Payments via QR code increased by 225.4%.

On May 18, 2023, the State Bank of Vietnam (SBV) organized the 2023 Digital Transformation Day for the Banking Sector. The event was attended by Government leaders, SBV leaders, and representatives from various ministries and agencies. In addition, the event was attended by representatives from several departments and bureaus of the SBV, SBV branches in provinces and cities, commercial banks, payment intermediary companies, international organizations, and economic experts.

According to the State Bank of Vietnam's data, in 2022, mobile payments and QR code payments grew by over 100% compared to 2021 (mobile payments increased by 139.3% in volume and 106.5% in value; QR code payments increased by 225.4% in volume and 243.9% in value); 74.63% of adult Vietnamese have bank payment accounts; approximately 18.6 million cards and 8.7 million bank accounts opened electronically (eKYC) are currently active. Over 2.8 million Mobile Money accounts have been opened, with approximately 70.4% opened in rural and remote areas... with over 8,800 business locations and more than 15,000 payment acceptance units. The number of transactions through Mobile Money accounts reached over 19 million with a value of approximately 1,268 billion VND.

In 2022, QR code payments increased by 225.4% in volume and 243.9% in value. (Illustrative image)

At the event, Governor of the State Bank of Vietnam, Nguyen Thi Hong, stated that the State Bank of Vietnam has now connected with the National Population Database, cleaning up credit information for 25 million customers and serving many other operational activities.

Credit institutions have continuously researched and widely applied advanced digital technologies such as big data, data analytics, artificial intelligence/machine learning, etc., in order to optimize and simplify business processes and provide highly personalized products and services that suit customer needs and journeys.

Many credit institutions have implemented solutions that allow customers to open payment accounts based on citizen data verification; enable customer identification and verification using chip-embedded citizen identification cards or the VNeID application; clean up customer information with the National Population Database; optimize the lending process through credit scoring solutions and multi-dimensional information verification using citizen data;…

These results have been demonstrated through outstanding information such as: many banks have over 90% of customer transactions conducted through digital channels; many credit institutions have achieved good operational efficiency thanks to actively implementing digital transformation, reducing the cost-to-income ratio (CIR) to around 30%, approaching the rate that many regional and international banks are striving to achieve through digital transformation;...

In addition, some indicators have met and exceeded the targets set in the Digital Transformation Plan for the Banking Sector, such as the percentage of adults using electronic payment services, the percentage of public services of the State Bank of Vietnam that are eligible to be upgraded to level 4, etc.

Over the past period, the State Bank of Vietnam has been one of the ministries and agencies highly appreciated and commended by the Prime Minister for its proactive and decisive involvement in the implementation of Project 06.

The Governor of the State Bank of Vietnam has established a Task Force for the banking sector to implement Project 06 and issued the Banking Sector's Plan for implementing Project 06 for the period 2022-2025, along with detailed annual task plans.

On April 24, 2023, the Governor of the State Bank of Vietnam and the leaders of the Ministry of Public Security signed a plan for coordinating the implementation of tasks under Project 06. This plan specifically outlines the tasks, assigns lead agencies, specifies the outputs, and sets concrete deadlines for completion. This serves as an important basis for the units to uniformly implement the project.

Source: https://www.congluan.vn/thanh-toan-qua-phuong-thuc-qr-code-tang-2254-post248133.html