Non-cash payment transactions in the first 11 months of 2024 increased by 56.8% in volume and 33.7% in value year-on-year, according to the State Bank of Vietnam (SBV).
Transactions via internet banking grew by 50.7% in volume and 33% in value, while mobile banking saw an impressive 54.5% rise in volume and 34.3% in value.
Notably, QR code payments experienced the most dramatic growth, surging 106.7% in volume and 84.8% in value.
Transactions through the interbank electronic payment system rose by 6.8% in volume and 33.1% in value.
Statistics from Payoo indicate that QR code payments are expanding beyond convenience stores and restaurants into areas including electronics, furniture, jewellery and even financial investments.
The average transaction value of QR payments increased by 20% compared to 2023, according to Payoo.
These figures illustrate a strong trend of shifting from cash to cashless payment methods, with QR code payments leading the way thanks to their convenience, speed, user control and secure information handling.
In 2024, the legal framework, mechanisms and policies for cashless payment and digital banking activities continued to be supplemented and refined, ensuring consistency and favourable conditions for cashless payment development. This also spurred digital banking operations and the application of new technologies.
Additionally, the banking sector intensified financial education and communication efforts to enhance public knowledge and skills for accessing and using banking services in the digital environment. These efforts contributed to the sustained positive outcomes of cashless payment activities and the banking sector's digital transformation.
The SBV also collaborated with central banks from several ASEAN countries, including Thailand, Cambodia and Laos, to pilot bilateral payment connections via QR codes, promoting cross-border retail payments between Vietnam and these nations.
Looking ahead to 2025, the SBV will continue implementing measures to promote cashless payments further and ensure security and safety in payment operations.
