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Cashless Payments in Vietnam Grow by More Than 50%

Jayson 15 May 2024 12:19

According to the State Bank of Vietnam, the total value of cashless transactions in 2023 will be 23 times GDP. It is reported that Vietnam's GDP last year was US$430 billion, and the value of cashless payments was estimated at US$9.89 trillion.



Central bank data also suggests Vietnamese are gradually moving away from cash. The report said that last year, the interbank electronic payment system processed 20-25 million cashless transactions every day.

About 87% of adults have at least one bank account, already above the 2025 target of 80%. The central bank said cashless payments grew by more than 50% last year. Transactions via mobile phone have doubled and transactions via the website have increased by 50%.



More than 49% of the population makes non-cash payments. A survey released in March by payments company Visa found that 56% of Vietnamese carried less cash last year than in 2022.