Vietnam targets 50 pct increase of cashless payment ratio by 2025-Xinhua

Vietnam targets 50 pct increase of cashless payment ratio by 2025

Source: Xinhua

Editor: huaxia

2023-09-11 19:04:15

HANOI, Sept. 11 (Xinhua) -- Vietnam aims to raise the cashless payment ratio in e-commerce, especially e-payments through payment intermediaries or applications, to 50 percent by 2025, Vietnam News Agency reported on Sunday.

The target has been set by the Ministry of Industry and Trade in an effort to implement the national plan on e-commerce development.

The ministry has also set the ambitious goal of increasing the ratio of payments conducted through payment intermediary service providers to 80 percent of non-cash payments in e-commerce activities by 2025.

A system that looks to ensure transaction security in e-commerce activities will be launched by the Centre for Information and Digital Technology under the ministry's E-commerce and Digital Economy Agency.

It aims to protect consumers' rights in the digital environment and safeguard the interests of all parties involved in online transactions.

Cashless payment is rising in Vietnam in terms of both number and value, with an increase of 52.35 percent in the first five months of this year.

During this period, Vietnam's online payment recorded an upward trend of 75.54 percent in number and 1.77 percent in value.

Meanwhile, mobile payment increased by 64.26 percent in number and 7.65 percent in value, QR code payment up 151.14 percent in number and 30.41 percent in value, and POS payment up 30.35 percent and 27.27 percent in value.