Vietnam is marching towards becoming a cashless society with new methods of electronic payments being deployed widely, but security risks come hand in hand with new technologies and applications.
The COVID-19 pandemic is significantly changing the landscape of the consumer credit market as consumers tend to tighten their budget and pay more attention to healthcare, environment and lifestyle as well as switching to online shopping.
Digital wallets are forecast to overtake credit cards to become the most popular online payment method in Singapore by 2024, amidst the e-commerce boom fueled by the COVID-19 pandemic, according to the latest global payments report by Worldpay from FIS.
Taking advantage of the upcoming Tet (Lunar New Year) holiday, when demand for online transactions, payments, gifts and to send lucky money increases, many hacker groups are stepping up their fraudulent activities aimed at users of banking services and e-wallets.
Taking advantage of the upcoming Tet (Lunar New Year) holiday, when demand for online transactions, payments, gifts and to send lucky money increases, many hacker groups are stepping up their fraudulent activities aimed at users of banking services and e-wallets.
E-wallets are gearing up to offer online lucky money services as the Tet (Lunar New Year) holiday approaches amid the third coronavirus outbreak in Vietnam.
Singapore is opening up access to the payment rails for non-bank e-wallet players that meet the necessary risk-management standards, according to managing director of the Monetary Authority of Singapore Ravi Menon.
The State Bank of Vietnam is drafting a circular regarding cashless payments which might allow domestic commercial banks and domestic intermediary payment companies to co-operate with foreign intermediary payment companies to provide international payment services.
More than 200 entries have been sent to Viet Solutions 2020 - a competition seeking digital transformation solutions for Vietnam - with 72 percent coming from overseas, the organising board said on August 26.
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.
The popularity of contactless payments has rocketed in Vietnam over the last few years, with banks launching more options for customers to enjoy going cashless.