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Cashless society gets closer as Vietnam digital banking gathers pace

One major “side effect” of the COVID-19 pandemic, amidst the unprecedented toll that it has exacted, is that it has catalysed digital transformation across all sectors, particularly in financial services.

Revenue, number of users of e-wallets double

Over the past two years, the pandemic has had a strong impact on digital transformation in general and cashless payments in particular.

Mobile payment: new trend in Vietnam

Buyers nowadays only need to scan a QR code by their phones to pay for items, and shops have even stopped accepting cash payments.

Vietnam sees boom in e-wallet market

Vietnam records one of the highest e-payment growth rates in the world, about 35% per year.

Use of Fintech services rises 3.5 times in 4 years in Vietnam

In only four years, the rate of Vietnamese using services of Fintech companies has increased from 16% to 56%. 

Vietnam aims to become a cashless country

Vietnam will continue to implement new technologies and policies in its bid to become a cashless country, said banking experts and policymakers in a conference on Friday discussing the current situation of cashless technology in the country.

Digital payments increase but cash payments are still popular in Vietnam

Data shows that the Covid-19 pandemic has strongly promoted non-traditional forms of spending, but the use of cash is still high.

Banking agents: caution will not create breakthrough

State Bank of Vietnam is drafting a decree on non-cash payments which will replace Decree 110/2014. One of the expected policies of the decree is on payment agents, or banking agents.

Increasing cashless payments and the need for better cybersecurity

Vietnam is marching towards becoming a cashless society with new methods of electronic payments being deployed widely, but security risks come hand in hand with new technologies and applications.

Cash payment habits change in Asia Pacific

Under the impact of the Covid-19 epidemic, the interest in new payment technologies is growing in the Asia-Pacific region.

E-wallet, QR Code favored by Vietnamese

Forms of digital payment have become more popular in Vietnam, particularly e-wallets and QR codes.

Schools in HCM City urged to go cashless

HCM City’s education and training sector plans to embrace electronic payments at the kindergarten, primary, secondary and high school education levels by 2022.

E-wallet firms battle for slice of cashless payment pie

E-wallets firms are battling for a piece of the cashless payment market amid rapid growth in the context of the COVID-19 pandemic.

HCM City hospitals switch increasingly to cashless payment

The shift towards electronic payment is now an established trend with half of HCM City’s public hospitals embracing it, health authorities have said.

HCM City seeks faster switch to cashless payment

Nguyen Anh Duc, general director of Saigon Co.op, said the rate of cashless payment at its system, including Co.opmart, Co.opXtra, Co.op Food, and Co.op Smile, has increased sharply since last year from 3-5 percent to nearly 21 percent now.


Vietnam credit growth slows to 2.13% in 6-month period

Credit demand in Vietnam is expected to stay low in the foreseeable future as the Covid-19 pandemic continues to be complicated globally, said a central banker.

Vietnamese Govt to keep pushing for cashless payment

Non-cash payments have increased sharply in recent time in Viet Nam, but more efforts are needed to increase their rate, experts said.


VN central bank asks for cut in electronic fund transfer fees

The State Bank of Vietnam (SBV) on March 31 issued a directive to reduce the fees for transactions via interbank electronic payment system by 50 percent for local banks.

Mobile money to add up 0.5 ppts to Vietnam economic growth

Over 50% of the Vietnamese population does not have a payment account at banks, therefore, mobile money would offer a non-cash payment method for a large base of customers.

Banks, fintech firms promote cashless payments during epidemic

To prevent the spread of the new strain of coronavirus in Vietnam, customers are encouraged to adopt cashless payment methods.