Cashless payments increasingly prevail

After years of getting used to cashing out, many people have turned to non-cash payments. It is forecasted that this trend will increasingly prevail in 2020 when 63% of adults in Vietnam have a bank account.
Vietnam National Payment Company (Napas) said that in 2019 Napas switch systems grew 80.2% in the total number of transactions and 170.6% in the total transaction value compared to 2018.

Notably, not only the growth in number and value of transactions, the transaction structure through the Napas system has shifted from ATM switching to interbank payment switching.

Specifically, the proportion of ATM transactions in 2018 accounted for 62%, in 2019 decreased to 42%. The proportion of interbank payment transactions increased from 26% in 2018 to 48% in 2019.

According to Napas, this figure shows the trend of shifting the habit from withdrawals via ATMs to serve daily spending to non-cash payments via electronic banking channels.

Mr. Pham Tien Dung – Head of Payment Department, State Bank – said that currently there are over 40 million Vietnamese people have a bank account, accounting for 63% of the adults. Compared to 2015, the number of adults in Vietnam with a bank account has doubled.

Along with the increase in the number of people who have bank accounts, transactions such as the card’s domestic payment transactions or transactions via the internet channel are also increasing rapidly. In which, the fastest increase is mobile banking channel with a growth of 196% in quantity and 225% in value.

From that fact, the State Bank of Vietnam will promote the payment without using cash but focus on mobile payment. This is also a vital story for the banking industry because the survey shows that an electronic payment customer can use the service 3 times more than a traditional customer.

Source: https://tuoitre.vn/thanh-toan-khong-tien-mat-ngay-cang-thang-the-20200126183712715.htm