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Digital payments up in Vietnam in first two months

The State Bank of Vietnam (SBV) has reported a significant surge in non-cash payment transactions during the first two months of the year, indicating a notable shift in customer behaviour towards modern financial services. According to the latest data, the volume of cashless transactions increased by 50.1% year-on-year, with QR code transactions posting the strongest surge of 142% in quantity and 50% in value. Internet-based transactions saw an increase of 90.2% in volume and 10% in value, followed by mobile phone transactions with 60.3% and 13.9%, respectively. POS transactions increased by 36.7% in volume and 29.7% in value. SBV’s payment department attributes this progress to notable digital transformation activities in the banking industry, with 95% of credit institutions having adopted and implemented digital transformation strategies in their units.


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