Average payments via banks reach 40 billion USD a day: insider

Cashless payments are developing rapidly in Vietnam, especially after the COVID-19 pandemic, with transactions via banks averaging 40 billion USD per day, according to Pham Anh Tuan, Director of the State Bank of Vietnam (SBV)’s Payment Department.

Average payments via banks reach 40 billion USD a day

Speaking at a recent seminar held as part of Cashless Day 2023, Tuan said that the central bank has set a goal of making cashless payments account for half of all transactions by 2025.

It will prioritise the establishment of a more comprehensive, accessible, and secure payment infrastructure across the country to make digital payment a preferred mode of transactions for all.

The central bank is also drafting a new decree to create a legal framework to promote non-cash payments, he added.

According to an SBV report, more than 75% of adults across the country currently have a bank account.

Interbank electronic payment transactions increased by 52.8% year-on-year in terms of volume in the first four months, it said.

Payment via QR code had the most impressive growth with an increase of more than 161% in quantity and 36% in value.

Cash withdrawals at ATMs continued to decline, falling by 3.5% in quantity and 5.5% in value./.

VNA