Vietnamplus

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

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

Since the start of the COVID-19 crisis, Bank Indonesia (BI) has been strengthening its policy mix to stabilise the rupiah, control inflation, support financial system stability and prevent a further decline in economic activities.

Telecommunications firms are turning towards developing their own digital content, the Vietnam Telecommunications Authority (VNTA) under the Ministry of Information and Communications has said.

The Prime Minister has approved a project on accelerating the supply of level-four online services in the field of insurance and other public services based on data sharing between the Vietnam Social Security and related sectors.

Many Vietnamese commercial banks have moved to develop retail banking services, seeing it as a strategy to reduce risks and optimise their business results, according to insiders.

Vietnam is committed to opening door for foreign investors, especially in the field of services, according to the roadmap in signed bilateral and multilateral free trade agreements.

Cashless payment would not only increase the circulation of capital but also help boost the internet economy, said Deputy Prime Minister Vu Duc Dam.

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.

E-wallet firm MoMo launched a cashback programme on November 3 with value of up to 100,000 VND (4.30 USD) per transaction and for four transactions daily at most.

Vietnam is a promising market for fintech companies thanks to its young demographic, strong e-commerce growth, and increasing smartphone and internet users, heard a conference in Ho Chi Minh City on October 31

A workshop discussing measures to remove difficulties facing enterprises in implementing regulations and procedures related to business registration, construction license, asset registration, tax and social insurance was held in Hanoi on October 28.

Representatives from the Ministry of Industry and Trade (MoIT) have stressed the necessity to promote e-payment, and ensure safety in this method.

Credit has been provided for production and business activities and the priority fields while loans for high-risk areas have been further tightened so far this year, the State Bank of Vietnam (SBV) reported.

Sacombank and Alliex Vietnam JSC have signed a deal to create shared POS payment infrastructure that is integrated with many banks and allows many different payment methods.

The Ministry of Health has set out a plan to promote e-payments, or cashless payments, in the health sector, especially for health check-ups and treatment services at medical facilities nationwide.

Deputy Prime Minister Vu Duc Dam has set the deadline for all schools and hospitals in urban areas go cashless in the next three months.

Many schools, hospitals and public service providers have installed QR code readers, enabling their clients to pay their bills via mobile phones and bank cards.

Financial experts analysised and made recommendations on policy orientations for developing and managing Fintech – a new and potential field in Vietnam, at a seminar held in Hanoi on August 20.