After crossing Singapore and Malaysia, Vietnam continues to boom in mobile payment

In the middle of June, 2019, at a press conference announcing Cashless Day in Vietnam, Mr. Pham Tien Dung, Director of Payment Department – State Bank (SBV), said that Vietnam has surpassed Singapore and Malaysia in payment via mobile phone.

Payment transactions via mobile phone channels have also grown recently.

In 2018, Internet payment reached more than 255 million transactions with a value of about VND 16 million. In particular, payment via mobile phone channels is more than 185 million transactions, with a value of about 1.86 million billion VND, with a faster growth rate than other channels.

With these impressive figures, the Head of Payment Department said that payment via mobile phone in Vietnam was assessed by Nikkei Asia Review over Singapore and Malaysia in the “cashless” race.

According to PwC’s 2018 global consumer survey for 27 countries / territories, Vietnam is the fastest growing market for mobile payments.

At the third quarter of 2019 press conference held in early October, the State Bank continued to update the above trend.

Specifically, Mr. Nghiem Thanh Son, Deputy Director of the State Bank Payment Department, said that so far, Vietnam has 78 payment service providers providing Internet payment services and 45 suppliers. Mobile payment service (mobile payment).

And with the recent licensing series, as of August 26, 2019, there have been 31 non-commercial organizations in Vietnam licensed by the State Bank to provide intermediary payment services. .

In terms of transaction scale, in the first 7 months of 2019, the number of financial transactions via internet channel reached more than 226 million transactions with a transaction value of about 10.9 million billion VND (increased respectively 51.8% and 18 , 3% over the same period in 2018).

Notably, as above, the number of financial transactions via mobile channels continued to explode when reaching nearly 202 million transactions with a transaction value of over VND 2.09 million in the first 7 months, growing. respectively 104.9% and 155.3% over the same period in 2018.

“The number and value of domestic payment transactions of bank cards continues to increase; many features and utilities have been integrated into bank cards to use to pay for goods and services; At the same time, banks also constantly improve the quality of services, safety, and security in card payment. Payment of public services via banks has many positive changes, “the State Bank added.