Cashless payments have continued to grow in popularity in all groups of ages in Da Nang in recent years. Till date, most of traditional markets, stores and business facilities have engaged in deploying non-cash payment services.

Many technology businesses are concentrating on developing online payment platforms and QR code scanning. Photo: CHIEN THANG

According to the Da Nang branch of the State Bank of Viet Nam, in 2023, the value of non-cash payments in the city continued to grow strongly.

In particular, transactions made via point-of-sale (POS) machines reached VND 21,394 billion, up 74.69%; via the Internet VND210,100 billion, up 26.95%; via mobile phones VND1,218,352 billion, up 43.94%; and via QR code VND 4,801 billion, 120.9%.

In addition, 100% of tax payment transactions were carried out via banks, and 100% of electricity and water bills are paid via banks. 90% of schools and 100% of medical facilities implemented tuition and hospital fee collection via banks.

Along with that, almost 100% of shops citywide accepted cashless payment. Transactions were done by scanning QR codes, transferring money or paying via credit card, and e-wallets.

Especially, almost of shops at the Tuy Loan Night Street and Market and the An Thuong Walking Street and Night Market, and on such non-cash routes as Nguyen Van Linh, Tran Van Tru, Nguyen Huu Tho, Le Dinh Duong, Phan Chau Trinh, and Huynh Thuc Khang had QR codes and accepted payments by e-wallets so customers easily chose non-cash payment methods.

Notably, restaurants, eateries, and drink shops along the coast offered self-ordering QR code which allowed clients to order through QR codes from their tables using smartphones and complete the payments seamlessly.

Payment and information lookup methods have been integrated into QR codes to increase convenience for customers. Photo: CHIEN THANG

Pham Thu Quyen, a student from the University of Science and Technology - the University of Da Nang, said "I almost always use cashless payment methods in daily activities. This method is both quick and hassle-free when the restaurant is crowded".

Similarly, Mr. Pham Van Duc, a resident of Cam Le District, said that now when he hanged out for shopping, eating or drinking, he no longer had to worry about bringing cash. A mobile phone or a bank card was all he needed.

As recorded by our reporters, the majority of daily transactions at many markets and supermarkets are cash-free. Food, consumer goods, fashion and handicrafts stalls; convenience stores; supermarkets; mini-marts; and telecommunications service providers offer non-cash payment services.

In particular, Da Nang has promoted cashless payment services in rural and remote areas such as Hoa Tien and Hoa Ninh communes in Hoa Vang District.

Most recently, the People's Committee of Hoa Ninh Commune, Hoa Vang District, has coordinated with the branch of Agribank in the Hoa Khanh Industrial Park and FPT Telecommunications JSC to inaugurate a non-cash payment market/route.

According to the the Viet Nam Military Industry-Telecoms Group (Viettel), the owner of the Viettel Money app, cashless payment becomes the norm for nearly all stores in Da Nang’s urban areas or even many rural markets in suburban areas.

According to Mr. Vo Minh, Director of the Da Nang branch of the State Bank of Viet Nam, to implement the non-cash payment development project for the 2021-2025 period in the city, his unit has proactively and actively coordinated with relevant agencies, district-level authorities and commercial banks to promote the cashless payments. The non-cash payment method is being applied at over 10 wet markets in rural, suburban and urban areas.

In addition, the city has successfully organised many food and fashion specialised streets, walking streets, nighttime streets, fairs and markets. Credit institutions have implemented more related services such as salary payment via accounts, collection of electricity and water bills, telecommunications services, and fast money transfer service using Viet-QR code. Market 4.0 model has expanded to traditional markets citywide.

Reporting by THANH LAN - Translating by M.DUNG, P.TRA