Cashless Payments in Vietnam Grow by More Than 50%
Jayson 15 May 2024 12:19
According to the State Bank of Vietnam, the total value of cashless transactions in 2023 will be 23 times GDP. It is reported that Vietnam's GDP last year was US$430 billion, and the value of cashless payments was estimated at US$9.89 trillion.
Central bank data also suggests Vietnamese are gradually moving away from cash. The report said that last year, the interbank electronic payment system processed 20-25 million cashless transactions every day.
About 87% of adults have at least one bank account, already above the 2025 target of 80%. The central bank said cashless payments grew by more than 50% last year. Transactions via mobile phone have doubled and transactions via the website have increased by 50%.
More than 49% of the population makes non-cash payments. A survey released in March by payments company Visa found that 56% of Vietnamese carried less cash last year than in 2022.
Central bank data also suggests Vietnamese are gradually moving away from cash. The report said that last year, the interbank electronic payment system processed 20-25 million cashless transactions every day.
About 87% of adults have at least one bank account, already above the 2025 target of 80%. The central bank said cashless payments grew by more than 50% last year. Transactions via mobile phone have doubled and transactions via the website have increased by 50%.
More than 49% of the population makes non-cash payments. A survey released in March by payments company Visa found that 56% of Vietnamese carried less cash last year than in 2022.
