More connections to promote cashless payment

VCN - Non-cash payments have grown sharply in addition to continuous payment products and services of the banking system to facilitate people.
Measures should be strengthened to promote cashless payments.
Measures should be strengthened to promote cashless payments.

According to the State Bank of Vietnam (SBV), the State Bank has issued circulars and instructions for opening electronic customer identification accounts under eKYC. Moreover, since 2015, the SBV has approved a number of units to develop non-cash payment methods in rural areas, in the form of cooperation between commercial banks and a number of other organizations.

Regarding mobile money services, up to now, there have been nearly 72,000 transaction points and service providers. In the first nine months of 2022, there are nearly 14 million customers using this service, of which 37.5% are in rural areas with a total transaction value of VND 167,680 billion.

However, discussing at the seminar "Solutions to enhance non-cash payment services in rural, remote and isolated areas" organized by the Government Portal on December 13, Mr. Pham Anh Tuan, Director of the Payment Department (SBV) said that the process of implementing non-cash payments encountered many difficulties and obstacles. For example, the habit of using cash, fear of receiving new technology, fear of safety and security when using online payments.

In addition, the legal basis for correspondent banking is still in the pilot phase. Therefore, the SBV will submit to relevant ministries and agencies to submit decrees related to non-cash payments.

In fact, banks and financial intermediaries have been active in promoting cashless payments. For example, banks have stepped up investment in digital transformation, not only applying mobile phones, or Internet Banking but also investing a lot in infrastructure as well as connecting payment points.

Moreover, the payment intermediary company and the telecommunications company have also been linked. Mr. Nguyen Hoang Long, Deputy General Director of National Payment Joint Stock Company (NAPAS), said that the connection between NAPAS and telecommunications units has opened up cash flow to connect the mobile system money and the bank account system.

Currently, the banking industry and the telecommunications industry both have two ecosystems of payment and customer, so they have deployed many services and many payments.

For example, in deploying technology support, Viettel group also makes use of the customer files and bank accounts to make payments and spend on it. Those who pay for goods and services using QR deployed by NAPAS and banks are able to carry out this QR service for mobile money for payment units for goods and services of the banking industry.

Nguyen Minh Tam, Vice Chairman of the Card Branch, representative of the Banking Association, and Deputy General Director of Sacombank, said that banks push up digital transformation as well as apply diverse payment methods to facilitate customers.

“But each stage must be implemented together, not separately, from connecting with payment intermediary organizations, card organizations, mobile money, or financial technology companies (Fintech). The purpose is to develop more and more retail payment points, and encourage more people to use payment," said Nguyen Minh Tam.

By Hương Dịu/Thu Phuong

Related News

Closely and effectively managing State fund

Closely and effectively managing State fund

VCN - Following the socio-economic management policies and the state budget estimate for 2024, the State Treasury has managed the state fund proactively, publicly and effectively, thereby ensuring the state budget balance.
Solutions to prevent fraud via QR payment

Solutions to prevent fraud via QR payment

VCN - Newly published information based on statistical data in the nationwide Payoo payment acceptance network shows that cashless payment activities continue to spread widely with the total value of cashless payments via Payoo increased 58% over the same period last year.
The State Treasury implements nine key tasks in 2024

The State Treasury implements nine key tasks in 2024

VCN - The deployment of key tasks plan in 2024 (refer to the Plan) of State Treasury was issued to focus resources on completing tasks during the year and following the proposed strategies.
The WB highlights a series of challenges, the banking system must enhance resilience

The WB highlights a series of challenges, the banking system must enhance resilience

VCN - World Bank experts believe that the banking sector continues to face challenges in the first half of 2023 and needs improvement to enhance the resilience of the banking system.

Latest News

Ensuring financial capacity of bonds issuers

Ensuring financial capacity of bonds issuers

VCN - The Ministry of Finance is finalizing the draft Decree amending and supplementing Decree No. 155/2020/ND-CP detailing the implementation of a number of articles of the Securities Law. The amendment aims to continue to perfect the legal framework and overcome some shortcomings arising in the practice of the securities market.
Finance ministry announces five credit rating enterprises

Finance ministry announces five credit rating enterprises

One more company has been granted the certificate of eligibility since August.
The capital market will see positive change

The capital market will see positive change

VCN – Vietnam’s capital market has more balanced, harmonious and sustainable. However, besides the achievements, the market still faces many potential challenges. In order for the capital market to become an effective and sustainable capital mobilization channel, further improving the quality of goods and diversifying investors in the market is a key direction.
Corporate bond issuance value rises by 60 per cent

Corporate bond issuance value rises by 60 per cent

In the first 11 months of 2024, the total value of corporate bond issuances reached nearly VNĐ403 trillion, a 60 per cent increase year-on-year.

More News

Slower mobilization than credit may put pressure on interest rates

Slower mobilization than credit may put pressure on interest rates

VCN - According to the latest data from the State Bank of Vietnam (SBV), deposits in the banking system as of the end of September 2024 reached more than 14 million billion VND, an increase of 4.9% compared to the beginning of the year, but the rate was still slower than credit, which could put pressure on interest rates.
Fed’s foreseen rate cuts affect foreign exchange rate

Fed’s foreseen rate cuts affect foreign exchange rate

After the Fed’s move, the US dollar index (DXY) on December 19 hit nearly 108, the highest level in the past year.
Untying the knot for green finance

Untying the knot for green finance

VCN - Green finance is a crucial resource for greening businesses. Completing the policy framework for green finance is urgently needed to unlock this capital flow.
Ensuring efficiency and transparency in use and management of houses and land at State enterprises

Ensuring efficiency and transparency in use and management of houses and land at State enterprises

VCN - According to the Ministry of Finance, the issuance of Directive on strengthening management, improving the efficiency of use and handling of houses and land at State-owned enterprises to ensure the effective management, use and handling of houses and land for the right purposes, and to avoid loss and waste.
Vietnam

Vietnam's stock market to develop strongly and sustainably

VCN - This was emphasized by Minister of Finance Nguyen Van Thang at the Conference to review the work of 2024 and deploy the work of 2025 of the State Securities Commission (SSC) held on the afternoon of December 18.
Tax sector achieves revenue target of about VND1.7 million billion

Tax sector achieves revenue target of about VND1.7 million billion

VCN – Motivated by the revenue collection by the end of December 2024, the General Department of Taxation has accomplished the revenue collection.
General inventory of public assets raises efficiency of use and management of country

General inventory of public assets raises efficiency of use and management of country's resources

VCN – The implementation of the General Inventory Project by the Ministry of Finance, ministries, central and local agencies has ensured progress according to Project 213 and the plan issued by the Ministry of Finance. This is the information provided by a representative of the Department of Public Asset Management (Ministry of Finance) at the press conference on the implementation of the General Inventory Project of public assets organized by the Ministry of Finance on the afternoon of December 18.
Publicizes progress of public investment disbursement for important national projects

Publicizes progress of public investment disbursement for important national projects

VCN – Important national projects, inter-regional transport projects, riverbank and coastal erosion treatment projects all have disbursement rates lower than the estimated average disbursement rate of the whole country, the Ministry of Finance said.
Six SOEs to be transferred back to industry ministry

Six SOEs to be transferred back to industry ministry

Six State–owned enterprises (SOEs) with a total State stake of 800 trillion VND (31.5 billion USD) will be transferred back to the Ministry of Industry and Trade (MoIT) after six years under the management of the Commission for the Management of State Capital at Enterprises (CMSC).
Read More

Your care

Latest Most read
Ensuring financial capacity of bonds issuers

Ensuring financial capacity of bonds issuers

VCN - The Ministry of Finance is finalizing the draft Decree amending and supplementing Decree No. 155/2020/ND-CP detailing the implementation of a number of articles of the Securities Law. The amendment aims to continue to perfect the legal framework and
Finance ministry announces five credit rating enterprises

Finance ministry announces five credit rating enterprises

One more company has been granted the certificate of eligibility since August.
The capital market will see positive change

The capital market will see positive change

VCN - The capital market is an important component of the financial market that provides medium-and long-term capital, contributing to effectively mobilizing and allocating resources and creating an essential material foundation for the grow of national e
Corporate bond issuance value rises by 60 per cent

Corporate bond issuance value rises by 60 per cent

In the first 11 months of 2024, the total value of corporate bond issuances reached nearly VNĐ403 trillion, a 60 per cent increase year-on-year.
Slower mobilization than credit may put pressure on interest rates

Slower mobilization than credit may put pressure on interest rates

According to the latest data from the State Bank of Vietnam (SBV), deposits in the banking system as of the end of September 2024 reached more than 14 million billion VND
Mobile Version