Positive signals show potential for digital payment development
Reality has recorded the potential to "break the limit" of cashless payments in Vietnam through many positive figures.
Statistics from the State Bank of Vietnam show that as of July 2023, card payments continued to grow steadily, with more than 140 million payment cards in circulation, including more than 113 million domestic cards and 32.8 million international cards. The number of cashless payment transactions in the first 7 months of the year also recorded impressive growth, reaching 51.14% over the same period in 2022, opening up promising prospects for the future of digital payments nationwide.
It can be seen that the acceptance and preference for cashless payment methods in life in Vietnam is increasing. According to Mastercard's New Payments Index 2022, 89% of Vietnamese consumers have switched to managing their personal finances on digital platforms, including paying bills, switching from traditional cash transactions to bank transfers, opening new bank accounts or setting up long-term financial plans.
This financial management demonstrates the effective impact of digitalization, as consumers’ comfort level goes beyond swiping or tapping their cards to pay. In addition, the high proportion of young people with superior technology adoption is another bright spot that helps Vietnam move quickly on the journey towards comprehensive digital payments.
State and enterprises cooperate to promote digital payments in Vietnam
Not only possessing many advantages from people's consumption habits, digital payments in Vietnam are also "supported" by many plans and support policies from the government, as well as promoting development cooperation from related parties.
Recently, with the direction of the State Bank and the cooperation and efforts of banks and technology companies in the payment industry such as Mastercard, the banking system in Vietnam has focused on implementing many measures to develop cashless payments in the economy.
The plan to develop non-cash payments in Vietnam for the 2021-2025 period continues to be implemented with the goal of making the use of non-cash payment methods a habit for urban residents and gradually promoting this trend in rural, remote and isolated areas.
In close alignment with the above common goal, the Vietnam Card Day 2023 event series with the cooperation of prominent and prestigious sponsors such as Vietcombank, Agribank, MB Bank, Mastercard, etc. has contributed to increasing the digital payment experience, as well as strengthening knowledge about safety and security in digital payments for consumers.
Mastercard booth at Song Festival, Vietnam Card Day 2023 attracts thousands of young people.
Thanh Hoan (21 years old, student of the University of Social Sciences and Humanities, Vietnam National University, Hanoi), one of the young people participating in the digital payment experience at the event Song Festival, Vietnam Card Day 2023, shared: “ I often use e-wallets, bank cards, etc. to shop, pay electricity and water bills or hunt for discount codes.
Digital payments offer many benefits due to speed, efficiency and convenience. Personally, I find that using digital payment methods helps me save more than using cash .”
Thanh Hoan and many young people participated in learning about safety and security in digital payments at the Mastercard booth, Song Festival 2023.
For Mastercard, participating in the Vietnam Card Day 2023 event series for the third consecutive year is also one of the important activities demonstrating the company's commitment to supporting the development of a cashless economy in Vietnam. At this year's program, Mastercard's booth helped many young people improve their knowledge about safety and security in digital payments through a close and easy-to-understand approach.
In addition to the Vietnam Card Day event, Mastercard is also implementing many initiatives and solutions to promote cashless payments in Vietnam, gradually moving towards the visionary goal: Creating "A World Beyond Cash" in every market where the brand is present.
Bao Anh
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