In the third quarter of 2024, the number of transactions via domestic credit transfer amounted to approximately *** billion in Vietnam. In the same period, the value of these transactions reached **** quadrillion Vietnamese dong in the country. Previously one of the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years.

In 2023, around 79 percent of food and dining establishments in Vietnam accepted cashless payment methods according to a consumer survey. In comparison, the rate of acceptance for these payment methods among supermarkets was 72 percent in the country. The survey revealed that the cashless payment acceptance rate among all surveyed merchants was above 70 percent.

According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately ** percent of respondents stated that they had planned to use cashless payments more often. Meanwhile, almost ** percent of the surveyed consumers viewed these payment methods as a safer way to pay.

According to a survey conducted in 2022, approximately ** percent of respondents in Vietnam indicated that cash on delivery ranked as the most favored payment method for online shopping. Bank transfer was identified as the second most popular payment option, with ** percent of respondents choosing it as their preferred method among other payment alternatives.

The rise of digital payment in Vietnam Formerly one of the most cash-dependent countries in Southeast Asia, Vietnam has experienced substantial growth in cashless payment usage among its population in recent years. Anticipated for robust growth in 2023, the value of digital payment transactions in Vietnam is set to secure a prominent position in Southeast Asia, surpassing that in both Singapore and Malaysia. Popular digital payment methods in the country include mobile wallets, cards, bank transfers, and QR codes. The adoption of mobile banking in Vietnam The adoption of banking apps for transactions has become a preferred method of digital payment in Vietnam. In the first quarter of 2023, there was a noticeable increase in the volume of transactions conducted through mobile banking in the country. Moreover, the number of mobile payment users is expected to exhibit positive growth until 2026. Despite this, Vietnamese consumers still favor traditional banks as their primary banking institutions over digital ones.

According to a survey on consumer payment behavior conducted in 2023 in Vietnam, approximately ** percent of respondents stated that they used credit or debit card online payment methods. Meanwhile, around ** percent of them stated having used contactless payments.

In 2023, the number of active e-wallet users in Vietnam reached around **** million people, out of over ** million activated accounts. Vietnam's fintech sector has been accelerating fast in recent years, reflected in the consistent growth of the country’s digital payment segment. The state of contactless payments in Vietnam Thanks to the high penetration rate of smartphones, the increasing numbers of internet users, and the growing e-commerce sector in the country, Vietnam has embraced the convenience and efficiency of digital payments. According to a 2023 survey conducted by VISA, around half of Vietnamese respondents confirmed having used mobile contactless payments. Moreover, the Vietnamese government has been actively encouraging cashless transactions as part of its digital economy transition strategy. In the third quarter of 2024, the value of domestic cashless transactions in Vietnam reached over ** quadrillion Vietnamese dong, with credit transfer being the leading payment type. QR code and BNPL payments on the rise Although mobile wallets are still the most popular online payment method, QR code payment is becoming more common among consumers in Vietnam. This smart payment trend allows consumers to conduct payments via scanning a QR code using their smartphones, eliminating the need for physical cash or cards. In 2022 and 2023, the share of Vietnamese consumers who said they used QR codes for payments saw a noticeable surge compared to the previous year. This payment method is widely adopted in supermarkets, retail stores, as well as local markets. Another emerging trend in the Vietnamese digital payment landscape is Buy Now Pay Later (BNPL). Particularly favored by the younger generation, this new payment method offers consumers the flexibility to purchase different types of goods and services immediately and pay in installments within a time period. The rise of QR codes and BNPL payment methods marks the country’s shift towards a more dynamic digital and cashless economy in the future.

As of the third quarter of 2023, the number of point of sale, electronic funds transfer at point of sale, and electronic data capture terminals in Vietnam reached *******, indicating an increase from the previous quarter. Previously one of the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years.

According to a report conducted in 2023, the adoption rate of buy now, pay later (BNPL) as a payment method was the highest for purchases of electronic gadgets among Vietnamese consumers, as confirmed by ** percent of the respondents. Home appliances were the product category with the second-highest BNPL adoption rate in the country in the same year, reaching ** percent.

As of the third quarter of 2023, the value of transactions via point of sale, electronic funds transfer at point of sale, and electronic data capture in Vietnam reached 317.7 trillion Vietnamese dong, indicating an increase from the previous quarter. Previously one of the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years.

As of the first quarter of 2023, the number of transactions via point of sale, electronic funds transfer at point of sale, and electronic data capture in Vietnam amounted to approximately 295 million, indicating an increase from the previous quarter. Previously one of the most cash-dependent countries in Southeast Asia, Vietnam has seen substantial growth in cashless payment usage among its population in recent years.

According to a survey conducted by Rakuten Insight in October 2022, GoPay by Gojek was the most used e-payment service in Indonesia, with ** percent of the respondents using it. PayPal was the most commonly used e-payment service across Southeast Asian countries, with a significant market share in Indonesia, Malaysia, the Philippines, Singapore, and Vietnam as of October 2022. Digital payments usage in Southeast Asia A recent report on consumer payment attitudes in Southeast Asia revealed that the adoption rate of cashless payments in the region was over ** percent, with the highest rate in Singapore at ** percent. It was also reported that most consumers in the region used e-payment systems for online purchases instead of in-store payments. As such, the share of consumers using e-payments for online purchases ranged from ** to ** percent for SEA countries. At the same time, the highest share of users utilizing e-payments in-store was in Malaysia, at less than ** percent. Digital payments in APAC   The number of cashless payment transactions has steadily increased in the Asia-Pacific region, with the number expected to double in the coming years. Data shows that e-commerce websites were the most used applications of e-payments in APAC, while donations and fundraisers accounted for the lowest share of payments.

According to a survey on consumer payment behavior conducted in September 2021 in Vietnam, approximately ** percent of respondents stated that they had been interested in contactless card payment methods. Convenience, physical safety, and simplicity of use were the three main reasons for contactless card usage.

As surveyed in 2022, around ** percent of online shoppers in Vietnam chose cash on delivery (COD) as their shipping and payment method. COD has been the most popular payment method for online shopping in Vietnam despite the emergence of other cashless payment methods.

The statistic shows the ratio of cashless transactions in the ASEAN region in 2017, broken down by type of transaction and country. In that year, Singapore had the highest banking account ratio with 97.93 percent and the highest credit card ownership with 48.9 percent. Vietnam had the highest cash on delivery ratio with 90.17 percent.

According to a March 2024 survey conducted by Rakuten Insight, convenience and reliability were the leading reasons for using shared mobility services such as ride-hailing, car-pooling, and bike-sharing among respondents in Vietnam. About ** percent of respondents also identified cashless payments as one of their motivations for using such services.

China is leading the ranking by penetration rate in the 'Mobile POS Payments' segment of the fintech market, recording ***** percent. Following closely behind is Vietnam with ***** percent, while Uganda is trailing the ranking with ***** percent, resulting in a difference of ***** percentage points to the ranking leader, China. Find other insights concerning similar markets and segments, such as a ranking of subsegments in Peru regarding number of users in the FinTech market as a whole and a ranking of subsegments in Russia regarding share in the segment Digital Payments .The Statista Market Insights cover a broad range of additional markets.