Building a digital ecosystem for non-cash payment
The Payment Summit 2019 focused on building out the foundations for a synchronized digital payment ecosystem
The Payment Summit 2019 themed “Building a digital payment ecosystem” organised by the Vietnam Banks Association and OpenWay Group drew the participation of hundreds of experts recently.
At the event, Pham Tien Dung, director general of the Payment System Department of the State Bank of Vietnam (SBV), confirmed that the non-cash payment ecosystem has already drawn great demand to cover payment needs in all areas of life.
“At present, we are no longer bothered by power-bill collectors, who used to knock on our doors while we were having dinner with our family. In addition to bills, we can pay for a lot of different costs via banking apps on the smartphone, like overheads, internet fees, TV cable subscription costs, tuition fees, shopping, and among others,” said Dung.
In 2017, as much as 87.57 per cent of total power revenue was conducted via banks or e-wallet apps. Over the past years, banking services have become popular. The number of inpidual banking accounts has increased to 83.9 million (as of August 2019) from 69 million in 2017 and 60.2 million in 2015, while the proportion of adults holding a bank account rose to 63.7 per cent in 2018, from 52 per cent in 2015.
In public services, digital payment is also growing stronger with the joining of 50 banks. Thereby, 95 per cent of total customs revenue flows in via bank transfer, while 99 per cent of businesses register to pay taxes online.
To date, there are 32 units licensed by the SBV, 28 of which provide payment portal services and 29 of which provide e-wallet services. “Money transfers via mobile banking have already surpassed ATMs,” a representative of the SBV emphasized.
In fact, the number of internet and mobile banking transactions was 204 and 170 million in the second quarter of this year, rising by 60.6 and 109.5 per cent over the same period last year, and the value of transactions also increased remarkably.
“Mobile payment is a trend that supports new technologies like QR code, near field communication (NFC), tokenisation, and biometric authentication,” added Dung from the SBV.
As the first-ranking digital payment processing software by Gartner for almost ten years now and the leader in digital wallet software by Ovum in the last three years, OpenWay is the best choice for banks and financial organisations to provide card and digital payment solutions.
The WAY4 application developed by OpenWay has been applied by 135 banks, financial organisations, and payment intermediaries, switching companies, as well as telcos across Asia, Europe, the Americas, the Middle East, and Africa.
In Vietnam, 14 banks and financial organisations have already set up WAY4, including ACB, Military Bank, VP Bank, MSB, Seabank, Bao Viet Bank, PG Bank, HD Bank, and SmartPay (FE Credit), Lotte Finance Vietnam, and ACS Vietnam (A-EON).
“The digital payment ecosystem based on modern software and applications for card and other payments enables customers to exercise transactions in only half a minute, which is very comfortable and safe. The most important is the digital payment ecosystem optimising the experience for customers and enabling them to change their payment behaviour,” Nguyen Manh Ha, OpenWay Vietnam's country manager, said.
Related News
Ensure deadline for payment of public investment capital at State Treasury
09:34 | 23/01/2024 Finance
Amend Corporate Income Tax to implement Pillar 2 of global minimum tax
15:37 | 30/10/2023 Regulations
The Breakthrough of non-cash payments in the public sector
00:00 | 28/10/2023 Finance
In 5 months, Customs sees a year on-year decrease of 18% in revenue
15:50 | 12/06/2023 Customs
Latest News
Banks strengthen information security systems
14:55 | 03/05/2024 Finance
“Opportune environment” for growth of insurance enterprises
10:15 | 03/05/2024 Finance
Closely monitoring fluctuations to calculate the appropriate time to adjust prices
15:35 | 02/05/2024 Finance
Strictly monitor market fluctuations to appropriately adjust prices
14:46 | 27/04/2024 Finance
More News
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
Vietnam seeks to remove obstacles in upgrade of securities market
13:50 | 25/04/2024 Finance
Price stability from supply increase and transparency in trading in gold market
09:42 | 25/04/2024 Finance
SBV takes more actions to stabilise foreign exchange rates
13:43 | 24/04/2024 Finance
Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT
10:35 | 24/04/2024 Finance
Corporate bond maturity in 2024 remains high: MoF
13:51 | 23/04/2024 Finance
Support clearance procedures for imported gold for bidding
09:33 | 23/04/2024 Finance
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low
09:32 | 23/04/2024 Finance
Your care
Banks strengthen information security systems
14:55 | 03/05/2024 Finance
“Opportune environment” for growth of insurance enterprises
10:15 | 03/05/2024 Finance
Closely monitoring fluctuations to calculate the appropriate time to adjust prices
15:35 | 02/05/2024 Finance
Strictly monitor market fluctuations to appropriately adjust prices
14:46 | 27/04/2024 Finance
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance