Governor of the State Bank of Vietnam Le Minh Hung speaks at the Q&A session on November 1 (Photo: VNA)

Hanoi (VNA) – The number of transactions using new modes of payment has seen strong surges this year, Governor of the State Bank of Vietnam Le Minh Hung reported to the National Assembly during the Question-and-Answer session on November 1.

According to Hung, payment through the internet in the first eight months of this year went up 48 percent in number of transaction and 27.7 percent in value compared to the same period in 2017. Mobile payment shoot up 40 percent in transaction volume and 147 percent in value.

The Governor added that transactions using POS machines also increased remarkably, noting that the number of POS machines in the country as of the end of August was 23.6 percent higher than the figure at the end of 2016.

The top banking official also said the inter-bank electronic payment system has operated smoothly and stably, with transaction number in the first eight months of this year rising 28.3 percent and value 30.1 percent year on year.

Non-cash payment in the public sector is also expanding. The Prime Minister has approved a project submitted by the SBV on stepping up payment through banks for public services. As of the end of August this year, the inter-bank electronic payment system had been connected with the tax payment system at 63 state treasuries in cities and provinces nationwide.

Governor Hung noted that the SBV had issued 10 circulars on promoting non-cash payment and ensuring security and safety of payment activities, creating the legal foundation for the development of non-cash payment.

At the same time, the SBV also paid attention to communication activities to advocate non-cash payment, the governor said, citing as an example a joint programme between the bank and Vietnam Television called “smart money and wise children” designed to raise public awareness about financial services.

The three-day Q&A session in the NA’s 6th session will conclude today (November 1).-VNA