Over 77 percent of Vietnamese adults have payment accounts

Up to 77.41 percent of the adults in Vietnam have payment accounts at present, an increase from 31 percent during the 2015 - 2017 period, an official of the State Bank of Vietnam (SBV) cited a World Bank report as saying.

Internet, mobile, and QR code payments have grown rapidly in recent years. (Photo: Viettel Money)

Impressive results have been recorded in payment-related activities in the recent past, SBV Deputy Governor Pham Tien Dung told a conference in Hanoi on January 9, noting that many banks have reported over 90 percent of transactions conducted digitally, in some cases even 98 percent.

The clearing house system saw about 700 million transactions in 2019, a figure many dreamed about at that time, but they shot up 10-fold to hit 7 billion in 2023, he said.

All banks now provide mobile services, compared to just a few in 2017. Besides, while transactions were previously limited to the field of banking, users of banking apps can book flight tickets or taxis, or pay power and water bills at present, showing a very high level of integration between the banking system and other economic sectors, the official added.

Pham Anh Tuan, Director of the SBV’s Payment Department, said to help promote digital transformation under directions of the Party, Government, and Prime Minister, the bank has revised and issued regulations to facilitate non-cash payment products and services to ensure convenience and transaction safety for clients.

Highlighting the rapid growth of internet, mobile, and QR code payments, he said 85 payment service suppliers are providing internet payment services and 52 providing mobile ones.

The numbers of internet and mobile payment transactions have increased 46.48 percent and 90.12 percent annually on average. In particular, QR code payments have surged by an annual average of 471.13 percent since 2018, statistics show.

However, Tuan also pointed out the growing importance of payment security amid the rising numbers of clients and transactions.

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