QR Code Payment Volume Soars Nearly 900% in January

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According to the State Bank of Vietnam (SBV), as of the end of 2023, the number of individual payment accounts reached over 182.88 million accounts, an increase of 21.8% compared to the same period in 2022.

The indicators of Digital Payment Services also grew considerably. In January 2024, compared to the same period in 2023, Digital Payment Services Transactions increased by 63.3% in terms of quantity and 41.45% in terms of value; via Internet channel increased by 57.85% in quantity and 32.43% in value; via mobile phone channel increased by 68.54% in quantity and 41.12% in value; via QR code method increased by 892.95% in quantity and 1,062.01% in value; via POS increased by 16.87% in quantity and 13.65% in value. However, transactions via ATMs decreased by 15.14% in quantity and 18.76% in value, indicating a shift from cash payment to Digital Payment Services.

By the end of 2023, there were about 40 banks and foreign bank branches that opened electronic payment accounts (eKYC) with more than 35 million active eKYC payment accounts.

SBV stated that it will continue to coordinate with relevant ministries and agencies to effectively implement solutions in the Development Project of Digital Payment Services Phase 2021-2025, the Digital Transformation Plan of the Banking Industry, and the Development Strategy of the Vietnamese Payment Systems until 2030.

It is necessary to continue to effectively implement the contents of the Digital Transformation Plan of the Banking Industry and the Coordination Plan No. 01/KHPH-BCA-NHNNVN (between the Ministry of Public Security and the State Bank of Vietnam) to implement the tasks in Project 06, aiming to promote and facilitate banks and Payment Intermediary Service Providers to supply safe, secure, convenient, and useful payment products and services to meet the increasing demands of customers. The focus should be on implementing and connecting with the national population database, allowing credit institutions to verify customer identification information, cleanse data, and support customers in accessing banking services.

Furthermore, it is important to promote Digital Payment Services, especially in public services, particularly in healthcare, education, and social security payments.

Enhancing security and safety of payment operations and banking activities is crucial, along with cooperation in dealing with high-tech crimes and protecting the legitimate rights and interests of customers. Additionally, it is important to strengthen financial education and literacy to improve the knowledge and skills of the public in using financial products and banking services.

Tung Phong