June 16 has been chosen as “Cashless payment day”. Aiming at a non-cash payment society, many attractive promotions are offered to create a habit of not using cash for Vietnamese people.
About 35 million people use smart phones in Vietnam, which is a favourable condition for the development of banking services on mobile platform.
Around 99 percent of import and export tax payments in HCM City are made online, according to the customs department.
The Vietnam Bank Card Association, in collaboration with the National Payment Corporation of Vietnam (NAPAS) and 7 commercial banks, launched the first domestic chip cards on May 28.
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).
2018 was the year witnessing the outstanding development of the new payment method via mPOS device. There was 27,500 places accepting payment via mPOS, posting 99 percent year-on-year increase, according to the Vietnam Bank Card Association (VNBA).
Telecommunications firms are ready to pilot a mobile money service thanks to their modern technology infrastructure, customers, wide transaction point networks and financial resources.
Deputy Prime Minister Vuong Dinh Hue has urged domestic firms to embrace digital transformation at a recent business forum.
Vietnam’s first shrimp online transaction floor made its first public appearance in the Mekong Delta city of Can Tho on April 5, helping farmers get the highest possible prices for their product and updates on the cultivation and trade.
The Hanoi People’s Committee has issued a plan to improve the municipal business climate and competitiveness index (PCI) this year.
The number of Vietnamese public administrative services that have been made available online is still low, even after five years of implementing Resolution No.19 on the improvement of the business climate, said Director of the Central Institute for Economic Management (CIEM) Nguyen Dinh Cung.
Non-cash payments bring enormous benefits for individuals, banks and others, helping increase transparency while reducing social expenses relating to using cash.
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.
The Government has issued measures to boost non-cash payment methods in the country this year.
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.
Vietnam is entering the Fourth Industrial Revolution with the participation of all sectors, including the banking system; however, non-cash payment has seen development stall as the country’s population has not yet embraced its benefits.
The ride-hailing application FastGo will debut in Ho Chi Minh City this month, giving another choice of travel and payment methods for customers of the city.
Digital banking will be the future of the Vietnamese banking system, especially amid the development of the fourth industrial revolution, according to experts.
