Cashless payments have recorded impressive growth from the beginning of this year, with many transaction channels increasing by over 30%, showing a clear shift in consumer payment behaviour, according to data recently released by the State Bank of Vietnam (SBV).
The SBV's figures show that cashless transactions increased by over 40.7% in volume and 13.4% in value in the first two months of 2026, compared to the same period last year.
Several payment channels saw strong growth. Internet payments rose by 73.1% in volume and 28.1% in value; mobile phone payments increased by 34.4% in volume and 10.5% in value; and QR code transactions grew by 20.2% in volume and 12.6% in value.
Meanwhile, transactions conducted via the interbank electronic payment system increased by 9.5% in volume and 69.1% in value, and those done via financial switching and electronic clearing systems rose by 43.7% in volume and 11.7% in value.
Electronic payments in the public sector have also been promoted. Currently, 100% of higher education institutions in urban areas accept tuition payments via banks.
About 82% of pensioners and recipients of social insurance and unemployment benefits in urban areas receive payments through cashless methods.
In rural areas, Mobile Money services continue to prove effective, with nearly 11.2 million Mobile Money accounts by the end of last year.
Of these, around 7.6 million or approximately 68% belonged to rural, mountainous, remote and underserved areas.
The total number of transactions exceeded 326.7 million, with a total value of around 9.3 trillion VND (351.7 million USD).
A decline in the use of cash is becoming increasingly evident, as ATM transactions decreased by 6.4% in volume, although their value increased by just over 3%.
By the end of February, there were 20,772 ATMs nationwide, down 2.7%, and 761,793 POS terminals, up nearly 1.4%.
The SBV noted that with current growth momentum and the expansion of cross-border QR payments between multiple countries, cashless payments are expected to continue as a key driver of Vietnam’s digital economy and financial inclusion./.
