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 central bank said Vietnam has leapfrogged Singapore and Malaysia in electronic payments.

Meanwhile, the Global Consumer Insights Survey 2019, conducted by PricewaterhouseCoopers in 27 territories and countries worldwide, have shown that the growth in the number of people making mobile payments in Vietnamese stores is at its fastest.

The country’s mobile payments increased from 37 percent last year to 61 percent of digital payments in 2019.

The bank said that in the first quarter of this year, the inter-bank system handled more than 37 million transactions worth nearly 898 billion USD, up 23 percent in the number of transactions and 17 percent in value, respectively from the same time last year.

Commercial banks have worked to integrate more functions on payments, enabling their customers to pay for all kinds of bills through their bank accounts. To date, there are 75 banks offering internet payment services, and 41 others providing mobile payment.–VNA