The Rise of Cashless Payments in Vietnam: A Shift Towards a More Convenient Future
OCB is one of the leading banks in new card issuance today (illustrative image)
According to the Card Association, Vietnam Bank Association, the number of transactions made through Internet, Mobile, and QR codes is rapidly increasing in Vietnam, bringing unprecedented convenience to consumers.
In 2023, cashless payments reached 11 billion transactions, a 50% increase from 2022. Mobile payments took the lead with 7 billion transactions, while QR code payments saw a remarkable 172% growth in volume. The total value of cashless transactions reached 200 million billion VND, with Internet and mobile payments accounting for 50%.
Vietnam’s card industry has made significant progress due to various favorable factors. These include the fact that over 87% of adults have a bank account, totaling 180 million accounts and 138 million bank cards. There are also 1.8 million card acceptance points, along with a rapidly expanding QR payment network.
Especially after the COVID-19 pandemic, cashless and contactless payments gained a significant advantage and became prevalent.
Statistics from the Card Association show that from 2021 to June 2024, Vietnam’s card market achieved positive results. In terms of card issuance, the total number of cards reached 138 million, a 14% increase from 2021. Domestic debit cards accounted for the largest proportion with 65%, followed by international debit cards at 25% and international credit cards at 8%.
Total card spending reached 3.1 million billion VND in 2021, increasing to 3.8 million billion VND in 2023, and reaching 2 million billion VND in the first six months of 2024.
A notable highlight is the shift from cash withdrawals to card payments. The proportion of card payments and spending increased from 23% to 39%.
Furthermore, the average annual growth rate of card spending reached 33%, significantly higher than the 5% growth rate of circulating cards, indicating a positive improvement in card quality.
Regarding card payment activities, the total card acceptance volume (including payment and cash withdrawal volume) averaged 3.5 million billion VND per year and 1.8 million billion VND in the first six months of 2024. The average annual growth rate of card payment volume reached 32%.
The proportion of card payment volume in the total card acceptance volume increased from 26% to 34%. POS payment volume remained the largest, accounting for 69%.
The number of card acceptance points has grown significantly over the years, reaching 1.8 million units. Among these, the number of QR code acceptance points contributed the most, with over 1 million units, an increase of 8.2 times compared to 2021. The number of POS and mPOS terminals also doubled compared to 2021.
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