According to the Card Association, Vietnam Banking Association, the number of transactions via Internet, Mobile and QR codes is growing rapidly in Vietnam and bringing unprecedented convenience to consumers.

In 2023, cashless payments reached 11 billion transactions, an increase of 50% compared to 2022. Of which, mobile payments accounted for the highest proportion with 7 billion transactions; payments via QR Code gained dramatic growth in volume with 172%. The total value of cashless payment transactions reached VND 200 million billion, with payments via the Internet and mobile accounting for 50%.

Card activities in Vietnam have made significant progress thanks to many favorable factors such as: over 87% of adults have bank accounts, with a total of 180 million accounts and 138 million bank cards. The number of merchant acceptance locations has reached 1.8 million units, and the payment network accepting QR codes is expanding rapidly.

In particular, since the COVID-19 pandemic, cashless payments and contactless payments have become dominant and popular.

Statistics from the Card Association show that in the period from 2021 to June 2024, card activities in the Vietnamese market have achieved positive results.

Regarding card issuance, the total number of cards reached 138 million, an increase of 14% compared to 2021. Of which, domestic debit cards accounted for the largest proportion at 65%, international debit cards 25% and international credit cards 8%.

Total card usage turnover increased from VND 3.1 million billion in 2021 to VND 3.8 million billion in 2023 and VND 2 million billion in the first 6 months of 2024.

The highlight is the trend of shifting from cash withdrawal to card payment. The proportion of card payment and spending increased from 23% to 39%.

Notably, the average annual growth rate of card spending revenue reached 33%, much higher than the growth rate of the number of cards in circulation (5%), showing a positive improvement in card quality.

Regarding card payment activities, total card acceptance turnover (including payment and cash withdrawal turnover) reached an average of VND 3.5 million billion/year and VND 1.8 million billion in the first 6 months of 2024. The average annual growth in card payment turnover reached 32%.

The proportion of card payment turnover in total card acceptance turnover increased from 26% to 34%. Payment turnover at POS still accounted for the largest proportion at 69%.

The number of merchant acceptance locations has increased strongly over the years, currently reaching 1.8 million units. Of which, the number of QR code acceptance units contributes the largest proportion with more than 1 million units, an increase of 8.2 times compared to 2021. The number of POS and mPOS also doubled compared to 2021.

Kylie Nguyen