Accordingly, according to the Payment Department under the State Bank of Vietnam, by the end of January 2024, the whole country recorded 20,986 Automated Teller Machines (ATMs), down 1.7 percent over the same period of 2023 while the number of Point of Sale (POS) surged to 554,840 ones, up 32.68 percent year-on-year.
As of January 2024, the cashless payment transactions surged over 63 percent in terms of turns and 41 percent of values. Besides, the number of transactions via the Internet was up nearly 58 percent of turns and 32 percent of values while transactions via mobile phone increased nearly 69 percent and over 41 percent in terms of turns and values, respectively.
In addition, payment via POS was up nearly 17 percent in turns and nearly 14 percent in values. On the other hand, payment via ATM cards was down 15 percent in numbers and nearly 19 percent in values. Notably, payment with QR codes recorded a strong growth of 893 percent in turns and more than 1,000 percent in values.
According to the State Bank of Vietnam, the numbers mentioned above showed the transmission from cash payments to non-cash ones with strong growth. To accelerate e-banking, and new information technology apps and ensure the safety and security of payment activities, the State Bank has studied to issue and implement important policies.
Accordingly, the National Assembly has approved the Law on Credit Institutions comprising regulations on pushing up cashless payment and e-banking activities, development strategies of the Vietnamese payment system by 2030 and consistent implementation of personal payment bank accounts, cards issuance via eKYC (Electronic Know Your Customer), loan regulations by eKYC, electronic bank guarantee and so on.
