Mobile payments grow 25% annually

QNgTV- Mobile payments in Vietnam are increasing by 25% per year. Along with that, the average annual growth rate of cashless payments is 62%.

Consumers pay by scanning QR code. Photo: Payoo

Cashless payments are growing strongly thanks to the increasing rate of people with bank accounts, developed and accessible technology infrastructure, and many convenient payment solutions being updated, according to experts.

Currently, more than 70% of Vietnamese adults aged 15 and over have financial accounts and 62% of them use digital payment services, thanks to the Internet coverage rate reaching 80% of the population.

According to the State Bank, the percentage of adults with payment accounts at banks reached 86.97%, compared to 68.44% in 2020. The financial technology (Fintech) ecosystem has more than 150 businesses operating in the fields of payment, peer-to-peer lending, asset management and financial data.

Vietnam is simultaneously pursuing the goal of ensuring the development of a comprehensive financial system while ensuring consumer rights and data use.

Accordingly, the Law on Personal Data Protection will take effect from January 1, 2026. The State Bank is also drafting an amendment to the circular on safety and security of online transactions in the banking sector.

Source: https://quangngaitv.vn/thanh-toan-qua-dien-thoai-di-dong-tang-25-moi-nam-6509374.html