Non-cash payments are yet to become popular in Vietnam, including in large cities, because many people are still concerned about security.

HCM City Urban Railways No.1 Company Limited (HURC1) and Mastercard Asia/Pacific Pte. Ltd (Mastercard) have officially announced a strategic cooperation agreement to introduce smart payment systems on public transport routes in HCM City.

At the end of last year, there were 182 million personal payment accounts in Vietnam, with just over 87 per cent of adults owning payment accounts.

The pilots began on April 15 and in spite of some early problems, drivers have been generally positive.

HCM City’s Tân Sơn Nhất International Airport, the country’s busiest, has adopted a cashless parking payment system to reduce congestion at its entrance and exit.

As the traditional Lunar New Year (Tet) festival is just around the corner, commercial banks are offering a wide range of promotional programmes and financial solutions to encourage cashless payment during the peak shopping season.

Vietnam’s foray into a cashless economy is gaining momentum, with domestic card issuances signalling growth and presenting ample opportunities for expansion, particularly in underserved regions.

The Visa Global Travel Intentions Study (GTI) 2023 has shown that nearly all Vietnamese respondents are inclined to use cashless payment methods while traveling to streamline transactions and enhance their overall travel experience.

The Ministry of Industry and Trade (MoIT) has set a target to increase the cashless payment ratio in e-commerce, especially e-payments through payment intermediaries or applications, to 50% by 2025.

The shops on the noisy street of An Thuong, called the ‘Westerner street’ in Da Nang, similar to Ta Hien in Hanoi and Bui Vien streets in HCM City, now accept online payments.

The trend of electronic and non-cash payments in the Vietnamese economy in 2023 continued to record growth of 52.35% in volume over the same period last year.

MoMo and ZaloPay e-wallets accounted for the highest share of the Vietnamese e-wallet market in the first quarter of this year, with 68% and 53%, respectively, according to a Connected Consumer report.

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.

Some 77% of Vietnamese consumers believe they could go cashless for three days, according to a new survey by Visa entitled “Consumer Payment Attitudes Study 2022”.

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.

As one of the emerging economies in Southeast Asia, Vietnam has potential for e-payments.

To make Mobile Money non-cash payments popular, it is necessary to create a more favorable environment for users.

Lawmakers are gathering comments on a draft amending the Law on E-Transactions, and insiders comment that the draft needs revisions to be more practical.

Cake by VPBank digital bank and Be the on-demand multi-service consumer platform have inked a comprehensive cooperation agreement with Viettel Money - Viettel Group's digital financial and commercial ecosystem.