Overview of non-cash payment in Vietnam
Vietnam is making significant strides toward a cashless society,
driven by market dynamics and government initiatives. According to
the State Bank of Vietnam, non-cash payments are 23 times larger
than GDP, estimated at about USD 9.9 trillion in 2023.1
A recent survey by VISA also reveals that 88% of all Vietnamese
consumers have gone cashless, surpassing the proportionate cashless
population in other Southeast Asian countries like the Philippines,
Thailand, and Singapore. The average duration of time Vietnamese
people do not spend cash is 11 consecutive days per month in 2023,
almost quadrupling the result from 2022. Younger consumers (Gen Z
and Gen Y) play an important role in driving the shift towards
cashless payments. Merchant's cashless acceptance rate has also
increased, reaching more than 70% across all sectors. Besides the
commonly known card payments, QR codes and online wallets have
emerged as the top preferred
