According to the State Bank, non-cash payment value is 23 times larger than GDP, estimated at about VND 250 million billion.

This information was mentioned by the representative of the State Bank at the event Digital Transformation of the Banking Industry 2024, on the morning of May 8.

According to Mr. Pham Anh Tuan, Director of Payment Department (State Bank), the banking industry have achieved or exceeded many targets in digital transformation set for 2025.

In particular, the value of non-cash payments is 23 times greater than GDP. With a GDP scale of about USD 430 billion in 2023, non-cash payments are estimated to reach about USD 9,890 billion (equivalent to VND 250 million billion).

According to the project on development of cashless payment in Viet Nam until 2025, the target value of non-cash payments is about 25 times greater than GDP. Thus, the current size has reached about 90% of the target.

In fact, Vietnamese people keep less money in their wallets than before. Visa's survey results at the end of March showed that the average duration of time Vietnamese people do not spend cash is 11 consecutive days in the month, an increase of nearly 4 times compared to 2022. More than half of Vietnamese respondents (56% ) said they carry less cash than they did in 2022, according to survey conducted by Visa.

Another signal in the market also shows that Vietnamese people gradually reduce their need to withdraw money. State Bank data shows that as of the end of January, the market had 20,986 ATMs, a decrease of nearly 2% compared to the same period in 2023. The phenomenon of overloading ATMs, often seen on holidays and Tet, no longer occurs.

Also according to the State Bank, the interbank electronic payment system handles an average of VND 830,000 billion per day. Every day, the financial switching and electronic clearing system processes an average of 20-25 million transactions. Vietnam has an ATM and POS network covering all provinces and cities. Vietnam also completed cross-border QR code payment connections with Thailand, Cambodia and soon in Laos.

Currently, the proportion of adults with payment accounts reached 87%, higher than the target by 2025. With other indicators, the average growth rate of non-cash payments per year reaches over 50%. In particular, transactions on mobile phones doubled, and on Internet channels increased one and a half times. The proportion of customers using non-cash payment methods reached more than 49%.

Kylie Nguyen