Vietnam to close 86M bank accounts for lack of biometric data
19 hours ago
- #cashless-payments
- #digital-economy
- #biometric-verification
- SBV strengthens legal frameworks to boost cashless payments.
- Non-cash transactions in 2024 reached 295.2 quadrillion VND (26 times GDP).
- 86.97% of citizens aged 15+ had bank accounts by end of 2024.
- Data cleansing reduced active bank accounts from 200M to 113M personal + 711K organizational.
- Biometric verification will close inactive accounts by September 2025 to prevent fraud.
- 2025 'Cashless Day' theme: 'Non-cash payments driving digital economic development'.
- Interbank electronic payments in Q1 2025 grew 9.6% in volume, 36.81% in value YoY.
- Non-cash transactions rose 44.43% YoY, with QR code transactions up 81.64%.
- Vietnam has 10.4M Mobile Money accounts, 72% in rural/remote areas.
- 47 licensed e-wallet providers with 30.27M active wallets (65.8% of issued).
- SBV collaborates on Project 06: 57M loan applicants verified, 111.8M biometric checks completed.