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.
Almost every business operating in the field of e-commerce, digital payment recorded growth in users, partners and revenue.
Nguyen Ba Diep, Vice President - and Co-founder of MoMo E-Wallet, told VietNamNet that the positive side of the pandemic is the boost in the number of users of digital payment forms.
Due to social distancing and fear of using cash because of the risk of disease transmission, people look to digital payment solutions that are safe, convenient and extremely cheap.
MoMo's data shows there is an increase in non-cash payment transactions through MoMo of end users, especially low- and middle-income earners.
At the same time, this platform recorded a strong increase in the number of small, medium and micro enterprises and business households using their payment solutions.
However, it is a question that when Covid-19 is completely controlled, will digital transformation in general and cashless payments in particular be affected?
Diep said that the reduction of the epidemic will not cause the rate of digital payments to decrease because once users get used to cashless payments and are convinced by its convenience and safety, it is difficult for users to return to the old payment methods.
As for payment on mobile devices, Diep quoted data from Deputy Governor of the State Bank Pham Tien Dung as saying that this method has grown strongly every year, with 90% in quantity and 150% in value.
Vietnam records one of the highest e-payment growth rates in the world, about 35% per year.