The room for cashless payments in Vietnam is huge.
More than 60% of Vietnamese adults, equivalent to 34 million people – have a bank account, according to the latest report for the first six months of 2022.
Pham Huong Giang, Napas’ Head of Business Development speaks at the seminar. Photo: Napas |
The information was released by the National Payment Corporation of Vietnam (Napas) at a kick-off ceremony for the 2022 Cashless Day event on July 21 in Hanoi.
The figure was also the State Bank of Vietnam (SBV)'s target in 2022, according to which the country will have 65-70% of the people in the age group of 15 and above have bank accounts this year. The SBV also mapped out the plan for digital transformation in the banking sector.
Speaking at the event, which includes a seminar on policies and solutions to promote cashless payment, Pham Huong Giang, Napas’ Head of Business Development said in the first six months of this year, total transactions through Napas’ system increased 94% in volume and 114.6% in value compared to the same period of 2021.
The number of transactions via the inter-bank e-system, chip-embedded card payment, payment through the internet, mobile payment, QR code payment, as well as activated e-wallets have grown significantly, according to Napas.
As of 2021, Vietnam had 120 million bank cards, including 1.3 million new cards issued using Electronic Know Your Customer (eKYC). The number of users of Mobile Money, Vietnam’s direct carrier billing service, reached more than one million, of which, 60% are in rural, remote, and isolated areas. Besides, there were 40 licensed payment intermediaries and 20 active e-wallet accounts.
The room for the development of cashless payments in Vietnam is huge, Giang added.
The 2022 Cashless Day was the third-year program has been organized by the Hanoi Department of Industry and Trade in collaboration with local businesses and organizations. It aimed to promote non-cash payment as well as stimulate consumer demand.
The Hanoi Department of Industry and Trade hoped that the series of events will attract a large number of people and foster cashless payment when trading and shopping, giving businesses more incentive to turn to e-commerce.
Other News
- Vietnam's non-cash payments reach US$9.8 trillion, 23 times GDP
- PM urges Central bank to ensure positive growth in 2024
- Vietnamese Gov't to continue VAT cut for second half of 2024
- 3,400 taels of gold purchased at the first-in-11-year auction
- HoSE to launch KRX-developed transaction system in early May
- Central bank moves gold auction to tomorrow
- Vietnam’s c.bank sells USD to stabilize exchange rate
- Central bank to auction gold to calm domestic market
- Vietnam's Central Bank ready to steady foreign exchange market
- Finance ministry clears bottlenecks to pave way for stock market upgrade
Trending
-
Exhibition on Thang Long Imperial Citadel underway in Beijing
-
Hanoi Times Podcast - May 18
-
Pristine white lotus enchants flower lovers in Hanoi
-
Vietnam's central bank to inspect gold trading practices
-
Hanoi's 70th liberation anniversary literary and art contest launched
-
Japanese duo of illusionists to wow audiences in Vietnam
-
Walking tour to experience public arts in the heart of Hanoi
-
Propaganda poster contests launched for Hanoi’s 70th liberation anniversary
-
Bas-reliefs on Hue's nine dynastic urns listed as UNESCO heritage