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Vietnam has seen a digital wave in the finance-banking industry, with many lenders investing significantly in digitisation, experts have said.

Vietnam has seen a digital wave in the finance-banking industry, with many lenders investing significantly in digitisation, experts have said.

HCM City is on course to build a smart city, so building a cashless society is among its main goals, said Vice Chairman of the municipal People’s Committee Tran Vinh Tuyen.

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.

Non-cash payments continue to boom in Vietnam this year as the country has seen a surge in banking transactions and mobile payments in the first four months of the year, according to an official from the State Bank of Vietnam (SBV).

Non-cash payments have increased sharply, especially through mobile devices and the internet, according to the State Bank of Vietnam.

While non-cash payments are admittedly on the rise, the cash payment habit and limited development of technology infrastructure are big problems for the country’s non-cash economy, experts have said.

Vietnam's banks and financial institutions must be ready for a digital transformation, said policymakers and experts at a workshop held in Hanoi on October 25.

The number of non-cash payments in Vietnam has steeply risen so far this year.

The State Bank of Vietnam is working to complete the legal corridor and build rational mechanisms to boost cashless payments, which helps prevent corruption, money laundering, and tax invasion.

The State Bank of Vietnam (SBV) is working to complete the legal corridor and build rational mechanisms to boost cashless payments, which helps prevent corruption, money laundering, and tax invasion.

Vietnamese businesses should take advantage of e-commerce to export to global markets, experts said at a conference on e-commerce and international exports via Alibaba.com held in Ho Chi Minh City on May 22.

Vietnam's interbank e-payment system handled 37 million transactions worth nearly 21 quadrillion VND (898.4 billion USD) in the first quarter of the year, up 23 percent and 17.8 percent respectively compared to 2018, according to the State Bank of Vietnam (SBV).

The growth of the number of people making mobile payments in stores in Vietnam is at the fastest, according to the Global Consumer Insights Survey 2019 by PwC.

Thailand has emerged as the second-fastest growth for mobile payments in Southeast Asia behind Vietnam, which is the global leader, according to the Global Consumer Insights Survey 2019.

Telecommunications firms are ready to pilot a mobile money service thanks to their modern technology infrastructure, customers, wide transaction point networks and financial resources.

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.

Embracing the digital transformation is critical for Vietnamese bankers in the era of Industry 4.0, experts said during the 2019 Asian Banker Conference in Hanoi on January 10.

Vietnam is likely to become Southeast Asia’s fintech (financial technology) hub, according to an article posted on theaseampost.com.

The Government will continue to fine-tune legal regulations to popularise the payment of public services through banks, deputy governor of the State Bank of Vietnam (SBV) Nguyen Kim Anh said.