Vietnam is marching towards becoming a cashless society with new methods of electronic payments being deployed widely, but security risks come hand in hand with new technologies and applications.

Demand for deposits by individuals have increased significantly in recent months as people tended to switch to cashless payment methods, especially in the context of the COVID-19 pandemic.

Forms of digital payment have become more popular in Vietnam, particularly e-wallets and QR codes.

The Vietnam Grand Sale 2021 will take place nationwide from July 1 to 31, with discounts of up to 100%, heard a press conference in Hanoi on April 28.

Customers using Mobile Money, a freshly-approved pilot project, may be charged a certain fee, according to the Vietnam Telecommunications Authority under the Ministry of Information and Communications.

The National Payment Corporation of Vietnam (Napas) and seven domestic banks recently launched domestic credit chip cards with unified standards to promote cashless payments and tackle black credit.

The banking industry's credit is projected to have expanded 11% for the year by the end of December, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu revealed at a press conference on December 24.

The novel coronavirus outbreak has changed the payment habit in Vietnam, with non-cash transactions particularly surging in the public service, Director of the State Bank of Vietnam’s Payment Department Pham Tien Dung said on December 4.

The State Bank of Vietnam is drafting a circular regarding cashless payments which might allow domestic commercial banks and domestic intermediary payment companies to co-operate with foreign intermediary payment companies to provide international payment services.

The total value of cashless transactions jumped six times in the first half this year against the same period of 2019.