The banking sector hopes that by 2025, the volume of mobile payment transactions will grow by 50 - 80 percent while transaction value will surge 80 - 100 percent annually.
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on September 14 announced a project to link their respective fast payment systems to facilitate cross-border money transfer with low cost.
The rate of users pay with their phones in Vietnam is estimated at 29.1 percent, the third-highest in the world, according to Statista Digital Market Outlook.
Non-cash payments continue to boom in Vietnam this year as the country has seen a surge in banking transactions and mobile payments in the first four months of the year, according to an official from the State Bank of Vietnam (SBV).
The State Bank of Vietnam is working to complete the legal corridor and build rational mechanisms to boost cashless payments, which helps prevent corruption, money laundering, and tax invasion.
The State Bank of Vietnam (SBV) is working to complete the legal corridor and build rational mechanisms to boost cashless payments, which helps prevent corruption, money laundering, and tax invasion.
The growth of the number of people making mobile payments in stores in Vietnam is at the fastest, according to the Global Consumer Insights Survey 2019 by PwC.
Thailand has emerged as the second-fastest growth for mobile payments in Southeast Asia behind Vietnam, which is the global leader, according to the Global Consumer Insights Survey 2019.
Visa Vietnam said last month that its mVisa, a quick response (QR) code-based payment service, will soon be expanded to merchants and consumers in 10 countries, including Vietnam.
Foreign tech giants are set to jump into the mobile payments market on both the paying and receiving sides of the transaction, thus posing a threat to local commercial banks payment market share.
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