Digital banking services in Vietnam make remarkable stride

Digital banking services have achieved remarkable progress in recent years to betters serve citizens and businesses, according to insiders. Recent data revealed that more than 87% of Vietnam’s adult population now hold payment accounts at banks while many credit institutions are processing more than 95% of transactions through digital channels. The transformation has been backed by continuous upgrades of banking technology infrastructure. The State Bank of Vietnam (SBV) reported extraordinary growth in both mobile and QR code payment transactions, with average growth of over 100% over the past five years. The interbank electronic payment system now processes 830 trillion VND (32.83 billion USD) a day while the financial switching and electronic clearing system handles 20-25 million transactions daily. VNA Photo: Trần Việt