Vietnam records 103 million domestic cards, emphasises cashless scheme

The government has been promoting a cashless payment scheme in line with its national financial inclusion strategy.

The number of bank cards in circulation has been steadily growing. According to the State Bank of Vietnam (SBV) Payment Department statistics as of July 2023, there were over 103 million domestic cards and 36.7 million international cards in Vietnam. 

Nearly 10.8 million of these cards have been opened through eKYC processes.

Le Anh Dzung, Deputy Director General of the SBV's Payment Department, emphasised that cashless payment is a global trend, and Vietnam is no exception. 

Vietnam Bankcard Day 2023 aims to promote innovation and the use of digital technology in advanced payment methods to make non-cash payments more accessible to various customer groups. 

This event also aligns with the government's goals outlined in the Scheme on Cashless Payment Promotion in Vietnam for the 2021-2025 Period and the National Financial Inclusion Strategy.

Previous editions of Vietnam Bankcard Day have successfully encouraged young people to adopt the habit of cashless payments. Bank card payments and applications have become increasingly integrated into daily life.

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In response to questions about financial education, Kim Lan Anh, Deputy Director General of the Communications Department, mentioned that the SBV has actively developed various financial education programs and content. These include TV game shows such as "Smart Money," "Holding the purse strings," "Correct Understanding of Money," and events like the "Tomorrow Bankers 2023" Contest. 

These initiatives aim to provide guidance, protect users of banking products and services, and enhance customers' knowledge and skills in using financial and banking services, especially digital platforms and non-cash payment methods. This effort contributes to promoting cashless payments and financial inclusion.

Within the Vietnam Bankcard Day 2023 framework, a seminar on "Promoting card operations and future payment trends" will be held.

This seminar is said to assess card operations in Vietnam's market, identify existing barriers, propose solutions, and discuss future payment trends that contribute to the adoption of new technologies in payment operations.