With the increasing development of payment business, the penetration rate of payment accounts in Vietnam has made remarkable achievements.。

According to a World Bank report, the proportion of adults with payment accounts in Vietnam has risen to 77..41%, a significant increase from the 31% reported for the period 2015-2017。

Pham Tien Dung, deputy governor of the State Bank of Vietnam (SBV), noted that many banks have reported that more than 90% of transactions are conducted through online channels, with some banks having transaction rates as high as 98%.。

Online payment business has multiplied

In terms of the number of transactions, Vietnam's payment and clearing system processed only 700 million transactions in 2019, but by 2023, the number climbed to 7 billion, 10 times the number in 2019.。

In addition, the Internet, mobile payment and QR code payment methods are gradually emerging in Vietnam.。Statistics show that the number of Internet and mobile payment transactions grew at an average annual rate of 46.48% and 90.12%; and since 2018, QR code payments have surged 471.13%。Currently, 85 payment service providers have launched Internet payment services and 52 have launched mobile payment services.。

In recent years, SBV has actively researched, verified, revised, supplemented and promulgated a series of regulations to promote the actual demand for digital products and bring convenience to customers under the wave of national digital transformation.。

At least 96% of Vietnamese banks have digital transformation strategies in place and 92% have successfully implemented internet and mobile application services, compared to just a handful in 2017.。The integration of bank payment business is also increasing, and the scope of transactions can be expanded.。Through the banking app, users can book air tickets, taxis, pay for electricity, water, etc., highlighting the degree of integration between the banking system and other sectors of the economy.。

By the end of 2022, SBV and the banking sector had invested more than 15 trillion VND (about 6.$17.6 billion) for digital transformation。In the past four years, Vietnam's digital payments have maintained a significant growth rate of 40%, ranking among the fastest growing economies in the world for digital transformation of banking.。

Cooperation to build a strong payment security line

However, Pham Anh Tuan, director of SBV's payments department, said that as the number of customers and transactions increases, the importance of payment security is becoming increasingly prominent.。In response to the Party, Government and Prime Minister's directive to promote digital transformation, the Bank has revised and issued relevant regulations to promote the development of non-cash payment products and services to ensure customer convenience and transaction security.。

In 2022, the bank deployed Agribank Digital, a comprehensive platform equipped with trading office functions, including identification, online account opening, registration of electronic banking services, and financial transactions through biometrics.。

It is reported that SBV will actively cooperate with the Ministry of Public Security and relevant agencies to take a number of measures to prevent and minimize the risk of fraud, to build a strong payment and settlement of the security line, the specific measures are as follows:

• The parties will strengthen the management, inspection and supervision of payment service provision activities, and promptly discover and deal with violations;
• Hold regular meetings with payment service providers, the Ministry of Public Security and relevant units to discuss measures to ensure payment security, such as payment settlement, opening and use of accounts and bank cards, processing customer data, using chip-based citizenship data, and using VneID accounts to verify customer identity information.
• Increase publicity efforts to improve the general public's payment security skills and self-prevention awareness。

Meanwhile, Vietnam Army Bank (MB) Digital Banking Director Vu Thanh Trung revealed that the bank has been actively working on implementing a digital transformation strategy since 2018, including a strategic partnership with a US tech giant.。