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Over 77% of Vietnamese adults have payment accounts

Up to 77.41% of the adults in Vietnam have payment accounts at present, an increase from 31% during the 2015 - 2017 period, an official of the State Bank of Vietnam (SBV) cited a World Bank report as saying.
Over 77% of Vietnamese adults have payment accounts ảnh 1Internet, mobile, and QR code payments have grown rapidly in recent years. (Photo: Viettel Money)
Hanoi (VNA) – Up to 77.41% of the adults in Vietnam have payment accounts atpresent, an increase from 31% during the 2015 - 2017 period, an official of theState Bank of Vietnam (SBV) cited a World Bank report as saying.

Impressiveresults have been recorded in payment-related activities in the recent past, SBVDeputy Governor Pham Tien Dung told a conference in Hanoi on January 9, notingthat many banks have reported over 90% of transactions conducted digitally, in some cases even 98%.

Theclearing house system saw about 700 million transactions in 2019, a figure manydreamed about at that time, but they shot up 10-fold to hit 7 billion in 2023,he said.

All banks nowprovide mobile services, compared to just a few in 2017. Besides, whiletransactions were previously limited to the field of banking, users of bankingapps can book flight tickets or taxis, or pay power and water bills atpresent, showing a very high level of integration between the banking systemand other economic sectors, the official added.

PhamAnh Tuan, Director of the SBV’s Payment Department, said to help promotedigital transformation under directions of the Party, Government, and PrimeMinister, the bank has revised and issued regulations to facilitate non-cashpayment products and services to ensure convenience and transaction safety forclients.

Highlightingthe rapid growth of internet, mobile, and QR code payments, he said 85 paymentservice suppliers are providing internet payment services and 52 providingmobile ones.

The numbers of internet and mobilepayment transactions have increased 46.48% and 90.12% annually on average. Inparticular, QR code payments have surged by an annual average of 471.13% since2018, statistics show.

However, Tuan also pointed out thegrowing importance of payment security amid the rising numbers of clients andtransactions./.
VNA
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