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Vietnam: The Habits of Using Cash Still Popular Despite the Boom of Cashless Payments

Source: IntellAsia

At the press conference to account the results of the entire banking industry on June 21st, the updated data from the State Bank of Vietnam (SBV) showed that by the end of April 2021, there were over 79 internet payment service providers and 44 mobile payment service providers in the market. The entire market currently has about over 270,000 POS and over 19,000 ATMs.

However, it is worth noting that while cashless payments are booming, the proportion of cash in the total means of payments is still very high and even tends to increase.

Specifically, the proportion of cash in the total means of payments was 11.05 percent by the end of 2020,11.53 percent by the end of April 2021, equivalent to about 1,430 trillion dong.