Cashless payments flourish in first nine months of 2021

Hanoi (VNA) – Cashless payments continued to grow fast in the first nine months of 2021 to top 36.28 quadrillion VND (1.6 billion USD), according to a recent report by the Government.

During the period, 435.25 million transactions worth 22.78 quadrillion VND were made via the internet, up 54.1 percent in volume and 30.7 percent in value. More than 1.19 billion others worth over 13.5 quadrillion VND were conducted via mobile phone, surging 74.98 percent in volume and 93.69 percent in value.

The Government said cashless payments for public services have improved considerably in terms of both quantity and quality.

Businesses nationwide have made more than 90 percent of their tax payments via bank transfer. A large number of people have also used this method to pay power bills and medical examination and treatment fees or receive pensions and allowances.

However, payment frauds have also become increasingly complicated across the country, the report pointed out.

Speaking at a discussion last week, Dao Minh Tuan, head of the card division of the Vietnam Banks Association, said though credit institutions have continually updated security technology, payment scams remains sophisticated.

Representatives of banks held that coordination among relevant parties is needed to ensure payment security and safety./.