Cashless payments the way of the future for Vietnam

The cashless payment system is prevalent worldwide. Going cashless has a lot of benefits for Vietnam, improving transaction safety and making it easier for the State to track transactions and facilitate tax collection.

According to this supermarket, the percentage of customers using non-cash payments has increased by 50 percent in the first 6 months of the year.

Recently, the Hanoi Department of Industry and Trade held a cashless payment event with a view to helping fuel e-commerce, technology application and digital transformation.

According to a survey of service providers, 65% of Vietnamese consumers carry less cash in their wallets. Some 32% said they would stop using cash after the pandemic and 76% of consumers are currently using e-wallets. Therefore, suppliers are working hard to improve the quality, convenience and safety of cashless payment methods.

Cashless payment is present in all sectors. Cashless payment benefits all parties involved including the State, businesses and people. Therefore, in the future, cashless payment is expected to dominate not only in large retail distribution systems, commercial centers but in small grocery stores and traditional markets./.