Domestic banks have undertaken numerous efforts to expand services and provide alternative transaction methods in a bid to enhance their competitiveness and meet client demand.

These form part of activities to implement the State Bank of Vietnam’s plan, aiming to bring the rate of cash transactions to below 11 percent in the 2011-2015 period.

The Vietcombank Securities Joint Stock Company together with the Nhat Ha 3 hotel in Ho Chi Minh City launched discount programmes for Vietcombank card holders to encourage payment by cards over cash.

The bank also plans to develop mobile-based banking transactions to tap the potential resulting from increased smartphone use.

Meanwhile, Dong A Bank aims to import some 300 auto banking transaction points this year to reduce cash transactions.

In a similar move to enhance competitiveness, Viet A Bank fostered the application of technology to expand its services and improve its service quality.

In late 2014, the bank invested 2 million USD in developing an online transaction system.

According to the SBV, cash transactions represented 12.3 percent of the total means of payment at the end of 2014, a decrease from 12.6 percent in 2013 and 13 percent in 2012.-VNA