Use of online payments expanded

VCN- Concerned about the risk of spreading disease through cash, people have turned to online transactions. This, together with the stimulus programs of banks and service providers, has created rapid development for non-cash payments since the Lunar New Year.
use of online payments expanded Regulations revised to accelerate payment of public investment projects
use of online payments expanded Government approved support package of more than VND180 trillion for extension of tax and land rent payment deadlines
use of online payments expanded Businesses encouraged to pay Hai Phong seaport fees via 24/7 system

use of online payments expanded
Payments via electronic wallets are increasing.

Increasing use

Grasping the need for online payments, online payment service providers have launched many incentive programs to attract users.

Typically, OCB's OMNI Digital Bank has implemented programs to earn OMNI rewards for online transactions to exchange for gifts with a variety of options such as online shopping vouchers, dining, travel and translation.

In particular, if customers want to save without needing to go directly to the transaction desk, they can do it on OCB OMNI with additional interest rates of up to 0.3% over the counter, applying for each term and deposit amount.

In addition, when wanting to open an account for online transactions, customers only need to register online; the OCB team will come to open a home account for customers. The service currently applies to customers in Ho Chi Minh City and is expected to be deployed in many other provinces and cities nationwide.

TPBank also offers free internal and external bank transfers, including instant fund transfers 24/7; pay bills, top up phone on the TPBank eBank application. The bank is also exempts more than 10 types of transaction fees of businesses. Specifically, TPBank will free online transactions and counter fees including account management fees, in-system remittance fees, eBank Biz annual fees and electricity tax payments.

Similarly, many other banks such as HDBank, KienlongBank, and Sacombank are also implementing promotions and fee reduction programs to encourage customers to do transactions online.

Speedy growth

Since the Lunar New Year, the total number of cashless transactions via NAPAS increased by 76% over the same period last year. Notably, the amount of transactions worth less than VND500,000 increased from 21% to 25%. The total transaction value increased 124% over the same period in 2019.

Talking to Customs News, Mr. Nguyen Ba Diep, Vice President and co-founder of MoMo e-wallet, said that if MoMo previously had to send people to each business five to seven times to convince them to use online payment, at the moment MoMo is making great efforts to quickly process requests for providing electronic payment services for businesses. Payment volume with MoMo on online shopping, food delivery platforms such as Tiki, Lazada, Baemin all grew a few hundred percent. “Especially the amazing boom of buying goods at supermarkets, entertainment applications, online education, medical registration, payment of public services, there are services that increase both dozen times more than before,” Mr. Diep said.

Similarly, Mr. Nguyen Thien Tam, Strategic Director of OCB Digital Banking, said that since the Covid-19 epidemic occurred in Vietnam, electronic transactions via the bank's OMNI channel have grown over 50%.

At TPBank, Nguyen Hung, general director of the bank, said that in the past two months, the number of customers who have transacted online via the bank's eBank application has increased by more than 40%. The number of customers depositing online at banks also increased by nearly 20%.

This shows that the promotion programs have brought positive results, contributing to the universalization of cashless payments.

In order to make online payment possible, it can penetrate into every corner of life and have a lasting vitality, Mr. Diep said that online applications need not be too complicated, just focus on the basic needs: shopping, eating, adding financial services and online public services are enough. If all of these needs can be done online, people can minimize on-the-go travel and everyday physical communication. The above needs are also very basic and simple, so customers will also receive quickly, feel practical and useful when using online services.

By Nguyen Hien/Bui Diep

Related News

Total budget revenue in first half of year reaches 60% of estimate

Total budget revenue in first half of year reaches 60% of estimate

VCN - According to the Ministry of Finance, total state budget revenue in the first six months of the year was quite good and grew over the same period last year. This results in effective implementation of tax laws and state budget collection tasks, revenue management, and anti-revenue loss of the Ministry of Finance. Along with that, the Ministry of Finance actively deployed policies to help remove difficulties for businesses and people.
Implementing unprecedented fiscal policies to actively support people and businesses

Implementing unprecedented fiscal policies to actively support people and businesses

VCN - Implementing fiscal policies to support the economy, the Ministry of Finance has advised and offered many unprecedented solutions to reduce taxes, fees and charges, thereby supporting people and businesses to overcome difficulties, restore production and business. According to assessments, in 2024 fiscal policy will continue to be a positive highlight for the economy.
Bankers propose resolution to support firms, people

Bankers propose resolution to support firms, people

The Vietnam Banks Association (VNBA) has suggested the Government submit a request to the National Assembly for a resolution to support firms and people to overcome difficulties and promote business development like they did during the COVID-19 pandemic.
Promote administrative procedure reforms and improve the business environment

Promote administrative procedure reforms and improve the business environment

VCN - Prime Minister Pham Minh Chinh has recently signed Document 493/TTg-KSTT, demanding ministries and localities to vigorously and resolutely promote administrative procedure reforms, and substantively and effectively improve the business environment.

Latest News

Monetary policy forecast unlikely to loosen further

Monetary policy forecast unlikely to loosen further

It will be difficult for the State Bank of Vietnam (SBV) to further loosen monetary policy due to a rising USD/VNĐ exchange rate pressure, experts said.
World Bank outlines path for Vietnam to reach high income status

World Bank outlines path for Vietnam to reach high income status

The World Bank (WB) has released a report which explores how Vietnam can upgrade its participation in global value chains to become a high-income country by 2045.
Strictly control public debt and ensure national financial security  2025

Strictly control public debt and ensure national financial security 2025

VCN – In order to achieve goal of strictly managing public debt and maintaining security and safety of the national financial system in 2025, it is necessary to ensure the borrowings and repayments of public debts is within the approved estimate; closely monitor public debt indicators to ensure that they are within the ceiling and warning thresholds approved by the National Assembly.
Revising the title of a draft of 1 Law amending seven finance-related laws

Revising the title of a draft of 1 Law amending seven finance-related laws

VCN - On November 19, 2024, the Standing Committee of the National Assembly (SCNA) discussed amendments and refinements to the draft of a law revising seven existing finance-related laws. Concluding the session, Vice Chairman of the National Assembly Nguyen Duc Hai emphasized the need for the Government to direct the drafting body and relevant agencies to collaborate closely to finalize a persuasive and widely supported report, ensuring the quality of the draft law for the National Assembly's consideration and decision.

More News

Transparency evates the standing of listed companies

Transparency evates the standing of listed companies

VCN - According to the Hanoi Stock Exchange (HNX), the number of companies placed under warning, control, or restricted trading on the listed and registered markets has increased over the past two years compared to 2022.
State-owned securities company trails competitors

State-owned securities company trails competitors

Contrary to the outstanding performances in the banking sector, the securities subsidiaries of major banks have yet to fully leverage their potential, despite numerous inherent advantages.
Strengthening the financial “health” of state-owned enterprises

Strengthening the financial “health” of state-owned enterprises

VCN - The state economy plays a key role in the socio-economic development process, but it is necessary to strengthen the financial health and competitiveness of state-owned enterprises (SOEs).
U.S. Treasury continues to affirm Vietnam does not manipulate currency

U.S. Treasury continues to affirm Vietnam does not manipulate currency

VCN - In its latest report, the U.S. Department of the Treasury has positively assessed Vietnam's monetary policy, reaffirming that Vietnam does not engage in currency manipulation.
Exchange rate fluctuations bring huge profits to many banks

Exchange rate fluctuations bring huge profits to many banks

Net profits from the foreign exchange trading segment of many banks have gained positive results thanks to a strong USD/VNĐ exchange rate fluctuations this year.
A “picture” of bank profits in the first nine months of 2024

A “picture” of bank profits in the first nine months of 2024

VCN - Pre-tax profits for banks during the first nine months of 2024 remained positive, exceeding 200 trillion VND, solidifying the sector's position as a market leader.
Many challenges in restructuring public finance

Many challenges in restructuring public finance

VCN - Restructuring public finance is an important step to improve state financial management, ensure resources are allocated reasonably and effectively, contributing to the country's sustainable development. In addition to the achieved results, the process of accelerating public finance restructuring also faces many pressures.
Tax declaration and payment by e-commerce platforms reduces declaration points and compliance costs

Tax declaration and payment by e-commerce platforms reduces declaration points and compliance costs

VCN - E-commerce platforms that declare and pay taxes on behalf of traders not only help to reduce the number of tax declaration points but also reduce the cost of compliance with administrative procedures for the whole society because only one point as the e-commerce trading platform implements tax deduction, payment and declaration on behalf of tens, hundreds of thousands of individuals and business households on the platform.
Disbursement of public investment must be accelerated: Deputy PM

Disbursement of public investment must be accelerated: Deputy PM

Deputy Prime Minister Ho Duc Phoc has called on ministries, agencies, and localities to accelerate the disbursement of public investment from now until the year-end and further tighten investment management.
Read More

Your care

Latest Most read
Monetary policy forecast unlikely to loosen further

Monetary policy forecast unlikely to loosen further

It will be difficult for the State Bank of Vietnam (SBV) to further loosen monetary policy due to a rising USD/VNĐ exchange rate pressure, experts said.
World Bank outlines path for Vietnam to reach high income status

World Bank outlines path for Vietnam to reach high income status

The World Bank (WB) has released a report which explores how Vietnam can upgrade its participation in global value chains to become a high-income country by 2045.
Strictly control public debt and ensure national financial security  2025

Strictly control public debt and ensure national financial security 2025

VCN - According to the plan for borrowing and repaying public debt and foreign debt of the country in 2025, the total borrowing demand of the Government in the year is expected to be at VND 815,238 billion, an increase of 20.6% compared to the Government'
Revising the title of a draft of 1 Law amending seven finance-related laws

Revising the title of a draft of 1 Law amending seven finance-related laws

On November 19, 2024, the Standing Committee of the National Assembly (SCNA) discussed amendments and refinements to the draft of a law revising seven existing finance-related laws.
Transparency evates the standing of listed companies

Transparency evates the standing of listed companies

According to the Hanoi Stock Exchange (HNX), the number of companies placed under warning, control, or restricted trading on the listed and registered markets has increased over the past two years compared to 2022.
Mobile Version