As of 2024, Vietnam had recorded over 204.5 million bank accounts held by individual customers and 154.1 million bank cards in circulation. Nearly 87% of Vietnamese adults now have bank accounts.

The PM called for completing legal and policy frameworks to build a robust digital banking ecosystem, with a focus on electronic payments, end-to-end online public services, and digital access for all, particularly those in remote and disadvantaged areas.

It is an urgent need to strengthen security for online transactions amidst burgeoning cashless payments, an official from the central bank has said, referring to biometric authentication to be mandatory from July 1.

Non-cash payment transactions increased by 63.3% in volume and over 41% in value in January, compared to the same period last year.

Non-cash payment transactions increased by 63.3% in volume and 41.45% in value in January, compared to the same period last year, the State Bank of Vietnam (SBV) has announced.

The Ho Chi Minh City People’s Committee on October 17 opened the municipal Digital Transformation Week 2023 in response to the National Digital Transformation Day 2023 (October 10).

With emerging technologies such as AI and blockchain, Việt Nam has the ability to leverage data connectivity to create ‘an integrated payment ecosystem’ to promote cashless payments, experts said at a meeting last Friday in HCM City.

Cashless payments are developing rapidly in Vietnam, especially after the COVID-19 pandemic, with transactions via banks averaging 40 billion USD per day, according to Pham Anh Tuan, Director of the State Bank of Vietnam (SBV)’s Payment Department.

Measures to expand the use of cashless payments in rural and far-flung areas were discussed at a seminar hosted by the Government News on December 13.

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

Ha Long city is hoping for an average annual growth rate of 20 - 25 percent in the number and value of cashless payments by 2025.

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.

Cashless payments have become a norm in many countries in recent years, bringing great benefits to individuals in the payment process.

The COVID-19 pandemic, with its complicated developments, has given a boost to e-commerce, with non-cash payments accounting for 70 percent of total retail transactions in Vietnam last year.

With a few clicks on an e-wallet platform installed on her mobile phone, Do Nhu Hoa, a 38-year-old office worker in Hanoi, can easily pay for her electricity and water bills.

Cashless payments continued to grow fast in the first nine months of 2021 to top 36.28 quadrillion VND (1.6 billion USD), according to a recent report by the Government.

The prolonged COVID-19 pandemic has unexpectedly created "golden" conditions for the financial industry to accelerate digital transformation and shift to cashless payments.

Three mobile network operators - Viettel, VNPT and MobiFone - have applied for the implementation of their own Mobile Money pilot projects.

The National Bank of Cambodia (NBC) has urged customers and retailers to use e-wallets and apps to help prevent the spread of COVID-19.

The COVID-19 pandemic in the last half of 2020 saw Vietnamese people download and use more phone applications than in 2019, according to the Mobile Application 2021 report from Appota Group.