TPBank has become the Vietnamese first bank to allow all domestic cardholders to make payment and withdrawal transactions in the Republic of Korea (RoK) in addition to international debit cards or credit cards.
Banks have embarked on the conversion of magnetic payment cards into chip cards for greater security, but the COVID-19 pandemic has significantly slowed down their efforts, making it difficult for them to meet the deadline.
Money can spread germs and bacteria, and amid the complicated developments of the novel corona virus Sars-CoV-2, many people have switched to cashless payments to protect them from unnecessary contact with contaminated money.
Despite high costs, domestic banks are issuing more chip cards that meet EMV standards to replace magnetic strip cards in order to improve security and meet the central bank’s regulations.
The city of Da Nang, the central region’s major economic driver, is making headway in raising awareness on the benefits of cashless transactions as well as in building financial and technical infrastructure for the future development of a cashless society.
Vietnam’s cyber security is being compromised, posing new challenges in ensuring information safety, especially in the finance-banking sector, State agencies and organisations, experts warned at a recent conference.
Renowned brands like Samsung, Oppo, LG, Jetstar, Vinamilk, Mattana, Canifa, and Uma, among others, will offer their products at a substantial discount during the fifth Online Friday scheduled for December 7.
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.
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.
Total State budget revenue in HCM City reached 347.98 trillion VND (15.32 billion USD) in 2017, slightly more than the year’s target, and up 13.5 percent compared to 2016, according to the city’s State Treasury.
The State Bank of Vietnam will allow domestic commercial banks to start
companies responsible for transporting cash to branches and transaction
offices in order to reduce related expenses.
With security threats becoming more sophisticated, banks needed to
ensure security of payment card data, delegates told a seminar in Ho Chi
Minh City last week.
Enterprises that charge for using payment cards will be punished, Bui
Quang Tien, Director of the Payment Department at the State Bank of
Vietnam, told Thoi bao Kinh te Viet Nam (Vietnam Economic Times).
The State Bank of Vietnam (SBV) will this year complete all
related legal frameworks for the use of plastic money – credit and debit
cards, as well as other forms of electronic payment.
Vietnam's banking sector will have to develop more useful and modern
services to meet future challenges, and the application of information
technology and security systems will play a more important role in the
future, experts said at a conference on Dec. 9.
Experts discussed ways to encourage Vietnam to adopt the new POS
(Point of Sale) plastic money system of paying for their shopping at a
conference to introduce Vietnam Banking 2010.
Local bank-card companies are promoting the connection of their
automatic teller machines (ATM) and point of sale (POS) systems
nationwide to create convenience for customers and contribute to the
development of non-cash payment tools in Vietnam.
Business
