Cashless payments continued to surge last year, underscoring rapid progress in digital finance and payment infrastructure.
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According to information released on February 2 by the State Bank of Vietnam (SBV), the total value of cashless transactions in 2025 was equivalent to roughly 28 times GDP, highlighting the rapid penetration of digital payments across the economy.
The SBV said the expansion was driven by the rollout of key policy frameworks, notably Decision No.1813/QD-TTg on non-cash payment development for 2021–2025, and Project 06 on population data, digital identification, and electronic authentication supporting national digital transformation through 2025, with a vision to 2030.
Cashless transactions rose by more than 42 per cent in volume and nearly 23 per cent in value last year. By channel, internet-based payments surged by almost 54 per cent in volume and nearly 36 per cent in value, while mobile payments grew by close to 37 per cent in volume and over 20 per cent in value. QR-code payments also recorded strong growth, jumping by nearly 51 per cent in volume and more than 24 per cent in value.
In addition, cashless payments via the interbank electronic payment system rose by 6 per cent in volume and nearly 57 per cent in value. Meanwhile, cashless payments via the financial switching and electronic clearing system increased by more than 24 per cent in volume and nearly 8 per cent in value.
The average number and value of cashless transactions jumped by nearly 59 per cent and over 24 per cent annually over the same period.
As of the end of 2025, the number of individual payment accounts stood at 232 million, up nearly 14 per cent on-year.
All higher education institutions and colleges in urban areas have accepted cashless payments for tuition fees. 82 per cent of people receiving pensions, social insurance, and unemployment benefits in urban areas are paid through cashless payment methods.
The number of ATM cards in circulation exceeded 164 million by the end of 2025, up 5 per cent on-year.
By 2030, the banking industry aims for 95 per cent of the population aged 15 and above to have a bank or licensed organisation transaction account. The value of cashless payments will reach 30 times GDP. 80 per cent of banks have a revenue share from digital channels exceeding 30 per cent.
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