Digital payments are booming, with transactions via QR code increasing by over 150%.

On the afternoon of October 29th, the State Bank of Vietnam announced the latest results related to cashless payments and the implementation of Project 06. In particular, cashless payments continued to boom, with transactions via QR Code increasing by over 150% in value. Internet and mobile channels also recorded strong growth, demonstrating the increasingly widespread trend of digital payments in the lives of people and businesses.

Trading volume surged across all digital channels.

According to the State Bank of Vietnam, compared to the same period in 2024, the total number of cashless payment transactions across the entire system increased by 43.32% in volume and 24.23% in value, reflecting the strong shift of people from cash to electronic payments.

Notably, transactions via the Internet increased by 51.2% in volume and 37.17% in value, while those via mobile phones increased by 37.37% and 21.79% respectively. In particular, QR Code payments experienced explosive growth of 61.63% in volume and 150.67% in value, becoming the fastest-growing channel in the digital payment ecosystem.

The interbank electronic payment system also saw a steady increase of 4.56% in volume and 46.87% in value, indicating that transaction volumes between commercial banks continue to expand strongly.

Conversely, ATM transactions decreased by 16.77% in volume and 5.74% in value, confirming that the habit of withdrawing cash is clearly declining and being replaced by more convenient electronic payment methods.

Mobile Money extends coverage to remote areas.

By the end of September 2025, the total number of Mobile Money accounts reached over 10.89 million, of which approximately 7.5 million accounts belonged to users in rural, mountainous, island, and border areas, accounting for about 70% of the total registered and active accounts.

The total volume of transactions via Mobile Money reached over 290.4 million with a value of VND 8,511 billion, contributing to expanding financial inclusion and narrowing the digital divide between regions.

As of the end of September 2025, there were 53 payment service providers licensed by the State Bank of Vietnam, including 49 e-wallet providers, reflecting the strong and diverse development of the electronic payment service market.

Digital transformation in banking has achieved high coverage.

The State Bank of Vietnam stated that most basic banking services have now been digitized, with many banks achieving a 95% rate of transactions conducted through digital channels. The payment ecosystem is expanding, seamlessly connecting with services such as electricity, water, telecommunications, healthcare, education , e-commerce, tourism, and public administration.

People can make payments, shop, pay fees, and book services directly through their banking apps or e-wallets, saving time and costs while increasing the safety and transparency of transactions.

In addition, credit institutions are increasingly applying artificial intelligence (AI), machine learning, and big data in analyzing customer behavior, credit assessment, product personalization, and operational process automation.

Accelerate the implementation of Project 06 and electronic identification.

In implementing Decision No. 06/QD-TTg of the Prime Minister approving the Project on developing applications of population data, electronic identification and authentication to serve national digital transformation in the period 2022 - 2025, with a vision to 2030 (Project 06) on the development of population data and electronic identification applications, the banking sector has achieved many outstanding results.

As of October 10, 2025, more than 132.4 million individual customer records and 1.4 million organizational records have been verified biometrically via chip-embedded citizen identity cards or the VNeID application.

Currently, 57 banks and 39 payment intermediaries are implementing customer authentication via chip-embedded citizen ID cards, while 32 banks and 15 payment intermediaries are applying authentication via VNeID, of which 19 have officially launched.

In addition, 28 banks and 4 payment intermediaries have linked social security accounts with bank accounts through the VNeID application, facilitating people in receiving allowances, pensions, and other payments.

The above results show that digital transformation in Vietnamese banking is on the right track, playing a key role in the development of the digital economy and digital society.

Source: https://baotintuc.vn/kinh-te/thanh-toan-so-but-pha-giao-dich-qua-qr-code-tang-hon-150-20251029183441144.htm