Business

Cashless payments account for over 70 percent of retail transactions in 2021

The COVID-19 pandemic, with its complicated developments, has given a boost to e-commerce, with non-cash payments accounting for 70 percent of total retail transactions in Vietnam last year.
Cashless payments account for over 70 percent of retail transactions in 2021 ảnh 1Payment using QR Code (Photo: tapchitaichinh.vn)
Hanoi (VNA) - The COVID-19 pandemic, with its complicateddevelopments, has given a boost to e-commerce, with non-cash paymentsaccounting for 70 percent of total retail transactions in Vietnam last year.

According to a survey of 15,000 retailers by tech firm Sapo, cashless payments in2021 made up 72.8 percent of total transactions, up 9 percent year-on-year.

Payments through bank accounts became the most popularmethod, accounting for 36.5 percent of total transactions at retail shops,restaurants and cafés followed by cash (29.8 percent), e-wallets (14.8percent), QR code (9.9 percent), bank cards (8.5 percent) and payment gateways(0.5 percent).

Notably, 89.3 percent of retailers have positive assessmentson non-cash payments, considering them a trend at present and in future.

New cashless payment tools are expected to be launched inthe time to come to reduce difficulties currently facing some retailers./.
VNA
#COVID-19 #e-commerce #non-cash payments #Sapo #cashless payments #Vietnam #Vietnamplus #Vietnam News Agency
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