Connecting the digital financial ecosystem

From being a relatively new option, digital payments have now become an essential need of the economy and society, moving toward the goal of building a comprehensive, modern, and secure financial ecosystem centered on serving people and businesses.

Employees of a commercial bank in Tran Bien Ward assist customers in using digital banking services. Photo: Hai Quan

Within this ecosystem, cashless payment methods are becoming increasingly popular and have emerged as a vital component of the digital economy.

Expanding smart payment channels and digital services

Vietnam’s smart payment infrastructure has developed rapidly, creating a solid foundation for the growth of the digital economy. By the end of April 2026, the market had more than 20,000 ATMs, 780,000 POS terminals, 83 banks providing internet banking services, and 52 banks offering mobile banking services.

Recently, Tuoi Tre (Youth) Newspaper, in coordination with the Office and the Payment Department of the State Bank of Vietnam, the Ho Chi Minh City Department of Industry and Trade, the National Payment Corporation of Vietnam (NAPAS), and related organizations, organized the seminar “Smart Payments Drive Digital Finance.” At the seminar, Pham Anh Tuan, Director General of the Payment Department under the State Bank of Vietnam, stated that digital payments have been widely integrated into public services, e-commerce, education, healthcare, transportation, tourism, social welfare, taxation, treasury operations, and business activities. By the end of 2025, the rate of cashless payments in e-commerce reached 66.8%; 98.7% of enterprises successfully registered for electronic tax payments; the proportion of social insurance and unemployment benefit recipients receiving payments through cashless methods in urban areas reached 82%; and 100% of universities in urban areas accepted tuition payments through banking systems.

Employees of a commercial bank in Tran Bien Ward assist customers in using digital banking services.

Dam The Thai, Deputy General Director of HDBank, shared that the bank has implemented integrated solutions combining sales management software, electronic invoicing, and direct tax payment connectivity, helping business households save up to 80% of management time. HDBank has also pioneered the deployment of healthcare kiosks and the EduPay payment solution in hundreds of hospitals and schools, automating tuition and hospital fee payment processes.

In Dong Nai, banks have been actively deploying online banking services and expanding digital services, enabling people to access and use digital banking more conveniently. These efforts promote digital and cashless payments.

Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam’s Region 2 Branch, said the banking sector in Dong Nai will focus on expanding and developing account services, with bank account opening for customers as the top priority. In particular, many banks in the area have strengthened data connectivity with tax, customs, and statistical agencies to obtain information on enterprises and business households for credit appraisal and assessment of qualified customers. The move is intended to expand and develop electronic lending methods and cash-flow-based lending. At the same time, banks will reform processes and procedures and disburse loans quickly and effectively to support businesses and promote growth in production and business activities in the area.

According to experts, technologies such as big data, artificial intelligence, digital identity, and biometrics are fundamentally changing production and consumption methods. Digital and smart payments are now present at nearly every touchpoint of daily life, from e-commerce and public services to healthcare, education, and tourism, creating an important data foundation for expanding the digital ecosystem.

Controlling risks and ensuring data security

As digital and smart payments continue to develop, ensuring the security of customer information and data remains a top priority. Transactions are becoming faster, but they must also become safer; systems are becoming more open, but they must remain well-controlled; and broader connectivity must be accompanied by stronger data protection.

Pham Anh Tuan emphasized that trust is the most important “invisible infrastructure” of digital payments, as people will not use services if they feel unsafe amid increasingly sophisticated scams such as deepfakes and malware. Therefore, payment security has become a crucial component of economic security and national financial safety.

To build this protective shield, the banking sector has implemented biometric authentication and data cleansing based on the national population database. By the end of May 2026, the system had issued more than 4.4 million warnings and successfully blocked over 1.5 million suspicious transactions with a total value exceeding VND 5 trillion.

According to Prof. Dr. Nguyen Duc Trung, Rector of Ho Chi Minh City University of Banking, the transition from merely having digital payment methods to establishing standardized, secure digital payments linked to other financial services does not occur automatically. It requires synchronized development of legal frameworks, integrated technical infrastructure, and responsible data governance.

Smart payment is not the destination but the starting point. The fundamental value of smart payment lies not in the transaction itself but in the data layer generated by every transaction. When this data is managed effectively and used responsibly, it becomes the foundation of a comprehensive financial ecosystem in which credit, insurance, investment, and personal financial management services become accessible to all individuals and organizations in the economy.

At the seminar “Smart Payments Drive Digital Finance,” Deputy Prime Minister Nguyen Van Thang emphasized that digital data, digital identity, digital connectivity, and digital payments are gradually forming a modern, transparent, and more convenient financial foundation for people and businesses.

Deputy Prime Minister Nguyen Van Thang asked the State Bank of Vietnam to continue coordinating with ministries, sectors, and relevant agencies to improve institutions and policies, creating favorable conditions for innovative payment models while ensuring risk management and system security. Localities should actively implement measures to expand financial inclusion, particularly in rural, remote, and disadvantaged areas, and to develop cashless payment acceptance networks down to individual businesses, households, and traditional markets. Banks, payment intermediaries, and technology companies should continue improving products and service quality while ensuring information security and consumer protection.

By Hai Quan - Translated by Diec Quyen, Minho