QR and mobile payments on the rise, ATM usage declines

QR and mobile payments on the rise, ATM usage declines

The SBV noted that, with the current growth momentum and the expansion of cross-border QR payments across multiple countries, cashless payments would continue to be a key driver of Việt Nam’s digital economy and financial inclusion.

A consumer making a payment via QR code at a supermarket. — Photo enternews.vn

Cashless payments have recorded impressive growth from the beginning of this year, with many transaction channels increasing by over 30 per cent, showing a clear shift in consumer payment behaviour, according to data recently released by the State Bank of Vietnam (SBV).

The SBV's figures show that cashless transactions increased by over 40.7 per cent in volume and 13.4 per cent in value in the first two months of 2026, compared to the same period last year.

Several payment channels saw strong growth. Internet payments rose by 73.1 per cent in volume and 28.1 per cent in value; mobile phone payments increased by 34.4 per cent in volume and 10.5 per cent in value; and QR code transactions grew by 20.2 per cent in volume and 12.6 per cent in value.

Meanwhile, transactions conducted via the interbank electronic payment system increased by 9.5 per cent in volume and 69.1 per cent in value, and those done via financial switching and electronic clearing systems rose by 43.7 per cent in volume and 11.7 per cent in value.

Electronic payments in the public sector have also been promoted. Currently, 100 per cent of higher education institutions in urban areas accept tuition payments via banks.

About 82 per cent of pensioners and recipients of social insurance and unemployment benefits in urban areas receive payments through cashless methods.

In rural areas, Mobile Money services continue to prove effective, with nearly 11.2 million Mobile Money accounts by the end of last year. 

Of these, around 7.6 million or approximately 68 per cent belonged to rural, mountainous, remote and underserved areas. 

The total number of transactions exceeded 326.7 million, with a total value of around VNĐ9.3 trillion (US$351.7 million).

A decline in the use of cash is becoming increasingly evident, as ATM transactions decreased by 6.4 per cent in volume, although their value increased by just over 3 per cent. 

By the end of February, there were 20,772 ATMs nationwide, down 2.7 per cent, and 761,793 POS terminals, up nearly 1.4 per cent.

The SBV noted that with current growth momentum and the expansion of cross-border QR payments between multiple countries, cashless payments are expected to continue as a key driver of Việt Nam’s digital economy and financial inclusion. 

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