According to the information from the State Bank, non-cash payment activities and digital banking activities continue to achieve positive results.
As of the end of 2023, the number of individual payment accounts is over 182.88 million accounts, an increase of 21.8% compared to the same period in 2022.
The non-cash liquidity indexes have achieved quite a high growth rate. In January 2024, compared to the same period in 2023, non-cash payment transactions increased by 63.3% in volume and 41.45% in value; through the Internet channel, it increased by 57.85% in volume and 32.43% in value; through mobile phone channel, it increased by 68.54% in volume and 41.12% in value; through QR code method, it increased by 892.95% in volume and 1,062.01% in value; through POS, it increased by 16.87% in volume and 13.65% in value. Meanwhile, ATM transactions decreased by 15.14% in volume and 18.76% in value, these figures show the trend of shifting from cash payment to non-cash payment.
In January 2024, compared to the same period in 2023, transactions through the Interbank Electronic Payment System (IEPS) increased by 6.02% in volume and 54.42% in value; through the Clearing System, Financial Transaction Switching increased by 51.0% in volume and 34.96% in value.
By the end of January 2024, there were 20,986 ATMs, a decrease of 1.70% compared to the same period in 2023, 554,580 POS machines, an increase of 32.68% compared to the same period in 2023.
With the strong application of digital technology into banking operations, the State Bank of Vietnam has encouraged credit institutions to implement digital conversion, connect and cooperate with different industries and sectors to form and expand the digital ecosystem by putting customers at the center, providing seamless transaction experiences, and personalization.
Credit institutions, payment intermediary organizations have applied advanced technologies to optimize and simplify business processes, improve operational efficiency and customer transaction experiences; at the same time, evaluate and classify customers, make disbursement decisions and integrate with various partner ecosystems in different fields.
Many basic transactions have been fully digitized 100% (savings deposits, fixed deposits, opening and using payment accounts, opening bank cards, e-wallets, money transfers, …), many Vietnamese banks have over 90% transaction rate on digital channels. By the end of 2023, there were about 40 banks, foreign bank branches opening payment accounts electronically (eKYC) with over 35 million payment accounts opened by eKYC and are currently active.
In the near future, the State Bank of Vietnam stated that it will continue to effectively implement the contents of the Digital Banking Conversion Plan and the Cooperative Plan No. 01/KHPH-BCA-NHNNVN (between the Ministry of Public Security and the State Bank of Vietnam) to promote and create favorable conditions for banks and payment intermediary organizations to provide safe, secure, convenient and useful payment products and services that meet the increasing needs of customers; with a focus on implementation and connection with the National Database on Population, allowing credit institutions to verify customer identification information, clean up data, and support customers in accessing banking services.
