By the time of non-cash payment

Mobile payment in Vietnam has many ideal conditions to promote. Picture: ST.

Trendy advantage

Mobile payment solutions are entering the boom phase, such as mPos, QR Pay, mobile banking, e-wallet, non-touch payment. This form of using applications is strongly developing quantity and quality with new technologies in order to reduce costs and bring convenience to the point of sale and the user. Not only that, mobile payment also brings transparency to the economy, helping the economy develop more equitably, preventing erosion in tax collection.

Currently, that mobile payments are very popular and popular in many countries around the world will become the trend of development inevitably. Therefore, Forrester Research Inc. It is estimated that the mobile payments will exceed $ 142 billion by 2019. According to Javelin, EY, the total value of payments through mCommerce will reach $ 194 billion in 2017 and $ 319 billion by 2020. The number of people using mobile payments is estimated at 1.476 million in 2017 and will increase by 47% by 2019, of which Asia and Australia account for the majority.

In Vietnam, experts said that Vietnam has many ideal conditions to promote the mobile payment. Vietnam has more advantages when 140 mobile subscribers per 100 people, nearly 60 million 3G and 4G subscribers with 99% of districts nationwide have been covered 4G. The number of mobile broadband subscribers is expected to continue to increase to 80 million by 2020. The State Bank of Vietnam (SBV) said that up to now, Vietnam has had over 41 commercial banks to provide the mobile payment services with quantity and the value of transactions growing fastly. In the first 9 months, the number of mobile phone transactions reached over 90 million with a transaction value of more than 423,000 billion (equivalent to 93% and 139% compared to 2016).

In this regard, Tran Cong Quynh Lan, Deputy General Director of Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) said that the potential for payment via QR code in Vietnam is very large when the young population is easy to adapt quickly to work and more than half of Vietnam's population are using smartphones. From the beginning of 2017 to the end of September 2017, the payment via QR code increased 120%, the number of transactions accepts QR code up nearly 5,000 points. By the end of 2018, the number is expected to reach 50,000 and there are now 12 banks offering QR code.

sharing development together

The goal of the Government is to bring cash proportion of total payment to less than 10% by 2020. If the consumer has electronic payment service, the payment On the phone appears the new movement. Thanks to QR code. Many commercial banks have quickly caught up with this trend. Despite the advantages and speed of rapid development, the mobile payment in particular and non-cash payment, in general, are still fragmented, it does not a success as expected, the number of users has not been popular. The main reason is that the people do not have much knowledge about the new payment methods and keep spending habits in cash.

According to Nguyen Ba Diep, Vice President of M_Service, in Vietnam, the mobile payment is at the first step - a tool between individuals and businesses. The payment of government public services, as well as coordination with banks to utilize public resources as well as general financial promotion, has not yet occurred. The state is still using the traditional financial system to deploy these services while mobile the payments are simpler and less costly.

Therefore, in order to promote the mobile payment and non-cash payment, experts said that relevant ministries and agencies should closely coordinate to solve the remaining difficulties and learn from experience. especially cooperation between the Government and the business community; Banks must strengthen their infrastructure, security, and simplify procedures. Payment by QR Code, Tran Cong Quynh Lan said that it is necessary to study and introduce a unified standard QR code format in the mobile payment for Vietnam market; There should be programs to help promote the application of QR code. In particular, consumers themselves need to shift the habit of spending cash to a new method of payment. "Convenient mobile payment is much more secure than cash," Lan said.