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08 Oct 2019, Gergana Bencheva, EMIS Editor

Card payment transactions in Vietnam to reach 522.5m by 2030

The number of card payment transactions in Vietnam will expand at a compound annual growth rate (CAGR) of 17.8% to 522.5 million by 2030, Intellasia.Net reported referring to data analytic firm GlobalData. Over the last five years, the number of such transactions has increased five-fold to 271 million by 2019 at CAGR of 48.3%.

The trend is in line with the government’s target at least 70% of the population to have bank accounts by late 2020. Thus, the cabinet has introduced several investment projects to boost non-cash payment activities.

According to Kartik Challa, an analysist at GlobalData, Vietnam is still a cash payment society. However, the number of card payments is going up thanks to the government initiatives in the field, as well as the introduction of digital banks, and the rapid improvements in payment infrastructures, Intellasia.Net noted. 

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Original source: Intellasia.Net