“A Triple-Digit Triumph: MyVIB App Sees 200% Growth in Essential Services Payments”

Impressive Growth in Essential Services Payments

MyVIB has witnessed a significant surge in the volume and value of essential services payment transactions during this period. Specifically, bill payments for utilities such as electricity, water, and wifi have increased by 200% in volume and 185% in value compared to the same period last year. QR code payments have also seen a remarkable rise, with a 140% increase in transaction volume and a 100% jump in transaction value. Overall, MyVIB’s transaction volume has grown by 66%, with a 40% increase in new user registrations and a 45% improvement in user activity on the app.

Previously, from 2019 to 2023, MyVIB achieved remarkable growth, with a sixfold increase in the number of users, a 17-fold rise in transaction volume, and a 15-fold growth in total transaction value. Notably, QR code payments experienced a boom, with a 59-time increase in transaction volume and a 34-time surge in total transaction value. Online deposits on MyVIB have also grown more than tenfold in five years, thanks to a diverse range of deposit products catering to users’ needs and financial capabilities, as well as reflecting a growing focus on accumulation in personal financial management. In 2023, MyVIB was recognized as the fastest-growing mobile banking app in Vietnam by International Finance Magazine.

The Boom in Cashless Payments

In reality, cashless payments have become one of the prominent trends, emerging as a preferred mode of payment for daily transactions. This is especially true for essential services such as electricity, water, internet, and phone bill payments, which users conveniently conduct online through banking applications for their speed and convenience.

According to data from the State Bank of Vietnam, the proportion of adults with payment accounts has reached 87%, surpassing the 80% target set for 2025. The annual growth rate of cashless payments has exceeded 50%; mobile transaction growth has surpassed 100%; and internet channel transaction growth has exceeded 50%. More than 49% of customers now use cashless payment methods, and the value of cashless payments is 23 times the country’s GDP.

This increase not only reflects users’ widespread acceptance of digital transformation in personal financial management but also aligns with global trends, where digital banking plays an increasingly vital role in daily life.

MyVIB – Maximizing Benefits and Payment Experience

For MyVIB, these impressive growth indicators not only demonstrate our commitment to pioneering the application of new technologies and continuously enhancing user experiences but also attest to the success of the attractive programs we have implemented to maximize user benefits.

MyVIB currently integrates over 100 different transaction utilities, connecting with thousands of service providers. Users can pay bills for essential services such as electricity, water, internet, and telecommunications. They can also top up their phone credit, game cards, and e-wallets; book flight and train tickets; purchase health insurance; pay insurance premiums; and transfer money within social media chat frames with just one touch. Alternatively, they can use QR codes to pay at thousands of connected locations. The bank continuously innovates and expands its list of utilities and service partners to maximize user convenience.

Additionally, MyVIB offers attractive promotions for users, including a 50% cashback on electricity, water, and WiFi (ADSL) bill payments for new users from July 1, 2024, to December 31, 2024; up to 30% cashback on the same bills for existing users paying for the first time; up to 5% discount on prepaid mobile top-ups; an immediate 10% discount on 3G and 4G data package purchases; and cashback on online transactions, top-ups, and received transfers. For more details, please click here.