Nearly 18 billion cashless transactions were recorded in the first nine months of 2025, with total value surpassing 260 quadrillion VND (nearly 10 billion USD), according to the State Bank of Vietnam (SBV)’s Payment Department.

Delegates at the seminar.

The figures were released at a seminar jointly organised on November 19 by the SBV’s Payment Department, the National Payment Joint Stock Company of Vietnam (NAPAS) and the Vietnam Economic Magazine (VNEconomy).

The event, themed “QR Code Payments: transparency and unlimited experiences”, highlighted the strong momentum of digital payments in the country.

SBV Deputy Governor Pham Tien Dung said QR Code payments have expanded rapidly and become a mainstream method of transactions nationwide.

He attributed this growth to three main factors, including the government and the SBV's consistent policies on promoting cashless payments, the rollout of a unified QR code standard that removed interbank barriers, and broad market adoption across commercial banks, retailers and consumers.

Director of the Payment Department Pham Anh Tuan detailed the structure of the 18 billion transactions, including internet-based payments exceeded 3.4 billion transactions worth more than 76 quadrillion VND, while mobile-based payments accounted for nearly 12 billion transactions with a total value of over 64 quadrillion VND. QR Code payments alone reached more than 337 million transactions worth 288 trillion VND.

At NAPAS, the system processed over 8.3 billion transactions by the end of September 2025, approaching 48 quadrillion VND in value. On peak days, the platform handled up to 43 million transactions while maintaining nearly 100% availability.

Experts noted that QR Code payments have grown in popularity thanks to their simplicity, swift processing, high security and the readiness of credit institutions’ technological infrastructure.

However, they cautioned that several challenges persist. A large number of vendors still use personal QR codes to receive payments, attracted by the convenience, speed and lack of service fees.

Yet this method creates regulatory gaps, offers no consumer protection in case of disputes and is incompatible with bilateral QR systems used for cross-border transactions.

Tuan said regulators are shaping solutions to address these gaps. To enhance international connectivity, strengthen anti-money laundering efforts and improve state budget oversight, Vietnam aims to accelerate the shift from transfer-type QR codes to payment-type QR codes (QR Pay), in line with global practices and modern management requirements.

Vietnam has already implemented cross-border QR payment links with Thailand, Laos and Cambodia, enabling two-way transactions for individuals and businesses.

In the next phase, cooperation will extend to China, the Republic of Korea, Singapore, India and Taiwan (China) to meet rising cross-border payment demand.

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