Non-cash payment development plan in 2021-2025 approved

Update: 22:14 | 30/10/2021

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.

The project aims to boost the growth of non-cash payment in Vietnam and make non-cash payment methods more popular to people in both urban and rural areas.

Non-cash payment, development plan, payment methods, urban and rural areas, payment infrastructure, payment demands

The project aims to make non-cash payment methods more popular to people in both urban and rural areas.

The project is also expected to apply the achievements of the Industry 4.0 to upgrading non-cash payment infrastructure to meet payment demands in a convenient and efficient method.

The value of non-cash payments is projected to be 25 times higher than the GDP by 2025 while non-cash payment in e-commerce is estimated to reach 50% of total transactions.

Vietnam also expects to have 80% of its people from the age of 15 years old having bank accounts and increasing the number of points accepting cashless payments to over 450,000 by 2025.

Regarding public services, 90-100% of educational institutions in urban areas will accept the payment of tuition fees through non-cash transactions while 60% of medical examination and treatment establishments in urban areas will accept non-cash payment by 2025.

Under the project, Vietnam also expects to achieve 20-25% growth rates in the number and value of non-cash payment transactions in the next five years.

To achieve the set targets, the project will implement various solutions such as completing the related legal corridor and policies, upgrading payment infrastructure to be able to connect and integrate with other systems, developing modern payment services and promoting non-cash payment in the public sector and others.

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Source: NDO

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