Cashless payments to change Vietnam’s digital economy
(VOVWORLD) - Online transactions doubled in Vietnam while the size of transactions tripled in one year from the first quarter of last year to first quarter of this year.
Photo: Minh Quyet/VNA
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Addressing the cashless payment event on Thursday as part of Hanoi Sales Promotion 2022, Lai Viet Anh, Deputy Director of the Department of E-commerce and Digital Economy, said although other economic sectors faced numerous difficulties during the COVID-19 pandemic, non-cash payments still enjoyed a double-digit growth.
In the first 4 months of this year, non-cash payments in Vietnam grew 69% with the value increasing 27.5%, maintaining the growth made during the pandemic.
Viet Anh said that there remain lots of opportunities for non-cash payments to develop. 71% of Vietnamese people still use the cash on delivery (COD) method in e-commerce while bank transfer payment predominates.