HANOI, April 5 (Xinhua) -- Cashless payments in Vietnam surged around 50 percent in the first two months of this year from a year ago, as consumers are switching to new ways of paying bills, Vietnam News reported on Wednesday.
The State Bank of Vietnam's (SBV) latest report showed among digital payments, scanning QR codes became the fastest-growing means of payment, posting a jump of 142 percent in the number of transactions and 50 percent in transaction value.
Meanwhile, payments made via smart devices also soared more than 60 percent in January and February, with a growth in value of 14 percent.
The report also showed cards took a significant share of money spent at shops, restaurants and other points of sale in Vietnam, posting an increase of 36.7 percent in volume and 29.7 percent in value.
This shift in consumer behavior is strongly backed by rapid digital transformation in the banking system amid increased competition over non-cash payments among commercial banks, said the central bank.
Last year, Vietnam saw year-on-year growth of 85.6 percent in the number of digital payments and a 31.4 percent increase in value, according to the SBV. ■
