Cashless payments surge in 9 months

Cashless payments surge in 9 months.

Cashless payments in Việt Nam have continued to record a high growth rate this year according to a recent Government report.

Specifically, online payments in the first nine months of this year reached 435.25 million transactions with a value of VNĐ22.78 quadrillion, up 54.1 percent in quantity and 30.7 percent in value compared to the same period in 2020.

During the period, more than 1.19 trillion transactions worth more than VNĐ13.5 quadrillion were made via mobile phone, up 74.98 percent in quantity and 93.69 percent in value.

According to the report, non-cash payments for public services in Việt Nam have witnessed strong changes with significant improvements seen both in quantity and quality.

Currently, more than 90 percent of tax payment transactions of enterprises in centrally-run provinces and cities are made through banks while local people nationwide can pay electricity bills through banks.

Some 42 percent of medical facilities have implemented non-cash payments for medical services and 39 percent of pensions, social insurance, and unemployment benefits nationwide are paid through personal accounts.

However, the report also noted in addition to the surge of non-cash payments, payment fraud also become more common across the country in recent years.

Đào Minh Tuấn, chairman of the Việt Nam Card Association, also admitted though banks have continuously updated new security technologies, fraud in payments is still increasing.

To minimize fraud, commercial banks have to simultaneously issue many warnings to customers. Most recently, Việt Nam Prosperity Commercial Joint Stock Bank (VPBank) and Commercial Joint Stock Bank for Foreign Trade of Việt Nam (Vietcombank) have given warnings to users to not access links of forums or websites impersonating the bank. At the same time, customers should not provide account security information, digital banking or card details, or any other information to these websites.