A customer using SmartPay to pay for her goods (Photo: baotintuc.vn) Hoa said she got her e-wallet a year ago after some colleagues told herabout its convenience. Now Hoa uses her e-wallet for most transactions.
"It is simple, easy and safe to use and it is free to top up or withdrawmoney from e-wallet to my bank accounts," Hoa said.
She said the e-wallet proved its efficiency amid the COVID-19pandemic when she has to limit physical contact to stay safe.
Hoa is one of many Vietnamese customers who, since the start of thepandemic, now favour non-cash payments like e-wallets.
Thanh Trang, an employee of a private company in Hanoi, said using non-cashpayment has become a habit of hers in recent years.
"I find cashless payment very convenient, now I rarely withdraw cashunless I pay for vegetables at the market and for my breakfast. Even whenI forget my wallet or don't have small change left, I can transfermoney to sellers via internet banking," Trang said.
"I'd rather forget my wallet than my phone when I hang out," Trangsaid, during the pandemic, cashless payment also helps reduce risks ofinfection, she added.
"The prolonged lockdowns keeping people at home, combined with consumers’fear of catching COVID-19, has accelerated their preference toward usingdigital transactions. Up to 67 percent of Vietnamese consumers said theywould like to use contactless payment whenever applicable," according to ThueQuist Thomasen, CEO of YouGov Vietnam.
At the same time, financial institutions have been competing to develop andprovide the best digital platforms for their customers. Apps that are highlysecured, user-friendly and fully integrated will encourage many Vietnameseconsumers who are interested in trying the latest technology products,services and apps toward the digital transformation, he said.
"I believe that the cashless future for Vietnam is near," he added.
Accordingto AppotaPay's forecast, the cashless payment market will grow strongly in thenext three to five years. In particular, mobile money and e-wallets will be keyservices to help expand non-cash payments share in the Vietnamese market.
A recent report by the Government showed out that cashless paymentscontinue to become more popular, topping 36.28 quadrillion VND (1.6billion USD) in the first nine months of 2021.
During the period, 435.25 million transactions worth 22.78 quadrillion VND weremade via the Internet, up 54.1 percent in volume and 30.7 percent invalue. More than 1.19 billion others worth over 13.5 quadrillion VND wereconducted via mobile phone, surging 74.98 percent in volume and 93.69 percentin value.
Businesses nationwide have made more than 90 percent of their taxpayments via bank transfer. A large number of people have also usedthis method to pay power bills, medical examination and treatment fees orreceive pensions and allowances.
However, payment frauds have also become more common across the country, thereport pointed out.
Being a customer, Trang said she is concerned about scams,account stealing and identity theft when making non-cash payments. Shesuggests banks and app providers ensure payment security and safety.
In recent years, the Government has been facilitating cashless payments inthe country.
On October 28, Deputy Prime Minister Le Minh Khai signed adecision to approve a project on developing Vietnam’s non-cash payment for the2021-25 period.
The project aims to accelerate the growth of cashless payments in Vietnamand make cashless payment methods more popular to people in both urban andrural areas.
The project also intends to improve security, safety and confidentiality innon-cash payment activities, while improving the operational efficiency ofthe banking system and enhance the management of State agencies to ensuretransparency. This will contribute to the fight again corruption, economiccrimes and the prevention of money laundering.
The achievements of Industry 4.0 will also be implemented to upgrade cashlesspayment infrastructures that meet payment demands in a convenient and efficientmethod.
Under the project, cashless payment in e-commerce is estimated to reach 50percent of total transactions by 2025.
Up to 80 percent of Vietnamese people from the age of 15 years oldwill have bank accounts, while the number of points acceptingcashless payments will increase to over 450,000 by 2025.
In terms of public services, 90-100 percent of educational institutions inurban areas will accept the payment of tuition fees through non-cashtransactions while 60 percent of medical examination and treatmentestablishments in urban areas will accept non-cash payment by 2025. Up to 60percent of people in urban areas will receive their pensions,social insurance and unemployment benefits through this payment method.
As per the project, Vietnam also aims to achieve 20-25 percent growth ratesin the number and value of non-cash payment transactions in the next four years.
It hopes to archive the respective average growth rates of 50-80 percentand 80-100 percent each year in the number and value oftransactions via mobile phone, while that of transactions via theInternet is expected to grow 35-40 percent annually.
To this end, top priority should be given to completing the related legalcorridor and policies, upgrading payment infrastructure to be able to connectand integrate with other systems, developing modern payment services andpromoting non-cash payment in the public sector and others./.
VNA
