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Cashless payments are developing in Vietnam, Average payments via banks reach 40 billion USD a day

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.



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