Thailand is expected to transition to a cashless society faster than other countries in the Southeast Asian region, driven by the country's rapid digital adoption and transformation, according to a survey by global digital payments provider Visa.

A series of events and activities will be held under the 2023 Cashless Day to promote the adoption of non-cash payment and contribute to achieving the Government’s plans to drive Vietnam towards a cashless society.

The COVID-19 pandemic has been brought under control, and life for most people returned to normal. However, non-cash payments, encouraged during the pandemic to limit contact, have become popular among many people.

“There is a heated race towards digital banking going on in Vietnam, with banking services having found their way into every corner of life."

Vietnam is marching towards becoming a cashless society with new methods of electronic payments being deployed widely, but security risks come hand in hand with new technologies and applications.

The Vietnam Electricity (EVN) plans to get connected with banks and other organisations by the end of August to allow customers to pay electricity bills through QR-code from September this year.

Banks have designed various measures and solutions in order to tackle difficulties facing businesses affected by the COVID-19 pandemic.

Representatives from the Ministry of Industry and Trade (MoIT) have stressed the necessity to promote e-payment, and ensure safety in this method.

The city of Da Nang, the central region’s major economic driver, is making headway in raising awareness on the benefits of cashless transactions as well as in building financial and technical infrastructure for the future development of a cashless society.

June 16 has been chosen as “Cashless payment day”. Aiming at a non-cash payment society, many attractive promotions are offered to create a habit of not using cash for Vietnamese people.

Policies and reality in building a cashless society in Vietnam was the theme of a workshop held in Ho Chi Minh City on June 11 by the State Bank of Vietnam (SBV) in coordination with the Ministry of Information and Communication and Tuoi Tre (Youth) newspaper.

UnionPay International (UPI), a subsidiary of China UnionPay, said on June 21 that it has signed a cooperation agreement on payment by QR code with Vietnam Payment Solution Joint Stock Company (VNPAY) - the biggest QR code payment firm in Vietnam.

Recent surges in transactions and withdrawal fees at a number of commercial banks went against the State Bank of Vietnam’s (SBV) initial policy roadmap for a seamlessly cashless society.