Vietnamplus

The impact of COVID-19 in Vietnam has spurred more than ever the growth of cashless payment, including electronic purses.

The COVID-19 pandemic not only creates challenges for banks, but also pushes them to foster digital transformation to survive, experts have said.

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 National Bank of Cambodia (NBC) has urged customers and retailers to use e-wallets and apps to help prevent the spread of COVID-19.

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.

Global e-payment provider Visa recently announced an accelerator programme for start-ups in Asia-Pacific, including 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.

Non-cash payment activities have developed strongly in recent years with many payment services such as digital banks and e-wallets.

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.

The COVID-19 pandemic has caused a serious effect to the economy, but it has helped accelerate the race for banks to go digital.

Vietnamese e-wallets have lured hefty sums from diverse partners over the past time, turning the segment into one of the investment hotspots.

Commercial banks have issued warnings to customers about examples of fraud that are common during Tet (Lunar New Year).

MoMo was voted the most popular electronic wallet in Vietnam in 2019 in a poll conducted by Nhip Cau Dau Tu (Investment Bridge) magazine.