Non-cash payment transactions increased by 63.3% in volume and 41.45% in value in January, compared to the same period last year, the State Bank of Vietnam (SBV) has announced.
Vietnam saw an impressive 8.5% increase in February, marking a significant boost in the country's economic outlook for the early months of 2024. (Photo: VNA)
Hanoi (VNA) – Non-cash payment transactions increased by 63.3% in volume and41.45% in value in January, compared to the same period last year, the StateBank of Vietnam (SBV) has announced.
Accordingto the central bank, internet banking transactions surged by 57.85% in volumeand 32.43% in value. Mobile banking transactions increased by 68.54% in volumeand 41.12% in value. Notably, QR code payments skyrocketed by 892.95% in volumeand 1,062.01% in value.
Meanwhile,the amount and value of point-of-sale (POS) transactions rose by 16.87% and13.65%, respectively. The figures for transactions via automated teller machines(ATM) went down by 15.14% and 18.76%, respectively.
Theseresults illustrate a clear trend towards transitioning from cash to cashlesspayments.
Towardsdigitalisation in banking operations, the SBV has encouraged credit institutionsto implement digital transformation and collaborate with various sectors todevelop and expand the digital ecosystem, which focuses on customer-centricproduct and service offerings with seamless and personalised transactionexperiences.
Manybasic banking services have been completely digitalised, including deposits, bank accounts opening and using, e-wallets, and moneytransfers. Many Vietnamese banks now have over 90% of their transactionsconducted via digital channels.
By the end of 2023, about 40 banks and foreign bank branches had opened 35 million accountsvia the eKYC (electronic Know Your Customer) process. The number of individualpayment accounts reached over 182.88 million last year, up 21.8% compared tothe same period in 2022, with indicators of non-cash payments growing well./.
Cashless payments are developing rapidly in Vietnam, especially after the COVID-19 pandemic, with transactions via banks averaging 40 billion USD per day, according to Pham Anh Tuan, Director of the State Bank of Vietnam (SBV)’s Payment Department.
With emerging technologies such as AI and blockchain, Việt Nam has the ability to leverage data connectivity to create ‘an integrated payment ecosystem’ to promote cashless payments, experts said at a meeting last Friday in HCM City.
The Ministry of Industry and Trade (MoIT) has set a target to increase the cashless payment ratio in e-commerce, especially e-payments through payment intermediaries or applications, to 50% by 2025.
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Vietnam saw an impressive 8.5% increase in February, marking a significant boost in the country's economic outlook for the early months of 2024. (Photo: VNA) 
