Vietnam QR code payments skyrocket in Jan

Cashless payments in Vietnam are continuing to rise, with payments via QR codes in January soaring 892.95% in volume and 1,062% in value year-on-year, according the State Bank of Vietnam (SBV).

In the first month of the year, non-cash payment transactions increased by 63.3% in volume and 41.45% in value compared to the same period last year. Of which, internet banking transactions surged by 57.85% in volume and 32.43% in value, while the respective figures for mobile banking transactions were 68.54% and 41.12%.

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

Also in January, transactions expanded by 6.02% in quantity and 54.42% in value via the interbank electronic payment system; 51.0% and 34.96% through the switching and clearing system.

By the end of January, the market had 20,986 ATMs, down 1.7% compared to the same period in 2023. There were 554,580 POS machines, an increase of 32.68% year-on-year.

The SBV said many basic banking services have been completely digitalized, including deposits, new bank accounts, e-wallets, and money transfers. Digital channels now account for over 90% of transactions at many Vietnamese banks.

By the end of 2023, about 35 million accounts had been opened at 40 banks and foreign bank branches via the eKYC (electronic Know Your Customer) method. The number of individual payment accounts reached over 182.88 million last year, up 21.8% compared to the same period in 2022.

The central bank said that it will continue to complete a legal framework, mechanisms and policies on non-cash payments and digital transformation, focusing on completing and submitting for promulgation a new decree on cashless payments and digital transformation, and another on controlled testing of technology in the banking sector.

It will continue to step up cashless payments for public services, especially in the fields of health, education and social benefit payments; enhance the security, safety and confidentiality of payment and banking activities; coordinate with competent forces in handling high-tech crimes; protect the legitimate rights and interests of customers; and promote communication and education to improve public knowledge and skills about using financial and banking products and services.