Vietnam's digital payment ecosystem is undergoing a remarkable transformation, driven by a tech-savvy population, government initiatives, and innovative financial solutions, according to finextra.com, a leading UK newswire and information source for worldwide financial technology.

The State Bank of Vietnam (SBV) will research and amend regulations on safety and security in online banking service provision to better protect customers, an SBV official said on July 4.

It is an urgent need to strengthen security for online transactions amidst burgeoning cashless payments, an official from the central bank has said, referring to biometric authentication to be mandatory from July 1.

Visa, a global leader in digital payments, has provided its insights into Vietnam’s payment landscape with its latest Consumer Payment Attitudes study that highlights the surge in cashless transactions among Vietnamese consumers.

Some 62% of women-led small and medium-sized enterprises and micro-businesses reported increased revenue after adopting digital payments, according to a recent study on small and medium-sized businesses (SMBs) in Vietnam released by Visa, a global leader in digital payments.

The Government’s policy of promoting cashless payment has triggered the spread of online payments in Vietnam as well as the race of new technologies, contributing to boosting the digital economy.

Vietnam has emerged as a frontrunner in B2B sales on credit, boasting a 67% ratio, surpassing the 51% average in Asia, reported a recently-revealed Atradius Payment Practices Barometer survey.

Up to 77.41% of the adults in Vietnam have payment accounts at present, an increase from 31% during the 2015 - 2017 period, an official of the State Bank of Vietnam (SBV) cited a World Bank report as saying.

Prime Minister Pham Minh Chinh on December 29 asked the Governor of the State Bank of Vietnam (SBV), the Minister of Finance and the General Director of Vietnam State Treasury to deploy measures to meet payment and cash demands of individuals and firms at year-end, during the coming New Year and Lunar New Year holidays.

Vietnam and Cambodia have officially launched a bilateral cross-border QR payment link, allowing their peoples to scan QR codes to make payments in each other’s country using their local currency.