Banking transactions, mobile payments grow sharply in Vietnam in first four months

Non-cash payments continue to boom in Vietnam this year as the country has seen a surge in banking transactions and mobile payments in the first four months of the year, according to an official from the State Bank of Vietnam (SBV).

Banking transactions, mobile payments grow sharply in first four months hinh anh 1

A seminar on cashless society is held in Ho Chi Minh City on June 12 to discuss cashless payment.


Banking transactions and mobile payments are experiencing impressive growth in Vietnam when it comes to both the number of users and value of transactions, head of the SBV’s payment department Pham Tien Dung told a seminar on cashless society held in Ho Chi Minh City on June 12.

In the first four months of the year, the number of domestic banking transactions grew 26.2 percent with value expanding 15.7 percent. As of the end of March, the number of banking accounts reached 103.1 million, up 22.4 percent from the end of 2017, Dung said.

Notably, mobile payments increased sharply by 189 percent in number and 166 percent in value from a year earlier, he added.

He attributed the growth to the development of IT and telecommunications, thanks to which banks have created a variety of new user-friendly cashless payment services, such as mobile banking, Internet banking and bankcard payment.

Vietnamese banks have quickly integrated latest technologies, including fingerprint authentication and facial recognition, into their mobile banking apps to provide customers with much more convenient experience, he added.

 

Nguyen Ba Diep, Executive Vice Chairman and Co-founder of MoMo, one of Vietnam’s leading providers of mobile payment solutions, said MoMo debuted 13 years ago and in the first 10 years, the e-wallet has struggled to gain access to users because most of Vietnamese preferred cash and not many shops accepted this payment service at that time.

But things have changed, Diep said, MoMo has about 20 million users today, more than half of whom started using the services over the last three years.

He further noted that the development of digital economy and the government’s policies to encourage cashless payments for public services, such as payments of taxes, tuition fees and medical services, have smoothed the way for this payment service to take off./.VNA

Vietnamese shoppers prefer cashless payments

Vietnamese shoppers prefer cashless payments

Transactions via mobile devices recorded a year-on-year surge of 198% in volume and 210% in value last year.

Cashless ecosystem now on the cards

Cashless ecosystem now on the cards

As Vietnam heads towards a cashless economy and mobile technology is becoming ubiquitous, the adoption of mobile money next month is predicted to lure local and foreign firms into joining the game.

 
 

Other News

.
Foreign investment into Vietnamese start-ups expected to rise despite COVID-19
Foreign investment into Vietnamese start-ups expected to rise despite COVID-19
BUSINESSicon  17/09/2021 

Foreign investment into Vietnamese startups is predicted to increase although the COVID-19 pandemic has left negative impacts on the economy, according to experts.

Pandemic will continue to hit State budget revenue in the coming months
Pandemic will continue to hit State budget revenue in the coming months
BUSINESSicon  17/09/2021 

The Ministry of Finance (MoF) is concerned the COVID-19 pandemic would continue to affect State budget revenue in the coming months.

American investor earns VND1,000 billion from Vietnam’s hot stock
American investor earns VND1,000 billion from Vietnam’s hot stock
BUSINESSicon  17/09/2021 

The largest private equity fund management company in the US has just sold Vinhomes shares and made a profit of more than VND1,000 billion (nearly US$ 43.5 million) after a year.

Airfare scheme may deprive 43 million passengers of opportunity to fly at low cost
Airfare scheme may deprive 43 million passengers of opportunity to fly at low cost
FEATUREicon  17/09/2021 

If a proposed airfare scheme is applied, the fees will make it impossible for low-income earners to travel by air.

FDI in Vietnam, resilience during challenging time
FDI in Vietnam, resilience during challenging time
BUSINESSicon  16/09/2021 

Vietnam’s commitment for success of FDI companies and foreign investors can be seen through the Government’s efforts to improve the investment climate over the last few years.

VIETNAM BUSINESS NEWS SEPTEMBER 16
VIETNAM BUSINESS NEWS SEPTEMBER 16
BUSINESSicon  16/09/2021 

Foreign investors maintain confidence in Vietnam’s economy

Hanoi office market will see large changes after pandemic
Hanoi office market will see large changes after pandemic
BUSINESSicon  16/09/2021 

The office market in Hanoi is experiencing many changes amid the COVID-19 pandemic in terms of rental prices, occupational profile and new demands for office spaces, according to Savills Vietnam.

GDP to reach 3.5-4 per cent this year
GDP to reach 3.5-4 per cent this year
BUSINESSicon  16/09/2021 

The country’s GDP this year is expected to reach 3.5-4 per cent if the COVID-19 pandemic is controlled in September and a 'new normal' achieved from the fourth quarter, said Minister of Planning and Investment Nguyen Chi Dung.

Vietnam’s economy will recover after lockdown is lifted: WB economist
Vietnam’s economy will recover after lockdown is lifted: WB economist
BUSINESSicon  15/09/2021 

Vietnam’s economy will recover on the back of solid growth achieved in the first half of 2021 after the lockdown is lifted, Dorsati Madani, Senior Economist at the World Bank (WB) Vietnam, has said.

Fruitful results in 30-year dialogue relations and a new chapter for 18-year CABIS
Fruitful results in 30-year dialogue relations and a new chapter for 18-year CABIS
BUSINESSicon  16/09/2021 

The 18th China-ASEAN Business and Investment Summit (CABIS) was held on September 10-11 in Nanning, Guangxi, China.

HCM City seeks VND17.2trn from state budget for key urban projects
HCM City seeks VND17.2trn from state budget for key urban projects
BUSINESSicon  15/09/2021 

HCM City has sent an urgent request to the Ministry of Planning and Investment for a VND17.2trn (USD753m) state fund allocation during the 2021-2025 period to complete three key projects in the city.

Many Vietnamese seafood exporters are not subject to US anti-dumping tariffs
Many Vietnamese seafood exporters are not subject to US anti-dumping tariffs
BUSINESSicon  15/09/2021 

The US Department of Commerce (DOC) has announced the preliminary results of the 17th period of review (POR17) for the period from August 1, 2019 to July 31, 2020, regarding Vietnam’s tra and basa fish (pangasius) exported to the US.

Local specialties plummeting in price
Local specialties plummeting in price
FEATUREicon  16/09/2021 

While Phu Yen lobster prices are surging, VND100,000 per kilogram more expensive than the previous crop, other aquatic specialties including ca lang (hemibagrus) and hau sua (oyster milk) have seen prices plummet, causing big losses for farmers.

Hope rests on economic recovery plan
Hope rests on economic recovery plan
FEATUREicon  16/09/2021 

Hopes for the ease of social distancing measures and recovery of the economy are rising along with the decrease in the nber of new cases.

Vietnam earns over $1 billion/day in 15 days in August
Vietnam earns over $1 billion/day in 15 days in August
BUSINESSicon  15/09/2021 

In the last 15 days of August 2021, Vietnam’s exports grew strongly compared to the first 15 days of the month.

HSBC maps out two scenarios for Vietnamese economy until year-end
HSBC maps out two scenarios for Vietnamese economy until year-end
BUSINESSicon  15/09/2021 

HSBC has forecast two scenarios for Vietnam’s economy until the end of the year, with both of them focused on the re-opening of the economy, albeit in a cautious and systematic way.

Mobile money to bridge service divide
Mobile money to bridge service divide
BUSINESSicon  15/09/2021 

While telecommunications firms keep a wait-and-see stance on SMS service charge reductions despite mounting worries from banks. 

Vietnam Railway Corporation asks for VND800bn loan to maintain operation
Vietnam Railway Corporation asks for VND800bn loan to maintain operation
BUSINESSicon  15/09/2021 

The Vietnam Railway Corporation (VNR) has proposed to borrow VND800bn (USD35m) to maintain operations.

EPR to promote recycling businesses to form circular ecosystem
EPR to promote recycling businesses to form circular ecosystem
BUSINESSicon  16/09/2021 

Management of electrical and electronic waste is a challenging issue in Vietnam. 

Vietnam’s imports of Chinese agricultural products rise sharply
Vietnam’s imports of Chinese agricultural products rise sharply
BUSINESSicon  15/09/2021 

In the past eight months, imports of China's agricultural, forestry and fishery products to Vietnam increased by 50.3% over the same period last year.

 
 
 
Leave your comment on an article

OR QUICK LOGIN