No touches - No barriers - No limits
According to the State Bank, cashless payment activities have been widely deployed and have developed remarkably. The rate of adults with payment accounts has reached 87%, exceeding the target of 80% by 2025. The value of non-cash payments in 2024 will reach over VND295 trillion, 25 times higher than GDP. About 80% of pensioners, social insurance beneficiaries, and unemployment beneficiaries in urban areas are paid through accounts.
Speaking at the event "Conversion of the number of banking sectors in 2025", held on the afternoon of May 29, Governor of the State Bank Nguyen Thi Hong said that if the digital conversion is a journey, the main data is the heart - Biological resources to operate the whole process. Recognizing the core role of data, the banking industry has constantly renovated and upgraded the data infrastructure focused on connecting with other industries and fields, gradually building a smart and sustainable digital ecosystem.
The constant improvement of utility infrastructure helps improve the customer experience, while also helping to change spending habits. And one of the big steps forward is the shift from "no cash" to "no touch payment".
The concept of no cash use is often associated with the image of transferring or scanning cards on POS devices, but today, consumers want more than that. Customers require all transactions to be integrated on their phone, or smartwatch, and accordingly, customers can move, make payments everywhere on a global scale without carrying cash, or even without a card. That is the Tap & Pay contactless payment solution.
"In the picture of strong digital transformation, customer requirements are getting higher and higher, towards the most convenient, simple and secure possible" - Mr. Phung Duy Khuong, Permanent Deputy General Director of Vietnam Prosperity Joint Stock Commercial Bank (VPBank), shared at the event "Digital transformation of the banking industry in 2025".
Since the fourth quarter of 2024, with the participation of major technology platforms such as Apple Pay, Samsung Pay, Google Wallet and virtual card issuance technology, VPBank has provided customers with the ability to digitize all bank cards into mobile devices.The data is highly securely encrypted and authenticated by biometrics. Thanks to that, payment becomes instant, convenient and safe. VPBank's untouched transaction sales recorded an impressive growth of more than 70%.
However, VPBank has not only kept up with the trend, but the bank has proactively opened a completely new direction: implementing the Pay by Account solution - allowing direct payment from VPBank payment accounts, without having to use a card. This is the first VPBank pioneering solution deployed in the Asia-Pacific region, developed within the framework of strategic cooperation with Mastercard.
Instead of requiring users to own and maintain a credit or debit card, they only need a bank account and a smart device. All transaction information is encrypted, ensuring absolute safety.
More importantly, this solution opens up modern financial access opportunities for millions of Vietnamese people those who may not have used cards but can now still enjoy a modern, simple and secure global payment experience.
From individuals to small traders - covering all customer segments
VPBank's strategy does not stop at individual consumers. VPBank continues to expand its direction with the Tap-to-Phone (T2P) solution - turning NFC-enabled Android smartphones into touchless POS devices. With more than 10,000 downloads and 1,200 stores applying, this solution is especially suitable for small stores, traders, individual business owners, and those who often do not have the conditions to invest in traditional POS equipment.
VPBank's T2P solution is not only a payment tool, but a mobile financial platform for small and medium-sized enterprise customers, business owners, and retail stores. This solution not only saves costs, but also makes business more flexible and easier.
The entire contactless payment strategy that VPBank has built is part of the comprehensive segment coverage orientation - a strategy that the bank has been steadfastly pursuing for many years. For each customer group, VPBank designs unique, streamlined, efficient and highly applicable solutions. From there, the bank will not only diversify its product range, but also ensure that no one is left behind in the digital transformation process of the entire industry.
VPBank representative pledged that the bank will accompany the Government, the State Bank and the business community in efforts to build a cashless payment ecosystem, contributing to promoting the digital economy, towards a civilized, modern, transparent and sustainable society.
To further enhance user experience, the bank will continue to exploit the power of data, thereby building a financial ecosystem with people and businesses as the center - where every interaction is personalized, suitable for the behavior, needs and goals of each customer.
The leaders of the State Bank also affirmed that in the coming time, they will continue to improve institutions; upgrade and complete infrastructure for science, technology, innovation and digital transformation of the banking industry to ensure security and safety, focusing on building a database system to share the banking industry to make decisions based on data.
At the same time, the management agency continues to implement inter-sectoral coordination: integrating, connecting, sharing information of the banking industry with other sectors and fields to expand the digital ecosystem and develop digital banking and payment services, contributing to the formation of an interconnected digital ecosystem, creating favorable conditions for people and businesses to access services quickly, safely and effectively...
