Digital payments surge in first two months of 2022

Hanoi (VNS/VNA) - Non-cash payment transactions witnessed a significant surge in the first two months of this year, indicating a notable shift in customers’ behaviour towards modern financial services.

Latest data of the State Bank of Vietnam (SBV) showed the volume of cashless transactions increased by 50.1% year-on-year, with QR code transactions posting the strongest surge of 142% in quantity and 50% in value.

Internet-based transactions saw an increase of 90.2% in volume and 10% in value, followed by mobile phone transactions with 60.3% and 13.9%, respectively. POS transactions increased by 36.7% in volume and 29.7% in value.

According to the SBV’s Payment Department, there has been notable progress in digital transformation activities in the banking industry when 95% of credit institutions have adopted and implemented digital transformation strategies in their units. Many of the top credit institutions that have embraced digital transformation have already achieved 90% of customer transactions on digital channels.

For example, VPBank's digital app streamlines banking activities from depositing money, making payments, opening credit cards and borrowing funds online. Sacombank offers "Tap to phone" for contactless payments and TPBank introduces personalised payment features like "Facepay."

These positive outcomes in digital transformation activities within the banking industry show that there is a clear shift towards a more digital future.

Last year, digital payment reported an 85.6% increase in volume and a 31.4% increase in value compared to 2021./.