Cashless payments surge by over 63%

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.

According to the central bank, internet banking transactions surged by 57.85% in volume and 32.43% in value. Mobile banking transactions increased by 68.54% in volume and 41.12% in value. Notably, QR code payments skyrocketed by 892.95% in volume and 1,062.01% in value.

Meanwhile, the amount and value of point-of-sale (POS) transactions rose by 16.87% and 13.65%, respectively. The figures for transactions via automated teller machines (ATM) went down by 15.14% and 18.76%, respectively.

These results illustrate a clear trend towards transitioning from cash to cashless payments.

Towards digitalisation in banking operations, the SBV has encouraged credit institutions to implement digital transformation and collaborate with various sectors to develop and expand the digital ecosystem, which focuses on customer-centric product and service offerings with seamless and personalised transaction experiences.

Many basic banking services have been completely digitalised, including deposits, bank accounts opening and using, e-wallets, and money transfers. Many Vietnamese banks now have over 90% of their transactions conducted via digital channels.

By the end of 2023, about 40 banks and foreign bank branches had opened 35 million accounts via the eKYC (electronic Know Your Customer) process. The number of individual payment accounts reached over 182.88 million last year, up 21.8% compared to the same period in 2022, with indicators of non-cash payments growing well.