Cashless payments soar as QR Code transactions skyrocket by 150 per cent

Cashless payments soar as QR Code transactions skyrocket by 150 per cent

QR Code payments lead growth with an increase by 61.6 per cent in volume and 150.7 per cent in value, underscoring the rapid shift toward fast and convenient digital payment methods.

A buyer paying for petrol via QR Code. The total number of non-cash payment transactions rose by 43.3 per cent year-on-year while the total value increased by 24.2 per cent. —  VNA/VNS Photo Trần Việt

Cashless payments in Việt Nam have surged sharply this year, with transactions via QR Code soaring by more than 150 per cent in value during the first nine months, according to a report from the State Bank of Vietnam (SBV).

The total number of non-cash payment transactions rose by 43.3 per cent year-on-year, while the total value increased by 24.2 per cent. Internet transactions climbed 51.2 per cent in volume and 37.2 per cent in value, while mobile payments expanded by 37.4 per cent and 21.8 per cent, respectively.

QR Code payments led the digital transformation, jumping 61.6 per cent in volume and 150.7 per cent in value, underscoring the growing preference for fast and convenient digital transactions.

In contrast, ATM transactions fell by 16.77 per cent in volume and 5.74 per cent in value, reflecting the decline in cash withdrawals.

By the end of September, more than 10.89 million mobile money accounts had been registered, 70 per cent of them from rural and remote areas. Transactions worth more than VNĐ8.5 trillion (US$336 million) were processed via these accounts.

Việt Nam currently has 53 licensed intermediary payment service providers, including 49 e-wallet operators.

The SBV said it encourages credit institutions to strengthen digital transformation and cooperation to develop and expand digital ecosystems.

Most basic banking services are now accessible online, with some banks reporting that up to 95 per cent of their transactions are conducted through digital channels.

Banks have also partnered with the Ministry of Public Security to enable authentication using chip-based ID cards and the VNeID app.

As of October 10, biometric data for more than 132.4 million individuals and 1.4 million organisational accounts had been verified.

Cybersecurity remains a top priority, accounting for more than 16 per cent of banks’ total technology spending, said Phạm Anh Tuấn, Director of the SBV’s Payment Department.

Banks have deployed AI and Big Data for fraud detection and transaction tracking, flagging over 440,000 suspicious transactions and preventing estimated losses of around VNĐ1.6 trillion. 

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