Payments become more cashless in Viet Nam

About 56 percent of Vietnamese respondents in a survey said they are now carrying less physical cash than they did a year ago, according to Visa.

That choice signals a progressive mindset towards embracing new financial technologies, said the global leader in digital payments.

Young consumers are playing a pioneering role in the shift towards cashless payment, with 89 percent of the surveyed having successfully adopted cashless methods.

In January 2024, non-cash transactions grew by 63.3 percent in volume and 41.45 percent in value as compared to the same time last year.

Meanwhile, transactions through internet rose 57.85 percent in volume and 32.43 percent in value, and through QR codes shot up 892.95 percent in volume and over 1,062 percent in value.

Real-time payments (RTPs) have gained significant momentum in Viet Nam, an illustration for the nation’s embrace of cutting-edge financial technologies.

The RTPs offer unparalleled convenience and efficiency, driving further digitization of the economy.

In Viet Nam, RTPs are growing in popularity, with at least two in five consumers having used them.

Application of the RTPs has been diversified, comprising cross-border transactions, peer-to-peer transfers, merchant/retailer payments, and bill payments.

Furthermore, buy now pay later (BNPL) is a popular service availed by Vietnamese consumers, offering flexible payment options and driving consumer engagement. Visa's strategic partnerships with leading Vietnamese retailers for Visa Instalment Solutions demonstrate the transformative impact of such solutions in fostering financial inclusion and driving business growth.

Statistics from the State Bank of Viet Nam (SBV) showed that non-cash payment and digital banking activities have shown positive results.

As of the end of 2023, the number of individual payment accounts reached more than 182.88 million, up 21.8 percent against the same period last year./.