Series of virtual events scheduled to mark Cashless Day

A host of events and activities will be held virtually on Cashless Day 2021 (June 16) to raise public awareness of non-cash payment and contribute to achieving goals set by the national financial inclusion strategy by 2025, with a vision towards 2030.

They include a rap competition, an online game entitled “Dau truong khong tien mat” (Cashless battle), and webinars on personal financial management tools for students and Vietnam striving to become a cashless nation.

Various special deals are being offered to non-cash shoppers by a number of lenders, payment intermediaries, online marketplaces, service providers and retailers throughout this month.

In July, the Saigon Union of Trading Co-operatives (Saigon Co.op) and partners will launch a programme in which necessities will be delivered to workers and people in pandemic-hit areas by e-commerce platforms Shopee and Now. The programme is expected to provide a chance for the public, particularly young people, workers and low-income earners, to experience and understand the benefits of digital payment tools amid COVID-19.

Data from the State Bank of Vietnam shows that the number of non-cash transactions has been on a rise in Vietnam during the pandemic. Internet payment has increased 65.9% in volume and 31.2% in value year-on-year in the first four months of 2021.

Mobile and QR Code payments have been even seeing much higher year-on-year growth, 86.3% in volume and 123.1% in value, and 95.7% in volume and 181.5% in value, respectively.

A study by Visa found a surge in the use of mobile wallets and payment apps in Vietnam over recent years, with over 85% of consumers having at least one of them and over 42% using mobile contactless payments.

Some 71% of shoppers use e-wallets or payment apps at least once a week.

By the end of 2020, Vietnam, which has a population of about 100 million, was estimated to have 132.5 million active mobile subscribers accounts.