Walking around Hanoi's Old Quarter on a weekend morning, Pham Van doesn't need to carry her wallet but only holds a mobile phone, with even street vendors offering QR codes for digital payments.
Pham Anh Tuan, director of the Payment Department under the State Bank of Vietnam, said online payment services were growing rapidly in Vietnam.
State Bank of Vietnam statistics for the first five months of this year showed that cashless payment transactions increased by 52.35 percent in volume.
The number and value of online transactions rose by 75.54 percent and 1.77 percent respectively.
Online payments via mobile phones rose by 64.26 percent in volume and 7.65 percent in value.
ATM payment decreased by 4.62 percent in volume and 6.43 percent in value. This reflected the rapidly increasing trend of shifting to electronic and cashless payments in Vietnam.
Pham Tien Dung, Deputy Governor of the State Bank, said, “In the coming time, Vietnamese people can conveniently pay for services by scanning QR codes at any store.”
