87% of Vietnamese adults own individual payment accounts

Vietnam had more than 182 million individual payment accounts by the end of 2023, with 87.08% of adults owning at least one, according to the State Bank of Vietnam (SBV).

There were more than 147 million bank cards in circulation and 32.77 million active e-wallets in the country, Le Anh Dung, deputy director of the SBV's Payment Department, told a press meet on Tuesday prior to Cashless Day 2024 (June 16).

These figures show the popularization of banking services and the success in creating and developing a digital ecosystem, he noted.

The average number of payment transactions via internet and mobile channels in the 2021-2023 period grew 52% and 103.3% annually, respectively; while the number and value of payments via QR codes skyrocketed over 170%.

In the first four months of 2024, non-cash payments posted solid growth year-on-year. For example, cashless transactions increased by 57.11% in number and 39.49% in value, with those via the internet rose 47.48% and 30.20%, and via mobile channels 59.26% and 35.91%, respectively.

Transactions via ATMs fell 14.15% in number and 7.84% in value compared to the same period in 2023, reflecting the trend of shifting from cash payments to non-cash payments, Dung highlighted.

By the end of 2023, about 40 banks and foreign bank branches had opened 35 million accounts via the eKYC (electronic Know Your Customer) method, he noted.

According to Dung, the SBV has coordinated with the Ministry of Public Security to organize inspections on information system security and activities of opening and using payment accounts at many credit institutions and payment intermediaries.

The central bank has also regularly directed units in the banking industry to promote communications work to raise awareness of information security and prevention of fraud among banking officials and customers.

The banking industry is also actively coordinating with the Ministry of Public Security to implement Project 06 on using residential data for data cleaning, verifying customer information through chip-based citizen identification cards and VneID accounts, and supporting the provision of banking products and services, he added.

In addition to boosting people's non-cash habits through public services such as paying taxes, fees, electricity and water bills, Cashless Day 2024 aims to promote the government’s non-cash payment project and stimulate consumer demand through non-cash transactions.

It will also highlight the safety and security of users' personal accounts, how to protect transactions and accounts with technology solutions, and raise public awareness of safety measures.