Non-cash payment method gets popular

Non-cash payment method has been getting popular in Vietnam. (Source: courtesy of Vietinbank)

Hanoi (VNA) – Non-cash payment has gradually become a trend in Vietnam as cash-used expense saw a remarkable reduction, according to the State Bank of Vietnam’s Payment Department.

Cash-used payment has reduced from 14.02 percent in 2010 to 12 percent at present, it reported.

A number of payment methods and services based on technology have been introduced to payers and the economy.

According to the department, 96.2 million cards have been issued nationwide, up 210 percent from early 2011.

There are 60 organisations providing Internet Banking payment services and 30 organisations providing Mobile Banking payment services.

The payment infrastructure has been improved, evidenced by the rapid increase of ATMs and Point-of-Sale (POS), by 47 percent and 300 percent, respectively.

Commercial banks are interested in developing retail banking services and individual customers with the number of individual accounts reaching 57.8 million.

Some commercial banks implemented services for paying electricity and water bills, telephone, telecom, insurance, and cable television fees, among others.-VNA