According to Deputy Governor of the State Bank (SBV) Pham Tien Dung, payment work has achieved many impressive results.

If in the 2015 - 2017 period, the World Bank (WB) report showed that only 31% of adults in Vietnam had payment accounts, to date, this number has increased to 77.41%. Many banks report that over 90% of transactions are carried out on digital channels, with some banks reaching a rate of up to 98%.

Regarding the number of transactions, if in 2019, the clearing system had about 700 million transactions, which was a dream number at that time, in 2023, the number of transactions reached 7 billion, 10 times higher compared to 2019.

If in 2017, only a few banks had mobile banking, now all transactions are done on mobile, bringing a completely different communication to users. Previously, banking transactions were simply in the banking sector; now, through the banking app, users can book airline tickets, choose seats, book taxis, pay electricity and water bills, etc. showing the integration of the banking industry and other economic sectors has been at a very high level, the Deputy Governor said.

Data from the State Bank also shows that payments via the Internet, Mobile and QR Code methods have grown rapidly recently. To date, there have been 85 payment service providers deploying payment services via the Internet and 52 organizations implementing payment services via Mobile.

The average growth in the number of payment transactions via Internet and Mobile over the years reached 46.48%, 90.12% respectively; Particularly for payments via QR Code, from 2018 to date, the average annual growth in the number of transactions via QR Code has reached 471.13%.

The banking industry's digital product and service ecosystem with many modern and convenient payment methods is interconnected, seamlessly integrated with other industries and fields.

Services on the national public service portal, civil services such as payment for electricity, water, telecommunications, healthcare, education, goods on e-commerce platforms, restaurant reservations, tours on digital platforms, etc. have all been posted or connected to mobile applications of payment service providers, payment intermediaries, and Mobile Money service providers.

Kylie Nguyen