Cashless payments are developing in Vietnam, Average payments via banks reach 40 billion USD a day
- Jun 26, 2023
- 1 min read
Cashless payments are developing rapidly in Vietnam, especially after the COVID-19 pandemic, with transactions via banks averaging 40 billion USD per day, said the State Bank of Vietnam.
The central bank has set a goal of making cashless payments account for half of all transactions by 2025.
A more comprehensive, accessible, and secure payment infrastructure will be set up across the nation, making digital payment a preferred mode of transaction for all.
The central bank is also drafting a new decree to create a legal framework to promote non-cash payments.
According to an SBV report, more than 75% of adults across the country currently have a bank account.
Interbank electronic payment transactions increased by about 53% year-on-year in terms of volume in the first four months.
Payment via QR code had the most impressive growth with an increase of more than 160% in quantity and 36% in value.
Cash withdrawals at ATMs, meanwhile, continued to decline, down by 3.5% in quantity and 5.5% in value.
(VNA)
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