Cashless payments further on the rise
Cashless payments further on the rise
Vietnam will witness a boom in QR payment trends, blockchain, and AI security as related platforms continue to maintain their growth momentum.
A report for 2024 released by the Payoo payment platform last month highlighted points about cashless payment activities, from the growth rate to popular payment methods.
Cashless payments further on the rise |
QR payments lead the way among modern payment methods, with an impressive growth rate of 8-10 per cent each month. According to the report, the transaction value via QR in 2024 not only increased by 20 per cent compared to 2023 but has also been recognised as a reliable method, ranging from small transactions at convenience stores and coffee shops to large-value transactions such as purchasing electronics, furniture, and financial investments.
Near-field communication (NFC) technology is also vibrant with a steady growth rate of 6 per cent per month, while traditional payment methods such as swipe or chip insert are decreasing by 2-3 per cent. Apple Pay is becoming a leading trend in contactless payment with a growth rate of 15 per cent per month, according to the Payoo report.
“In 2024, we have witnessed a strong shift in consumer payment behaviour. Surpassing other payment methods, QR payments, and NFC technology payments have become the pioneers in the digital transformation journey of the economy,” said Ngo Trung Linh, CEO of VietUnion, developer of the Payoo payment platform.
According to the e-Conomy 2024 report by Google, Temasek, and Bain & Company for Southeast Asia, Vietnam’s digital payments have recorded an impressive gross transaction value, increasing from $126 billion in 2023 to $149 billion in 2024.
Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s Ho Chi Minh City branch, stated that the trend of cashless payments has been creating consumer spending habits in supermarkets, shopping centres, and major tourist spots. “In particular, the Co.opMart supermarket system in Ho Chi Minh City recorded the number of cashless payments during the Lunar New Year accounting for 30 per cent of the supermarket’s total payment turnover,” Lenh said.
The government and local authorities continue to encourage cashless payments in public services such as school fees, medical bills, and administrative fees. Many localities like Danang, Haiphong, and Nghe An have seen a monthly cashless payment growth rate of over 7 per cent, thanks to the support of modern payment solutions.
“Electronic payment methods were initially adopted by young people because this group of customers is proficient in using technology. But they have become easier for all consumers due to simple operations, and retail outlets that accept cashless payments only need to be approved by credit institutions to place QR codes without having to invest in or pay for point of sale machines like before,” he added.
According to the National Payment Corporation of Vietnam (NAPAS), cross-border payments will be one of the most important highlights of 2025. After successfully implementing a QR payment connection between Vietnam and Thailand, and conducting a pilot programme in Laos in 2024, NAPAS plans to expand to major countries such as China, Japan, and South Korea.
Meanwhile, services such as VietQRPay and VietQRGlobal will also become strategic tools to help Vietnamese businesses expand their activities to international markets.
The State Bank of Vietnam notes that non-cash payments in Vietnam reached over 17 billion transactions in 2024. The average annual growth rate of mobile and QR code payments in the past five years has consistently exceeded 100 per cent. Every day, the interbank payment system processes an average of $32.8 billion, with 95 per cent of transactions being processed through digital channels.
The NAPAS system processed 9.56 billion transactions in 2024, showing an increase of around 30 per cent in the number of transactions and 14.4 per cent in transaction value compared to 2023.
