In 2022, non-cash payment transactions, including card payments and e-wallets, increased by 85% in volume and 31% in value, data from to the State Bank of Vietnam (SBV) show. Online transactions grew by 89% in volume and even gained triple-digit growth via mobile phones and QR code scanning.
Cashless payments continued to see increased usage in Vietnam, carrying on a trend that accelerated with the COVID-19 pandemic. This trend is emerging at the expense of cash usage which continued its decline last year.
Growing cashless payments usage can be in part explained by the increased adoption of these new payment methods in rural areas.
The number of customers opening new accounts and registering digital banking services in far-flung areas has been rising over the past three years.
Viettel, the country’s largest mobile network operator, launched its digital financial ecosystem in December 2021. Called Viettel Money, the platform aims to address diverse needs of customers in trading, money transfer, investment and insurance, and targets consumers in remote and rural areas, in particular.
Despite being one of the most dynamic emerging countries in East Asia region and having a fast-growing middle class, Vietnam’s population remains largely rural. In 2021, about 62% of the country’s population resided in rural areas.
Vietnam’s digital transformation has accelerated since 2020 when the prime minister approved the National Digital Transformation Programme by 2025. The plan aims to spur digital transformation through awareness, enterprise strategies, and incentives, and focuses on digitalizing businesses, administration, and production activities.
Some of its goals include having all national databases, including those for population, land, business registration, finance, and insurance, online and connected; having 50% of the population owning a digital checking account; and boosting the use of digital payments so that they make up for 70% of all transactions.