Safe and Accessible Payments - The Key to Unlocking Potential in the Digital Economy

As Vietnam’s digital economy accelerates, cashless payments are increasingly asserting their central role in financial and economic life. Alongside the opportunities, challenges remain in terms of safety, trust, and accessibility. These issues were actively discussed at the Vietnam Card Day 2025 conference, held on October 7 in Hanoi under the theme “One Touch - Millions of Trust: Shaping the Future of Digital Payments.”

The event was co-organized by Tien Phong Newspaper and the National Payment Corporation of Vietnam (NAPAS), in collaboration with other stakeholders. During the session on security, Mr. Sharad Jain, Country Manager of Mastercard for Vietnam, Laos, and Cambodia, delivered a presentation titled “Empowering people through safe and accessible payments.”

According to the State Bank of Vietnam, by the end of 2024, the country had over 204.5 million personal payment accounts and more than 154.1 million active cards. Nearly 87% of people aged 15 and above now have a bank account. In 2024, the total value of cashless payments reached VND 295.3 quadrillion - 26 times Vietnam’s GDP. Notably, the number of QR code transactions in Q1 2025 increased by more than 81% compared to the same period last year, making it the fastest-growing and most widely adopted cashless payment method.

Mr. Sharad noted that these figures reflect Vietnam’s impressive transformation in its digital payment journey. Digital payments not only simplify everyday transactions but also provide citizens with access to transparent and secure financial services, while helping businesses integrate more deeply into the digital economy.

However, accompanying this boom are three major challenges that the entire industry must address collectively: accessibility, security, and user experience.

Regarding accessibility, although digital payment infrastructure has developed rapidly, 62% of Vietnam’s population still lives in rural areas, where many vulnerable groups have yet to fully access these services. To tackle this issue, Mr. Sharad said Vietnam already has a solid foundation with eKYC, QR networks, and biometrics. Moving forward, it is crucial to simplify access to digital solutions and promote close collaboration between the government, banks, fintech firms, and technology companies.

In terms of security, despite technological advances, safety concerns remain the main reason many people hesitate to use digital payments. Vietnam has recorded thousands of cases of online fraud, card scams, and cyberattacks in recent years, causing significant losses and eroding user trust. Mastercard places security and trust at the heart of its operations: in 2024, the company’s network processed over 159 billion transactions globally, and since 2019 it has invested US$10.6 billion in cybersecurity innovation. AI and machine learning solutions help detect fraud in real time, minimizing risks for consumers and financial institutions.

Technological solutions such as Consumer Fraud Risk and Mastercard Identity Solutions are being deployed to protect transactions - ensuring safety without disrupting user experience. Thanks to these technologies, over the past three years, Mastercard has prevented US$47.9 billion in fraud losses.

As for user experience, Mr. Sharad emphasized that it is the key to sustainable digital payment growth. For consumers, digital payments offer convenience, speed, and transparency; for businesses, especially SMEs, they create opportunities to expand their customer base, improve operational efficiency, and connect with the broader e-commerce ecosystem.

He stressed that technology only truly matters when it is simplified and easy to use, helping people form daily payment habits. To achieve this, continuous collaboration between the government, banks, and tech enterprises is essential to expand payment infrastructure and services.

Recognizing Vietnam as one of its primary markets, Mastercard aims that by 2030, 100% of card transactions in Vietnam will be tokenized and securely authenticated. Having partnered with Vietnam for more than 15 years on its digital payment journey, Mastercard remains committed to enhancing real-time payment efficiency through fraud prevention, secure cross-border data flows, and technological innovation aligned with global standards.

Source: Vietnam Business Forum