Young people are the key factor in the journey towards digital transformation and non-cash payment trends in Vietnam, according to Mr. Nguyen Ba Diep, Co-founder of MoMo.

There are currently some 2.5 million users paying through MoMo for more than 90 per cent of public administration services on the National Public Service Portal.

Vietnam has some 4,260 schools nationwide, of which most in Ho Chi Minh City now accept tuition payments via MoMo. Similarly, 148 hospitals and clinics nationwide, including major hospitals in Ho Chi Minh City, accept such payments.

About 51.3 per cent of customers aged 18-27 years old have chosen MoMo as the payment method on the National Public Service Portal, and 45.8 per cent of customers in this age group use MoMo to pay these services.

Compared to 2022, payments on the National Public Service Portal in 2023 using MoMo will increase 155 per cent for fees and charges and 315 per cent for traffic fines.

Based on this data, Mr. Diep emphasized the role of young people in implementing the policy of promoting national digital transformation. They have become the core force in implementing digital transformation effectively, through changing habits and spreading new government messages, thereby leading society towards new trends.

“I believe that in the process of digital transformation, especially public services, young people are the key user group and the pillar in developing this field based on three factors,” he said. “Young people have the ability to absorb technological information quickly. They often use online services, and young people tend to share information on social networking platforms and suggest their relatives use them. Therefore, if we focus on customers aged 18-27, the digital transformation process in all fields will progress faster.”

MoMo is the leading payment channel on the National Public Service Portal, accounting for 47 per cent of total transactions, according to data for the third quarter of 2023.

Ho Chi Minh City leads in promoting non-cash payments for public services, with a rate of up to 45.4 per cent in public administration and 39.86 per cent in public services.

At the “Promoting public services and non-cash payments” workshop in the southern city on October 17, Deputy Governor of the State Bank of Vietnam (SBV) Pham Tien Dung said data and data analysis, exploitation, and connection are decisive factors in the process of promoting non-cash payments and digital transformation activities. “In the digital age, data can be used to understand customer consumption behavior, helping banks, financial institutions, and businesses identify new opportunities, make better decisions, and improve operational efficiency,” he added.

Mr. Dung also affirmed that in implementing the national digital transformation program to 2025 and orientation to 2030, and Project No. 06, the Prime Minister chose 2023 as the year of national digital data, with the goal of creating and exploiting digital data to create new value.

“That is why the SBV has undertaken the task of synchronizing and standardizing technical infrastructure in order to facilitate seamless connections between the banking industry and other sectors, especially public administration, healthcare, and education sectors, to create a digital ecosystem and provide multi-utility services to customers,” he said.