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QR code payment transactions surged in 2024
The year 2024 has marked a significant shift in Vietnamese consumer behaviour toward non-cash payments.
A shopper uses VietQR, a non-cash payment method developed by Napas. — Photo courtesy of Napas
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Cashless payment activities and the digital transformation of the banking sector is continuing to achieve positive results.
Non-cash payment transactions in the first 11 months of 2024 increased by 56.8 per cent in volume and 33.7 per cent in value year-on-year, according to the State Bank of Việt Nam (SBV).
Transactions via internet banking grew by 50.7 per cent in volume and 33 per cent in value, while mobile banking saw an impressive 54.5 per cent rise in volume and 34.3 per cent in value.
Notably, QR code payments experienced the most dramatic growth, surging 106.7 per cent in volume and 84.8 per cent in value.
Transactions through the interbank electronic payment system rose by 6.8 per cent in volume and 33.1 per cent in value.
Statistics from Payoo indicate that QR code payments are expanding beyond convenience stores and restaurants into areas including electronics, furniture, jewellery and even financial investments.
The average transaction value of QR payments increased by 20 per cent compared to 2023, according to Payoo.
These figures illustrate a strong trend of shifting from cash to cashless payment methods, with QR code payments leading the way thanks to their convenience, speed, user control and secure information handling.
In 2024, the legal framework, mechanisms and policies for cashless payment and digital banking activities continued to be supplemented and refined, ensuring consistency and favourable conditions for cashless payment development. This also spurred digital banking operations and the application of new technologies.
Additionally, the banking sector intensified financial education and communication efforts to enhance public knowledge and skills for accessing and using banking services in the digital environment. These efforts contributed to the sustained positive outcomes of cashless payment activities and the banking sector's digital transformation.
The SBV also collaborated with central banks from several ASEAN countries, including Thailand, Cambodia and Laos, to pilot bilateral payment connections via QR codes, promoting cross-border retail payments between Việt Nam and these nations.
Looking ahead to 2025, the SBV will continue implementing measures to promote cashless payments further and ensure security and safety in payment operations.
Bizhub
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