Digital payments surge in first two months of 2022
Non-cash payment transactions witnessed a significant surge in the first two months of this year, indicating a notable shift in customers’ behaviour towards modern financial services.
Hanoi (VNS/VNA) - Non-cash payment transactions witnessed asignificant surge in the first two months of this year, indicating a notable shift incustomers’ behaviour towards modern financial services.
Latest data of the State Bank of Vietnam (SBV) showed the volume of cashlesstransactions increased by 50.1% year-on-year, with QR code transactions postingthe strongest surge of 142% in quantity and 50% in value.
Internet-based transactions saw an increase of 90.2% in volume and 10% invalue, followed by mobile phone transactions with 60.3% and 13.9%,respectively. POS transactions increased by 36.7% in volume and 29.7% in value.
According to the SBV’s Payment Department, there has been notable progress indigital transformation activities in the banking industry when 95% of creditinstitutions have adopted and implemented digital transformation strategies intheir units. Many of the top credit institutions that have embraced digitaltransformation have already achieved 90% of customer transactions on digitalchannels.
For example, VPBank's digital app streamlines banking activities fromdepositing money, making payments, opening credit cards and borrowing fundsonline. Sacombank offers "Tap to phone" for contactless payments andTPBank introduces personalised payment features like "Facepay."
These positive outcomes in digital transformation activities within the bankingindustry show that there is a clear shift towards a more digital future.
Last year, digital payment reported an 85.6% increase in volume and a 31.4%increase in value compared to 2021./.
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Illustrative image (Source: VNA) 
