Business

Electronic payment continues to flourish in Vietnam

The trend of electronic and non-cash payments in the Vietnamese economy in 2023 continued to record growth of 52.35% in volume over the same period last year.
Electronic payment continues to flourish in Vietnam ảnh 1A customer pays for coffee via QR code in Hanoi. (Photo: VNA)
Hanoi (VNS/VNA) - The trend of electronic and non-cashpayments in the Vietnamese economy in 2023 continued to record growth of 52.35%in volume over the same period last year.

Data released late last week by the State Bank of Vietnam(SBV) showed payment transactions via QR code are increasingly popular in Vietnamwhile ATM transactions are decreasing in both quantity and value.

Accordingly, transactions via Internet channels in the firstfive months of 2023 increased by 75.54% in quantity and 1.77% in value and therise for transactions via mobile channels rose by 64.26% in quantity and 7.65%in value. Notably, transactions via QR code surged by 151.14% and 30.41% involume and value, while transactions via POS also increased by 30.35% and 27.27%in volume and value, respectively.

Meanwhile, transactions made via ATM in the period decreasedby 4.62% in quantity and 6.43% in value, reflecting the trend of shifting toelectronic and non-cash payments.

To promote the trend of electronic and non-cash payment, theSBV has continued to streamline the legal framework for payment activities andbank digital transformation. At commercial banks, investment activities fordigital transformation and digital payment have been also increasingly promotedwith updated applications of new versions.

According to the SBV, some commercial banks have so farprovided loans electronically and approved online lending documents.

Pham Anh Tuan, Director of the SBV’s Payment Department,said the SBV had completed the amendment of Circular 39, which supplementsregulations on lending activities through the use of electronic means, which willbe issued in the near future.

Though appearing many years ago, payments by QR code havebecome more popular recently in Vietnam, penetrating businesses around thecountry - seemingly all at once.

This change is partly the result of the Government’s effortsto promote digital transformation and cashless payments over the past few yearsand partly due to changes in consumers’ shopping habits.

QR payments are receiving the support of the whole ofsociety. Banks and fintech organisations are actively participating in marketexpansion and increasing payment acceptance points. Most customers using theservice are modern users who are more adaptable and easily accept new things./.  
VNA
#non-cash payments #Vietnamese economy #State Bank of Vietnam #ATM #Vietnam #VietnamPlus #Vietnam news
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