The new regulation is intended to improve the efficiency, security, transparency and traceability of transactions, while promoting the development and use of the national payment system, the Government said in a press release.
Vietnam ranked second in Asia-Pacific in the rate of consumers’ frequency of art performance attendance inside and outside the country in the January-December period at 41%, only after India at 45%, according to the latest Green Shoots Radar report released by Visa, the world's leading electronic payment firm.
The digital transformation day of the banking sector will be held on May 18, the State Bank of Vietnam (SBV) announced at a press conference in Hanoi on May 11.
The banking sector hopes that by 2025, the volume of mobile payment transactions will grow by 50 - 80 percent while transaction value will surge 80 - 100 percent annually.
The shift towards electronic payment is now an established trend with half of Ho Chi Minh City’s public hospitals embracing it, health authorities have said.
Minister and Chairman of the Government Office Mai Tien Dung requested saving time and costs for businesses, during a meeting with ministries and agencies in Hanoi on January 6.
An entrenched cash using habit and safety concerns are the main reasons for people not to switch to non-cash payments, a workshop heard in Ho Chi Minh City on January 15.
As demand for cash withdrawals at ATMs doubles or triples around the Lunar New Year (Tet) holiday, banks are recommending customers use electronic payment or scan their cards at POS machines or use quick response (QR) codes instead of withdrawing cash at ATMs.
Deputy Prime Minister Vuong Dinh Hue has signed a decision encouraging cash-free transactions in Vietnam in order to reduce the number of cash-based deals and control tax evasion.
