Cashless payments increase sharply in food, shopping, and beauty services

According to data compiled by the State Bank's Payment Department and other units, cashless payment has grown rapidly and strongly, with many diverse forms in both the private sector and public services.

Food and beverage services in restaurants and food stalls have seen growth in both the number and value of cashless payments. Photo: Tam Phan

Bright spot from bill payment

Bill payment is an area that shows a strong determination to innovate the payment structure. According to the Northern Power Corporation, the rate of customers paying electricity bills without using cash by the end of April 2023 reached 85.11%, exceeding 5.84% compared to the target assigned by Vietnam Electricity Corporation (EVN) in 2023; revenue through non-cash payment channels reached 96.34%.

Meanwhile, with the synchronous implementation of solutions for non-cash electricity bill collection, in 2022, the rate of customers paying non-cash electricity bills of the Southern Power Corporation (EVNSPC) reached 98%, exceeding EVN's plan by 13%.

According to statistics from the Payoo platform, bill payments have shifted from direct to online payments since right after the COVID-19 pandemic, with a steady increase every year, now nearly 3 times higher than before the pandemic.

Private sector accelerates, public service sector also increases impressively

Cashless payment for the private sector to grow significantly. In the F&B sector, cashless payments in the first 6 months of 2023 doubled in quantity and 25% in value, compared to the same period last year. Meanwhile, the supermarket sector recorded a growth of 64% in quantity and 32% in value compared to the same period.

Cashless payment methods are increasingly diverse, making it easier for people to use services. Photo: Phan Tam

A clear trend this year is the interest of young people in taking care of their appearance as well as improving their internal health. The fields of fashion, jewelry and accessories have tripled in quantity and doubled in value, while beauty and cosmetics have increased 1.5 times in quantity and 2 times in value.

People pay more attention to health training through sports activities and jogging. In the first 6 months of this year, the Payoo system recorded more than 65,000 registrations for training packages, running BIBs and mass cycling activities.

Along with the private sector, the public service sector, tuition fees, and hospital fees have also made great strides.

For example, in the tuition fee segment, comparing 2022 and 2023, tuition fee collection transactions via online platforms increased 7 times, of which through banking channels increased more than 8 times. Direct transactions at stores also increased nearly 2.5 times compared to the same period last year.

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