There are various factors to believe that Vietnam has perfect environment for cashless payment to develop.
The first factor is the enthusiastic support from the Government as they signed a new policy to encourage cash-free transaction and reduce cash-based deals in the country to less than 10 percent of total market transactions by 2020. In keeping with the plan, at least 70% of water, electronics, and telecommunication service providers will be asked to accept cash-free payments from individuals and households. According to World Bank, in 2017, Vietnam has the lowest bank account ratio among ASEAN with 30.8% of the population aged 15 and above, this means cash still dominates as a payment option because it’s compulsory to own bank accounts to use the cashless payment methods in Vietnam. However, the Government expected this index will increase at least to 70% by the end of 2020. Besides, the end of the 1^st quarter of 2019, there are 158 million bank cards issued, increased 16% compared with the 1^st quarter of 2018 and more than twice the current population age 15 and up. From 2017 to 2018, transactions made through ATM grew 112% in volume terms to 879 million transactions while transactions via POS accelerated 138% to 208 million transactions.

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