digital operates as a miniature bank branch model, serving all customers, especially in rural areas, remote areas, helping customers easily access financial services, reducing time and effort compared to having to go to traditional bank branches.

Asia Commercial Joint Stock Bank (ACB ) also invested heavily in digital transformation. ACB has developed ACB ONE Digital Bank into a key business channel parallel to traditional banking. Thanks to that, ACB has expanded its mobilization channel and attracted new customers, increasing market share. ACB has 6.7 million individual customers and 305,000 corporate customers registered to use digital banking services.

Digitize most banking services

Deputy Governor of the State Bank Pham Tien Dung said that to date, most basic banking services have been digitized, with about 95% of transactions conducted on digital channels. The digital payment ecosystem has closely connected banks and public services such as electricity, water, telecommunications, healthcare, education, e-commerce, tourism, as well as online public services on the National Public Service Portal. People can pay, shop, book tickets, pay fees, charges, and pay social security directly on familiar banking applications or digital platforms.

To meet the demand for non-cash payments, which is expected to increase dramatically at the end of the year, the State Bank encourages credit institutions to accelerate digital transformation and connect with other industries and sectors to expand the digital service ecosystem, focusing on customers. Many banks have now applied artificial intelligence (AI), big data, and machine learning in analyzing customer behavior and evaluation, thereby personalizing products, optimizing processes, and automating business operations.

However, to effectively transform banking digitally, banks need to identify risks and regularly update security policies... to ensure customer rights and enhance reputation.

Regarding the card switching unit, Deputy General Director of the National Payment Corporation of Vietnam (NAPAS) Nguyen Hoang Long said that the unit's network has connected 68 banks and financial companies, processing an average of 35-36 million transactions per day, equivalent to 70 million users.

By 2025, NAPAS expects to reach 11-12 billion transactions, reaching 1/3 of Vietnam's population every day. The payment ecosystem includes VCCS cards, NAPAS 247, NAPAS Tap and Pay, VietQR, VietQR Global... covering everything from public transport to public services and VNeID. In particular, people in big cities like Ho Chi Minh City can pay for metro tickets with NAPAS cards and will soon expand to Hanoi. NAPAS also connects VNeID with the banking system, helping people receive social security money through the application, such as the recent National Day holiday on September 2.

Regarding transaction security, NAPAS cooperated with the State Bank to deploy the SIMO system, apply Big Data and AI to monitor and warn of fraud, and establish a process to coordinate cash flow tracing between banks.

In the field of international integration, NAPAS has completed cross-border QR payment connections with Thailand, Laos, and Cambodia and plans to open payment channels for Chinese tourists entering Vietnam in 2025, before opening the opposite direction in 2026.

Source: https://hanoimoi.vn/thanh-toan-khong-dung-tien-mat-tang-ngan-hang-tap-trung-phat-trien-ha-tang-so-722849.html