Cashless payments up 50% in 2023

Non-cash transactions in Vietnam in 2023 increased nearly 50 per cent in number compared to 2022, reaching 11 billion, according to the State Bank of Vietnam (SBV).

Total transaction value was estimated at more than VND200 quadrillion ($8.2 trillion).

Payments on the internet stood at nearly 2 billion transactions with a total value of over VND52 quadrillion ($2.1 trillion), up 56 per cent in quantity and 5.8 per cent in value year-on-year.

Nearly 183 million payment transactions used QR codes, totaling more than VND116 trillion ($4.8 billion), up 172 per cent and 74 per cent, respectively.

Meanwhile, transactions via ATMs fell over 9 per cent year-on-year in value, reaching VND2.6 quadrillion ($108 billion).

Regarding the pilot use of credit in telecommunications accounts, known as Mobile Money, the number of customers using the method reached more than 6 million in 2023 after two years of implementation.

The total number of transactions through Mobile Money was over 47 million, with a total value of over VND2.4 trillion ($100 million).