The volume of non-cash payments in Vietnam is rising, but measures are still needed to promote POSs and QR payment. (Photo: VNA) Hanoi (VNS/VNA) - The Government has issued measures to boost non-cashpayment methods in the country this year.
UnderResolution 02/NQ-CP released early this week, the Government required the StateBank of Vietnam (SBV) to report on a project exploring depositing cash intoelectronic wallets without bank payment accounts. All commercial banks andpayment intermediary providers must also apply QR code standards before thethird quarter of this year.
TheSBV was also instructed to co-ordinate with the Ministry of Finance topublicise details of the types of transactions subject to bank payment. It mustalso propose amendments to regulations aimed at encouraging non-cash paymentsin real estate transactions.
Meanwhile,chairpersons of provincial and municipal People’s Committees must direct allschools, hospitals and suppliers of electricity, water, sanitation,telecommunications and postal services in urban areas to co-ordinate with banksand payment intermediary providers to collect fees using non-cash paymentmethods, with the priority being mobile and points of sale (POS), beforeDecember this year.
TheGovernment also required the Ministry of Finance to review and amend financial regulationsunder its management before the third quarter of 2019 to create favourableconditions for firms to use non-cash payments.
TheSBV’s data showed the country has nearly 18,300 ATMs and more than 289,000POSs. Up to 76 banks provide Internet Banking services and 44 have mobilepayment services. There are 24 electronic wallet providers.
Accordingto the SBV’s Payment Department, non-cash payments are becoming a trend in Vietnamand the use of cash is falling. By the end of the third quarter of 2018, thevolume and value of transactions via ATM increased by 12 per cent and 16 percent respectively against the end of 2017. The rates of payments via POS werealso high at 42 per cent and 29 per cent, respectively.
EconomistVu Viet Ngoan suggested the Government create a suitable environment for newproducts and services that promote the development of contactless paymentmethods. This could be a foundation for building e-government in Vietnam.
Sharingthe same view, Truong Van Phuoc, acting Chairman of the National FinancialSupervision Commission, said the rapid development of technologies in theglobal financial sector has brought benefits and opportunities to consumers,businesses and management agencies. As Vietnam has become more deeply integratedinto the world economy, a modern fintech foundation could help the country’sbanking and finance sector participate in the global value chain, allowingbreakthroughs for Vietnam.-VNS/VNA
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