As Vietnam Cards & Payments: Opportunities and Risks to 2023 report reveals, the number of card payments increased more than five times in the last five years, rising from 56 million in 2015 to 271 million in 2019 at a CAGR of 48.3%.
Other key findings:
the expansion of banking infrastructure and the licensing of non-bank companies to offer payment services in rural areas played an important role in driving the consumer shift towards electronic payments;
the government is aiming to bring 70% of the adult population under the formal banking system by 2020;
other government objectives include the expansion of point-of-sale infrastructure and increased payments of utility bills through electronic methods;
the State Bank of Vietnam has granted licenses to 30 non-bank companies as of July 2019 to provide payment services in the country.
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