At the recent seminar, “The Future of Payment Intermediaries in Vietnam,” Mr. Le Anh Dung, Deputy Director of the Payment Department (State Bank of Vietnam), shared insights into the country’s mobile money landscape. As of June 2024, Vietnam boasted 9.13 million mobile money accounts, with 11,885 business outlets, 275,575 acceptance points, and a staggering 128 million transactions totaling VND 4,782 billion. Furthermore, in the first half of 2024, QR code payments witnessed a remarkable surge, with a 104.23% increase in volume and a 99.57% rise in value compared to the same period in 2023.
Mr. Dung also shed light on the provision of payment intermediary services, revealing that out of 50 payment intermediary organizations, 48 provide e-wallet services. As of June 30, 2024, over 34 million e-wallets were active, accounting for 59% of the total 58 million activated e-wallets.
Additionally, the Vietnamese government has introduced new regulations in the field of payment intermediation, including Decree 52/2024/ND-CP on cashless payments, which took effect on July 1, 2024. Other pertinent regulations include Circular 07/2024/TT-NHNN governing payment agency activities, Circular 18/2024/TT-NHNN on bank card operations, Circular 40/2024/TT-NHNN on the provision of payment intermediary services, and Circular 41/2024/TT-NHNN on the supervision of important payment systems and payment intermediary activities.
These legal documents have redefined and reclassified payment intermediary services, paving the way for licensing additional organizations to provide financial switching and electronic clearing services. They have also established e-wallets as a legitimate means of cashless payment and streamlined related procedures to enhance transparency, clarity, and simplicity. This regulatory framework contributes to a conducive business environment, fosters innovation, and bolsters safety and security measures to combat fraud.
The representative from Napas, also present at the seminar, highlighted the impressive growth of cashless payments in Vietnam. In 2023, the country recorded approximately 3.5 billion cashless payment transactions, amounting to over VND 66 quadrillion in value. QR code payments witnessed a remarkable surge, with approximately 183 million transactions, reflecting a 170% growth compared to 2022. The total value of QR code transactions reached nearly VND 116 trillion, a 74% increase from the previous year. Online payment transactions (Ecom) totaled about 210 million, a 15% increase from 2022, with a transaction value of approximately VND 150 trillion. Furthermore, 145.79 million cards were in circulation, and the total card payment turnover in 2023 exceeded VND 1.8 quadrillion, marking an 18% increase compared to 2022.
