Biometrics cleans data, significantly reduces fraud
The State Bank of Vietnam (SBV) has just announced the results of implementing Project 06, along with a panoramic picture of non-cash payments in the first 7 months of 2025. The figures show the strong shift in the banking system and the financial habits of the people.
Accordingly, as of August 15, 2025, the entire banking industry has completed the collection and comparison of biometric information with the National Population Database for more than 123.9 million individual customer records and more than 1.3 million institutional customer records. This is 100% of the accounts that generate transactions on digital channels.
This result has brought about clear results: the number of fraud cases decreased by more than 59%, accounts related to fraud decreased by 52% compared to before. The National Credit Information Center (CIC) also coordinated with the Ministry of Public Security to complete 6 data cleansing sessions with about 57 million records.
In addition, most banks and intermediaries have deployed the application of chip-embedded citizen identification cards at the counter, on the digital banking application and are expanding VNeID integration.
Cashless payments break out, ATMs "go low"
In the first 7 months of 2025, non-cash transactions increased by 44.40%, in quantity and 25.04% in value compared to the same period in 2024.
Notably, transactions via QR Code increased in value by 159.58%. Meanwhile, transactions via ATM decreased sharply by 15.83% in quantity, showing the trend of cash withdrawals increasingly giving way to electronic payments.
To serve the payment of gifts on the occasion of the 80th anniversary of the August Revolution and National Day on September 2, the SBV has directed 28 banks and 4 intermediary units to cooperate with VNeID, ensuring a 24/7 payment system.
Even the interbank electronic payment system is maintained throughout the holiday to ensure timely and continuous payments to people.
All data announced by the State Bank of Vietnam (7 months in early 2025 compared to the same period in 2024):
Total e-commerce transactions: increased by 44.40%, in quantity and 25.04% in value.
Internet channels: increased by 49.65% in quantity, 35.61% in value.
Mobile phone channel: increased by 38.34% in quantity, 21.24% in value.
QR Code: increased by 66.73% in quantity, 159.58% in value.
Interbank electronic payment system: increased by 4.41% in quantity, 45.27% in value.
Electronic financial switching and clearing system: increased by 15.77% in quantity, 3.77% in value.
ATM transactions: down 15.83% in quantity, down 4.97% in value.
