As of December 11, 2025, a total of 592,000 payment accounts and e-wallets have been flagged for suspected fraud, scams, or legal violations, according to the State Bank of Vietnam.

The SIMO platform - Vietnam’s central fraud risk monitoring system - has issued over 2.13 million alerts to users across the country. More than 670,000 of those recipients halted or canceled their transactions after receiving warnings, amounting to over VND 2.57 trillion (approx. USD 105 million) in blocked transactions.

These figures were released by the State Bank’s Payment Department in celebration of the unit’s 20th anniversary.

Launched earlier this year, the SIMO (Information System for Monitoring and Preventing Payment Fraud Risks) represents a major milestone in Vietnam’s digital payment oversight.

The system allows financial institutions to immediately suspend transactions or request identity verification before processing online transfers. This proactive mechanism has significantly curbed fraudulent activities and enhanced account security for millions of customers.

Explosive growth in non-cash payments

According to the Payment Department, the volume of non-cash transactions in Vietnam has increased nearly 500-fold over the past 20 years, with total transaction value jumping more than 60 times compared to 2005.

From 2015 to 2025, online banking transactions rose by 59 times in volume and 21 times in value.

Mobile transactions surged even more dramatically, increasing 280 times in volume and 600 times in value.

QR code payments, which only became popular in 2018, have already multiplied over 700 times in transaction volume and more than 400 times in value.

These trends demonstrate how Vietnam’s digital payment policies are not only keeping pace with global developments but also proving highly effective in practice. They’re playing a pivotal role in promoting a digital economy and inclusive finance nationwide.

The rise of digital ecosystems

The financial switching and clearing system operated by Napas since 2015 has also seen tremendous growth. Between 2018 and 2025, annual transaction volume rose by over 170%, with transaction value increasing more than 180%.

The 2017–2025 period marks a decisive digital transformation for Vietnam’s banking system, led by key policies and technologies such as:

eKYC (electronic Know Your Customer): allowing users to open payment accounts and e-wallets entirely online.
24/7 instant transfers, QR code payments, mobile banking, and e-wallets: now mainstream tools for everyday transactions.

Data integration: connecting national ID data, business databases, and anti-money laundering systems under the government’s “Project 06.”

These innovations have helped create a seamless digital payment ecosystem, while integrating financial services into sectors like education, healthcare, transportation, and public administration.

The result is a solid foundation for developing Level 4 digital public services and accelerating Vietnam’s digital economy.

Tuan Nguyen