Thursday, 18/04/2024
   

Mobile phone, QR code payments soar in popularity

Electronic and cashless payments saw significant increases in Vietnam in the first half of this year, with internet transactions growing by 76% in volume and 1.79% in value.

Mobile phone payments also surged by 65% in volume and 77% in value while QR code transactions rose by 152% and 301%, respectively.

Meanwhile, transactions made through ATMs decreased by 4% in volume and 6% in value.

According to the Vietnam Banks Association, 96 banks and credit institutions in Vietnam are actively building digital transformation strategies. Moreover, 92% of the banks have developed internet and mobile apps to improve their services.

Banks and payment intermediaries are connected in real-time transactions, with an average daily value reaching approximately 40 billion USD, encompassing 8 million transactions per day.

According to a survey from DBS financial services group, Vietnam ranks second among the 10 Southeast Asian countries in the degree of digital transformation for enhancing customer experience and engagement in the financial sector, behind only Singapore./.

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