Vietnam pushes for cashless payment in post-pandemic period

Update: 15:36 | 18/04/2022

In the wake of the Covid-19 pandemic, the shopping habits of Vietnamese consumers have changed remarkably, with more and more adopting cashless payment, a significant step toward a cashless society.

Today instead of cash, consumers are turning to more practical methods such as chip-mounted bank cards, QR code payment, electronic wallets and mobile banking apps.

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QR code payment is becoming more and more popular in Vietnam.

According to Le Van Tuyen, deputy head of payment at the State Bank of Vietnam (SBV), payment activities of people and organisations, especially young people have reached the global technological standards. Electronic payment methods combined with advanced encryption and authentication solutions are making them increasingly safe and secure.

Notably, recent years have seen a strong push for electronic payment in the government’s delivery of public services, in which one of the important solutions was the launch of the National Public Service Portal in 2019. Many public services are now available on the portal, providing convenience and swiftness for people.

According to the Deputy Director of Napas, which links payment systems in Vietnam, the company has completed connecting the payment infrastructure with 48 localities and 15 government agencies to provide online payment services for five groups of public services on the portal.

To promote cashless payment in Vietnam, the SBV has taken various measures, one of which is finetuning the legal framework, mechanism and policy. Under the central bank’s digital transformation plan, Vietnam aims to develop the model of digital banks to increase service offerings, enhance customer experience and realise the goals of financial inclusion.

To encourage customers to engage in more cashless payment activities, it is also necessary to focus on risk management. The standards of Vietnamese banks are now similar to international standards, so the task of risk prevention and security must come first to ensure the rapid and sustainable development of the payment market.

Banks must meet global security standards and strictly comply with international regulations, especially in preventing card forgery when international travel rebounds following Vietnam’s full opening.

Non-cash payment development plan in 2021-2025 approved
Deputy Prime Minister Le Minh Khai signed a decision on October 28 to approve the project on developing Vietnam’s non-cash payment for the 2021-2025 period.
 
Bac Giang enhances non-cash payment solutions
(BGO) – Currently, the rate of cash payment is much higher than the set target for national payment method, accounting for 11.33 percent.
 
Bac Giang accelerates cashless payment
(BGO) – After reviewing the proposal from the Bac  Giang branch of State Bank, the People’s Committee in the northern province of Bac Giang has issued document to urge the acceleration of cashless payment service.
 
Vietnamese take increasingly to cashless payments
Non-cash payments have increased sharply, especially through mobile devices and the internet, according to the State Bank of Vietnam.
 
Vietnam cashless spending up 39 percent
Spending via Visa credit and debit cards last year surged 39 percent year-on-year as Vietnamese consumers became less dependent on cash.
 
Further fee reductions to promote cashless payments amid COVID-19
The fees for fast interbank fund transfers will be cut for the second time this year to promote cashless payments amid the rapid spread of the COVID-19 outbreak, the National Payment Corporation of Vietnam (NAPAS) announced on March 16.
 

Source: NDO

 
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