QR code payments in Vietnam surge 172% in 2023
QR code payments in Vietnam recorded a significant growth of 172% last year amid skyrocketing expansion in cashless payment transactions, according to the Vietnam Bank Card Association (VBCA).
The number of cashless payment transactions reached 11 billion in 2023, up 50% from the previous year. Of this, mobile payments accounted for the largest share, with 7 billion transactions.
Total value of cashless transactions hit VND200,000 trillion ($8.12 trillion), with internet and mobile payments making up 50%.

Users can withdraw cash from ATMs using chip-embedded ID cards. Photo courtesy of the government's news portal.
The VBCA noted significant progress in card activities in Vietnam, facilitated by over 87% of adults having bank accounts, with 180 million accounts and 138 million bank cards.
The number of card acceptance points reached 1.8 million, while the network of units accepting QR code payments expanding rapidly.
Notably, since the Covid-19 pandemic, cashless and contactless payments have gained significant dominance and become increasingly popular.
From 2021 to June 2024, 138 million cards were issued, a 14% increase from 2021. Domestic debit cards accounted for the largest share at 65%, followed by international debit cards 25% and international credit cards 8%.
Total card spending hit VND3,800 trillion ($154.3 billion) in 2023, up VND700 trillion compared to 2021. In the first half of 2024, the figure was VND2,000 trillion ($81.22 billion). The proportion of spending via cards increased from 23% in 2021 to 39% in 2023.
Notably, the average annual growth rate of card spending was 33%, significantly higher than the 5% growth rate of the number of cards in circulation, indicating an improvement in card quality.
In terms of card payment activity, the total card acceptance volume (including both payments and cash withdrawal) averaged VND3,500 trillion ($142.13 billion) per year, of which VND1,800 trillion was recorded in the first half. The average annual growth rate of card payment transactions hit 32%.
The proportion of card payment volume out of the total card acceptance figure increased from 26% in 2023 to 34% at present. The amount at points of sale (POS) represented the largest share at 69%.
The number of card acceptance units has grown significantly over the years, currently reaching 1.8 million. Notably, units accepting QR codes make up the largest proportion, exceeding 1 million, which is an 8.2-fold increase compared to 2021. The number of POS and mPOS terminals has doubled since 2021.
The VBCA emphasizes that banks are focusing on customer-centered approaches in developing new card products and services. They are continually enhancing customer experiences and diversifying offerings to cater to various segments, from young consumers to high-end clientele.
The rise of non-physical cards and advanced technologies like eKYC, biometric authentication, and mobile payments represents a significant step forward in Vietnam's card operations, delivering numerous benefits and added value to consumers and society as a whole.
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