Average payments via banks reach 40 billion USD a day: insider
Cashless payments are developing rapidly in Vietnam, especially after the COVID-19 pandemic, with transactions via banks averaging 40 billion USD per day, according to Pham Anh Tuan, Director of the State Bank of Vietnam (SBV)’s Payment Department.
Average payments via banks reach 40 billion USD a day (Photo: VNA)
Hanoi (VNA) – Cashless payments are developing rapidly in Vietnam,especially after the COVID-19 pandemic, with transactions via banks averaging 40billion USD per day, according to Pham Anh Tuan, Director of the State Bank ofVietnam (SBV)’s Payment Department.
Speaking at a recent seminar held as part of Cashless Day2023, Tuan said that the central bank has set a goal of making cashlesspayments account for half of all transactions by 2025.
It will prioritise the establishment of a morecomprehensive, accessible, and secure payment infrastructure across the countryto make digital payment a preferred mode of transactions for all.
The central bank is also drafting a new decree to create alegal framework to promote non-cash payments, he added.
Illustrative image (Photo: VGP)
According to an SBV report, more than 75% of adults acrossthe country currently have a bank account.
Interbank electronic payment transactions increased by 52.8%year-on-year in terms of volume in the first four months, it said.
Payment via QR code had the most impressive growth with anincrease of more than 161% in quantity and 36% in value.
Cash withdrawals at ATMs continued to decline, falling by3.5% in quantity and 5.5% in value./.
A series of events and activities will be held under the 2023 Cashless Day to promote the adoption of non-cash payment and contribute to achieving the Government’s plans to drive Vietnam towards a cashless society.
The State Bank of Vietnam (SBV) has requested banks, branches of foreign banks, and providers of intermediary payment services to take steps to continue promoting cashless payment and the implementation of the national digital transformation programme.
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Average payments via banks reach 40 billion USD a day (Photo: VNA) 
Illustrative image (Photo: VGP) 
