Vietnamese gradually shift away from cash

By Vien Thong   March 21, 2024 | 11:12 pm PT
Vietnamese gradually shift away from cash
Some 56% of surveyed people in Vietnam carried less cash in 2023 than in 2022. Illustration photo by Pixabay
More than half of Vietnamese carried less cash last year than in 2022, a new survey by payment company Visa has found.

The number of consecutive days Vietnamese did not use cash on average was 11, up nearly four times from 2022.

Some 56% carried less cash than in 2022 as payments via QR codes and digital wallets (e-wallets) became more common, with 62% frequently using the former to make payments.

Four out of five people, most of them gen X-ers and millennials, often used e-wallets.

The average person made 16.2 payments using QR codes and 12-13 with cards.

Data from other sources also suggest that Vietnamese are gradually shifting away from cash.

In January the value of cashless payments increased by 63% year-on-year, according to the State Bank of Vietnam.

QR transactions rose by 900% in number and 1000% in value from a year earlier, the central bank said.

There were 20,986 ATMs in the country, down nearly 2% year-on-year, it added.

Crowding at ATMs during holidays has also become less common, indicating less cash usage.

Payment service provider Payoo said the total value of QR payments it processed rose threefold as it is both faster and more convenient for both businesses and users.

With QR technology, retailers only need to print the code to receive payments, while for cards merchants have to invest in card machines, it explained.

Vietnam has among the largest number of e-wallet users in Southeast Asia, according to German statistics database Statista.

Financial data provider FiinGroup said there would be 50 million active digital wallets in Vietnam this year.

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