A customer conducts a cashless transaction at a store. The State Bank of Vietnam (SBV) is urging businesses and ministries to boost the use of cashless payments this year. (Photo: baochinhphu.vn) Hanoi (VNA) - The State Bank of Vietnam (SBV) has issued aresolution to boost cashless payments in the country.
In SBV’s Resolution01/CT-NHNN, issued on January 3, Governor Le Minh Hung asked financial institutions and SBVunits to improve their performance, ensure macroeconomic indicators areaccomplished and the banking sector operates healthily in 2020.
Among key tasks set for 2020is to boost the use of cashless payments, as the SBV and the Ministry ofInformation and Communications are working to launch mobile money services thisyear.
In the resolution, banks areasked to encourage the use of cashless payments for government-funded servicesand assure the payment system functions properly, securely and stably.
“(Banks) must improve andupgrade their technology and telecommunication facilities, develop digitalbanking services and assure cybersecurity in their activities,” the resolutionstated.
The SBV’s latest resolutionis expected to comply with the Government’s Resolution 02, which puts the useof cashless payment among key tasks to improve the business environment andnational competitiveness in 2020.
In the resolution, theGovernment requests ministries, ministers and ministry-level agencies to put atleast 30 percent of their services online, and allow people and enterprises tomake cashless payments by different methods.
By the end of 2020, the SBV,Ministry of Justice and related agencies must complete policies on mobile moneyservices to help regulators deal with cross-border transactions.
According to the SBV, thenumber of ATMs totalled more than 18,900 at the end of October 2019, the numberof point-of-sale (PoS) machines was nearly 283,000 and the number of cards incirculation was 98.2 million.
The figures were up 17.3 percent,44.5 percent and 15.8 percent on-year, respectively.
Average trading value viainterbank electronic payment system (IBPS) was 375 trillion VND (17 billion USD) per day.
Trading values made via PoSmachines, mobile phones and online were 491 trillion VND, 4.26 trillion VND and 17.7trillion VND, respectively.
The three figures were up66.3 percent, 221.2 percent and 36.6 percent on-year, respectively.
In 2020, the SBV targets tokeep average inflation below 4 percent and total credit growth at 14 percentand maintain a stable macroeconomic condition, as well as stable monetary andforeign exchange markets.
The SBV also asked its unitsand financial institutions to make sure loans are provided to the rightborrowers, avoid bad debts and create a sufficient capital channel for theeconomy.
The banking sector must alsoimprove the quality of administrative procedures in line with the Government’sattempt to improve the domestic business environment and nationalcompetitiveness. /.
