The rate of users pay with their phones in Vietnam is estimated at 29.1 percent, the third-highest in the world, according to Statista Digital Market Outlook.

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.

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).

The regulation on mobile payment will not allow users to recharge from scratch cards but they must conduct deposits and withdrawals from the registered bank account.

The number of non-cash payments in Vietnam has steeply risen so far this year.

VietNamNet Bridge - Experts say the technological infrastructure in Vietnam is ready for the mobile payment boom.

More than 40 commercial banks are providing mobile payment services, while more than 90 million mobile transactions were made in the first nine months of the year, worth VND423 trillion.

While mobile payments are becoming more widely used in many countries, the service  remains unpopular in Vietnam, despite the high number of mobile phone subscribers.