Mature digital payments are a lever for market transparency
Looking back at the maturity of the payment industry, it can be clearly seen that if in the previous period, revenue was mainly recorded through cash and sales software, but now, the digital payment ecosystem has matured, helping the verification and conversion of transaction data become faster and more accurate.
At the same time, accounting operations such as recording revenue and expenses have also been gradually digitized and automated. AI technology has also begun to effectively exploit transaction data warehouses from retail systems, contributing to optimizing operations and promoting the digital economy.
This shift is the result of a process that has been going on for many years, and is now entering an acceleration phase with great consensus from the Government, managers to implementation units.
Sectors with small transaction values and high transaction frequency such as gasoline have also synchronously deployed electronic payments, showing the determination in changing the operating methods of the entire market.
According to Payoo, the implementation of economic transparency policies such as taxes and invoices as at present is considered an inevitable trend in the long term, but initially it can make small businesses and traders feel overwhelmed and urgent, and may need a suitable roadmap and create conditions for businesses to gradually adapt.
Positive electronic payments in the public-private sector
According to statistics from the State Bank of Vietnam, by the end of 2024, total cashless payments reached 17.7 billion transactions with a value of VND 295 trillion, an increase of 56% in quantity and 32% in value compared to the end of 2023.
In the first 6 months of 2025, cashless payments in many fields continued to have a good growth trend in both public and private services, showing that convenience and experience in payments were increasingly prioritized.
In the public service sector, in response to the Government's policy of promoting digital transformation in the public sector, many state agencies and public units have switched to cashless payments. All types of administrative fees and charges at People's Committees, departments, branches and sectors have been integrated into online payment.
In particular, in big cities, public transport such as metro and express buses have applied cashless payment. According to the Ho Chi Minh City Department of Transport, the rate of non-cash payment passengers reaching about 70% on metro lines, shows a clear change in urban travel habits, while affirming the effectiveness of digital transformation in the public transport sector.
In the private enterprise sector, the F&B industry continues to maintain its leading position in electronic payments, thanks to the increasing popularity of non-cash shops, while being promoted by a series of incentives from banks and card organizations.
Some other sectors such as retail, supermarkets, and convenience stores continue to maintain stable growth momentum, thanks to the people's essential spending demand remaining high.
In addition, the fashion and high-end retail industry also recorded a slight recovery, supported by the revival of domestic and international tourism.
Many businesses in the health and beauty sector such as pharmacies, clinics to spas have also increased the value of cashless payments, showing that people are increasingly focusing on investing in physical and mental health.
