The card payments market in Vietnam is expected to grow by 5% to reach VND1.2 quadrillion ($48.7 billion) in 2025, supported by the constant consumer shift towards non-cash payments. While cash remains dominant, strong government support, growing card penetration, and evolving consumer preferences are supporting the country’s transition to a less cash-dependent economy and reshaping the financial services landscape, reveals GlobalData, a leading data and analytics company.
GlobalData’s Payment Card Analytics reveals that card payments value in Vietnam registered a robust compound annual growth rate (CAGR) of 15.1% between 2021 and 2025e. On the contrary, ATM cash withdrawals registered a negative CAGR of 1.2%, due to a reduced usage of payment cards for withdrawals.
Kartik Challa, Senior Banking and Payments Analyst at GlobalData, comments: “Cards are also increasingly being used for payments as consumers steadily replace cash transactions with electronic payments, with payment cards being the beneficiaries, along with digital wallets. The surge in card payments is attributed to the rising banked population, improving financial literacy, aggressive bank incentives such as cashback and discounts, and a growing preference for digital banking. The efforts by financial authorities to promote cashless payments have further accelerated card adoption.”
To promote electronic payments and reduce consumers’ reliance on cash, the government approved a project in October 2021 to increase cashless payment uptake in Vietnam. Running through the end of 2025, the project set several targets: boosting the number of POS terminals in the country to more than 450,000; ensuring 80% of individuals aged 15 and above have a bank account; and ensuring non-cash payments account for at least 50% of e-commerce transactions.
This expansion has been supported by the rise of digital-only banks, the introduction of innovative payment solutions such as mobile payments, strong growth in the e-commerce market, and the wider availability of contactless payment options.
In April 2025, the Ho Chi Minh City Department of Transport introduced Open-Loop electronic ticketing system for buses. It supports payments made via debit, credit, prepaid cards, mobile wallets, and smart devices and marks a major step toward digital payment adoption. As of October 2025, 95% of the buses in Ho Chi Minh City are equipped with contactless electronic payment systems.
An improving payment infrastructure, with rising POS terminal uptake, is also another driver for the rise in card payments. The number of POS terminals per million inhabitants in Vietnam stands at 8,961 in 2025e, which is higher compared to some of its peers such as Indonesia (8,274), the Philippines (5,154), Cambodia (2,777), and Pakistan (591), though a significant scope exits for further expansion.
Banks are also offering rewards and cashback to boost the usage of POS solutions among SMEs. In May 2025, Techcombank introduced a promotional program, “Extremely Convenient Payment Collection, Extremely Satisfying Refund,” offering a VND500,000 ($20) cashback to businesses that register for Techcombank’s SoftPOS or SmartPOS for the first time. The promotion runs from 1 October 2025 to 31 December 2025.
Challa concludes: “Vietnam payment card market is poised for sustained growth over the next five years, supported by increasing consumer awareness of digital payments and advancements in payment infrastructure. The rise in e-commerce and contactless payments will also contribute to this growth. As a result, the payment cards market is forecast to grow at a CAGR of 9.7% between 2025 and 2029 to reach VND1.8 quadrillion ($70.6 billion) in 2029.”
Notes
Quotes provided by Kartik Challa, Senior Banking and Payments Analyst at GlobalData
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