The number of transactions via QR codes has increased by almost five times since 2018. (Photo: VNA) In terms of transaction volume, while there wereapproximately 700 million transactions in the clearing and settlement system in2019, a figure considered ambitious at that time, by 2023, the number oftransactions had reached 7 billion, a ten-fold increase from 2019.
In comparison to 2017 with just a few banksimplementing mobile banking, all transactions can be processed on mobile platforms,offering customers unprecedented speed and convenience. Previously limited tobanking activities, now users can perform various tasks such as bookingflights, selecting seats, ordering taxis and paying utility bills throughbanking apps.
Payments via the Internet, mobile and QR codeshave seen a period of rapid growth. Currently, 85 organisations provide paymentservices through the Internet, and 52 organisations offer mobile paymentservices. Average annual growth in the number of transactions through Internetand Mobile payments is 46.48% and 90.12%, respectively. QR code, in particular,has seen an average annual growth in the number of transactions reached 471.13%since 2018.
However, SBV Deputy Governor Pham Tien Dung saidas the number of customers and transactions increases, the rising complexityposes many challenges for managing and ensuring security in the paymentindustry. Challenges include the growth in the number of accounts associatedwith issues such as using fake documents to open payment accounts, individualsopening accounts and then selling them to others, and engaging in illegaltransactions. There are also risks related to the security of the paymentsystem. Therefore, ensuring security becomes a crucial task as many banks haveexceeded the 25 million customer mark.
Regarding measures to bolster payment security,Pham Anh Tuan, head of the Payment Department under the SBV, said the centralbank has been working closely with the Ministry of Public Security (MPS) andother governmental agencies to implement steps to prevent and minimise therisks of fraud, deception and loss of payment.
As a result, 42 million customer records havebeen screened and cross-referenced with another 6.5 million recorded inprocessing by the end of 2023.
As many as 48 credit institutions have contactedthe MPS to exchange data cleaning plans. Fifty-three credit institutions arecoordinating with enterprises licensed by the MPS to provide userauthentication solutions, using chip-embedded citizen identity cards, with ninecredit institutions already implementing this solution.
According to a representative from the MPS,after eight months of implementation, the basic tasks have been carried out inline with the directives of the leaders of the Ministry of Public Security andthe State Bank, focusing on cleaning up customer data, applications ofchip-embedded citizen identity cards, and VneID accounts for user verificationand customer identification, contributing to supporting crime preventionefforts and fraud prevention in payments.
A representative from Vietcombank said that theyhave completed eight out of 11 tasks in 2023. In 2024, Vietcombank willcontinue to upgrade and expand the scope of applications both at the countersand through electronic channels.
In addition, the bank has plans to use VneID foruser authentication and updating customer information, opening accounts, andregistering products and services through the VNeID app, as well as openingaccounts and registering enhanced products and services on VCB Digibank.
A representative from VietinBank stated that thebank has collected more than 6 million biometric data of customers through theeKyC account opening process, as well as through biometric data collection onphones and at the counters./.
VNA
