In January, the number of transactions via Internet channels increased sharply in both volume and value. In particular, the volume of payments via QR code increased dramatically, with an increase of 893% in volume and 1,062% in value.

According to the latest data from the State Bank of Vietnam (SBV), the number of non-cash payment transactions continues to achieve positive results in the first month of 2024.

Specifically, as of the end of 2023, the number of individual payment accounts is more than 182.88 million accounts, an increase of 21.8% over the same period in 2022. Non-cash payment indicators have a high level of growth.

In January 2024, non-cash transactions increased by 63.3% in volume and 41.45% in value compared to the same period in 2023; via Internet channel increased by 57.85% in volume and 32.43% in value; via mobile phone channel increased by 68.54% in volume and 41.12% in value.

In particular, payments via QR code increased approximately 893% in volume and 1,062% in value; via POS increased by 16.87% in volume and 13.65% in value. Meanwhile, transactions via ATM decreased by 15.14% in volume and decreased by 18.76% in value.

As of the end of January, the market had 20,986 ATMs, decreased by 1.70% over the same period in 2023; 554,580 POS, increased by 32.68% over the same period in 2023.

The above data shows the trend of shifting from cash payment to non-cash payments in daily transactions.

Also in January, transactions through the interbank electronic payment system increased by 6.02% in volume and 54.42% in value; Through the clearing and switching system, financial transactions increased by 51.0% in volume and 34.96% in value.

Along with that, the digital transformation trend of banks has also achieved many achievements in simplifying business processes, improving operational efficiency and customer transaction experience.

Many basic operations have been 100% completely digitized (savings deposits, term deposits, opening and using payment accounts, opening bank cards, e-wallets, money transfers, etc.), many Vietnamese banks have a rate of over 90% of transactions performed on digital channels.

As of 2023, there were about 40 banks and foreign bank branches opening electronic payment accounts (eKYC) with more than 35 million active eKYC payment accounts.

Kylie Nguyen