Average payments via banks reach 40 billion USD a day: insider

Average payments via banks reach 40 billion USD a day (Photo: VNA)

Hanoi (VNA) – Cashless payments are developing rapidly in Vietnam, especially after the COVID-19 pandemic, with transactions via banks averaging 40 billion USD per day, according to Pham Anh Tuan, Director of the State Bank of Vietnam (SBV)’s Payment Department.

Speaking at a recent seminar held as part of Cashless Day 2023, Tuan said that the central bank has set a goal of making cashless payments account for half of all transactions by 2025.

It will prioritise the establishment of a more comprehensive, accessible, and secure payment infrastructure across the country to make digital payment a preferred mode of transactions for all.

The central bank is also drafting a new decree to create a legal framework to promote non-cash payments, he added.

Illustrative image (Photo: VGP)

According to an SBV report, more than 75% of adults across the country currently have a bank account.

Interbank electronic payment transactions increased by 52.8% year-on-year in terms of volume in the first four months, it said.

Payment via QR code had the most impressive growth with an increase of more than 161% in quantity and 36% in value.

Cash withdrawals at ATMs continued to decline, falling by 3.5% in quantity and 5.5% in value./.

VNA