Digital payments increase sharply
According to the State Bank's report, currently, most basic banking services have been performed on digital channels, with many banks achieving a rate of over 95% of transactions performed on digital channels.
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In 2024, non-cash payment transactions will increase by 56.68% in quantity and 32.79% in value. In particular, transactions via the Internet channel will increase by 49.73% in quantity and 33.12% in value; transactions via mobile phone channels will increase by 54.08% in quantity and 34.03% in value, transactions via QR Code will increase by 104.65% in quantity and 97.14% in value.
The total number of Mobile-Money accounts registered and used by the end of 2024 is 10.2 million accounts; of which more than 7.3 million Mobile-Money accounts are registered in rural and mountainous areas (accounting for about 72% of the total number of accounts registered and using the service).
Meanwhile, ATM transactions continued to decrease by 12.83% in quantity and 4.49% in value, showing that people's demand for cash withdrawals is decreasing and being replaced by non-cash methods and habits.
In the first two months of 2025, non-cash payment transactions increased by 41.28% in quantity and 21.91% in value; via the Internet channel increased by 35.81% in quantity and 29.69% in value; via mobile phone channel increased by 35.13% in quantity and 18.63% in value, transactions via QR Code increased by 75.54% in quantity and 196.62% in value over the same period.
Security and privacy are big challenges; laws have not kept up with technology
Along with the development of digital banking, the banking industry also faces many difficulties and challenges, especially in terms of security and confidentiality.
The growth of social media platforms, along with the spread of unverified information related to security and privacy in digital payments and cases related to the banking industry, can affect public confidence in banking operations, leading to difficulties in communication work.
In addition, according to the State Bank, promoting digital transformation in banking activities still faces some difficulties because current legal regulations have not kept up with the development speed of digital technology and new business models in the industry; Infrastructure of some industries, fields, and general infrastructure is not yet compatible with the infrastructure of credit institutions, thus affecting interconnectivity and integration in the digital transformation process of credit institutions; Resource allocation for digital transformation is still limited (capital investment, technology selection is a challenge when new technologies are changing rapidly, high-quality human resources in artificial intelligence, big data, blockchain, etc. are still lacking).
Promoting non-cash payments also faces many challenges due to concerns about security and safety when using popular electronic and online payment methods; the branch network and payment infrastructure of payment service providers and payment intermediaries are mainly concentrated in urban areas, not yet fully covered in rural, remote and isolated areas; legal regulations on payment agent operations are being implemented, and it takes time to guide implementation, ensuring safe, effective operations, and compliance with reality.
Meanwhile, the work of preventing and combating high-tech crimes in electronic payments faces some difficulties because high-tech crimes in payment activities are increasingly sophisticated, with complex tricks and rapid, continuous changes.
Crimes that take advantage of payment activities for illegal activities are becoming more complicated and tend to increase (such as gambling, fraud, commercial fraud, tax evasion, drugs, prostitution, etc.); meanwhile, payment activities are only the final step to complete a transaction of buying and selling goods and services, and the management and determination of the legality of goods and services are the tasks and powers of ministries and branches with the function of state management of those goods and services. Therefore, the banking sector cannot promptly determine the legality of goods and services in order to effectively implement appropriate prevention, control and containment measures. This requires coordination, regular, continuous, close and timely provision of information by relevant ministries and branches.
The State Bank of Vietnam said that in the coming time, it will strengthen supervision of important payment systems, promptly warn and recommend risks, solutions to enhance security and safety in electronic payments, ensure security and safety of information technology systems in the banking sector, and protect the legitimate rights and interests of customers.
Strengthening information and propaganda work on mechanisms and policies on payment and digital transformation; enhancing knowledge and financial management skills for people, improving understanding in using banking products and services safely and effectively.
Source: https://baodautu.vn/thanh-toan-qua-qr-code-tang-gan-200-ve-gia-tri-nhu-cau-rut-tien-mat-giam-manh-d277233.html
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