Non-cash payments booming

Non-cash payments continued to grow in popularity in Vietnam during the first nine months of 2021, according to a recent report from the government.

Transactions via the internet totaled 435.25 million with a value of VND22.78 quadrillion ($999.12 billion), an increase of 54.1 per cent and 30.7 per cent, respectively, compared to the same period of 2020. Transactions via mobile phones stood at 1.19 billion with a value of more than VND13.5 quadrillion ($592.6 billion), up 74.98 per cent and 93.69 per cent, respectively.

The government assessed that non-cash payment activities for public services in Vietnam have seen major changes and improved significantly both in terms of scale and quality.

More than 90 per cent of tax payments by enterprises are now done via banks. People are also now able to pay electricity bills via banks, while 42 per cent of medical examination and treatment facilities have introduced non-cash payments and and 39 per cent of pensions, social insurance benefits, and unemployment benefits are paid through personal accounts.

In addition to the explosion of non-cash payments, however, fraud has also become increasingly complex and prevalent over recent years. Representatives from banks in Vietnam advise customers to be careful when using non-cash payment services, in order to protect their personal information.