Non-cash payments up 86% in 2022

Phan Linh Friday | 03/17/2023 13:13

Payments using QR codes surged 182.5% in quantity and 210.6% in value last year. Photo from VnEconomy.

Digital transformation has changed customers’ payment habits.

Non-cash transactions in Vietnam in 2022 increased nearly 86 per cent in quantity and 31.39 per cent in value compared to 2021, General Secretary of the Vietnam Banks Association Nguyen Quoc Hung has said.

Payments on the internet were up 89.36 per cent in quantity and 40.55 per cent in value.

In particular, payments using QR codes surged 182.5 per cent in quantity and 210.6 per cent in value.

Cash withdrawals through the National Payment Services (Napas) system, meanwhile, fell from 12 per cent in 2021 to 6.56 per cent in 2022.

The digital transformation process in the banking sector has helped change customer behavior in accessing banking services, Mr. Hung told a recent conference on “Excellence in Retail Financial Services”.

The government has issued a digital transformation plan for the banking sector by 2025 with a vision to 2030, offering opportunities for banks to renew business models and develop financial services in line with the new circumstances.

Source: VnEconomy