Non-cash payment transactions witnessed a significant surge in the first two months, indicating a notable shift in customers’ behaviour towards modern financial services.

Latest data of the State Bank of Viet Nam (SBV) showed the volume of cashless transactions increased by 50.1 per cent year-on-year, with QR code transactions posting the strongest surge of 142 per cent in quantity and 50 per cent in value.

Internet-based transactions saw an increase of 90.2 per cent in volume and 10 per cent in value, followed by mobile phone transactions with 60.3 per cent and 13.9 per cent, respectively. POS transactions increased by 36.7 per cent in volume and 29.7 per cent in value.

According to SBV’s Payment Department, there has been notable progress in digital transformation activities in the banking industry when 95 per cent of credit institutions have adopted and implemented digital transformation strategies in their units. Many of the top credit institutions that have embraced digital transformation have already achieved 90 per cent of customer transactions on digital channels.

For example, VPBank's digital app streamlines banking activities from depositing money, making payments, opening credit cards and borrowing funds online. Sacombank offers "Tap to phone" for contactless payments and TPBank introduces personalised payment features like "Facepay."

These positive outcomes in digital transformation activities within the banking industry show that there is a clear shift towards a more digital future.

Last year, digital payment reported an 85.6 per cent increase in volume and a 31.4 per cent increase in value compared to 2021. — VNS