Tag: cashless payment

As of 2024, Vietnam recorded over 204.5 million bank accounts held by individual customers and 154.1 million bank cards in circulation.

The month-long campaign expected to increase cashless transaction in the city in June by 20%.

Non-cash transactions up 89% in quantity and 32% in value in two years since master plan was adopted.

In the domestic chip card ecosystem are important markets that have a small rate of cashless payments, such as public transport. The use of cashless payments in these markets face many difficulties, with connectivity between sectors lacking.

Pandemic gives a vital boost to promoting digital payments around Vietnam.

MB Bank and international payment provider UnionPay will issue the first UnionPay international non-physical debit card in Vietnam, allowing users to pay for goods and services via QR Codes or non-contact payments.

According to a scheme to develop cashless payments in Vietnam in the 2021-2025 period, total value could reach 25 times GDP by 2025, with those in e-commerce to account for half. The government will complete the legal corridor and policies and upgrade infrastructure to reach the goal.

Social distancing was a boon for online purchasing, with customers increasingly turning towards cashless payments. This is an opportunity for banks to break through in digitalization during the “new normal”.