Strong e-payment growth recorded in 2019

Cashless payments grew strongly in 2019 with 635 000 transactions worth a total of VND380 trillion recorded each day
strong e payment growth recorded in 2019

A customer makes a mobile payment. Cashless payments grew strongly in 2019 - Photo: VNA

Speaking at a meeting in Hanoi City on December 31 last year, Pham Tien Dung, director of SBV’s Payment Department, noted that as of November 30, 2019, e-payment transactions had soared by 17.8% year-on-year.

The director stated that last year, the country saw outstanding results for e-payments. In November, domestic transactions with bank cards surged by over 42.5% year-on-year, with the total value soaring by 35.4%, whereas online payments rocketed by 69.4% in volume and soared 37.1% in value versus the figures seen in November 2018.

Mobile payments also skyrocketed by 196.8% in volume and 225% in value, he added.

The country has seen up to 50 banks cooperating with the customs agencies to collect taxes online. Some 95% of customs agencies’ collections have been conducted through banks, and 99% of firms have registered for e-tax payments.

Besides this, 27 banks and 10 intermediate payment service providers have offered electricity fee collection services to power companies.

Moreover, as many as 30 hospitals have launched e-payment services. Some hospitals saw 35% of the total transactions being conducted under the non-cash payment model.

This year, the banking sector will continue to build and introduce its technology infrastructure and expand its scale of payment services for residents to ease their payments.

Source: Saigon Times

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