Wednesday, Jun 29, 2022
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2020: Online payments grow by 76% in Vietnam

Vietnam online payments
Total transaction value increased by 124%

Online payments in Vietnam has grown by 76 percent between January 25 and mid-March in 2020, amid the coronavirus pandemic, which has pushed the world to a state of lockdown,  according to statistics from the National Payment Corporation of Vietnam (NAPAS).

The total transaction value has substantially increased by 124 percent during the same period.

To help curb the spread of the novel coronavirus, many banks and telecom companies in Vietnam are integrating estores, grocery chains to their payment platforms to help Vietnamese people shop online and stay at home.

Nguyen Chien Thang, director of the digital banking centre at the Bank for Investment and Development of Vietnam (BIDV), revealed banks are also integrating new technology solutions to better serve their customers during the coronavirus pandemic.

According to local media reports, transaction value through digital channels at Vietnam Prosperity Joint Stock Commercial Bank (VPBank) by the end of the first quarter of this year increased by 25 percent, while the number of online transactions increased by 50 percent compared to the same period last year.

The Military Commercial Joint Stock Bank also recorded a 26 percent growth per month on average of online payments, when compared to the pre-Covid-19 period in Vietnam.

Reportedly, Vietnamese citizens are not just buying essential goods such as groceries online. They are also using online payment platforms to pay for bills and public services.

Technology has proved to be useful as different governments come up with a contingency plan to fight the pandemic. As industries such as aviation have shut operations, fintech companies might find an opportunity to grow amid these difficult times.

So far, Vietnam has reported around 268 cases of Covid-19 with zero casualties.

 

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