Government intensifies support for non-cash payment methods
The volume of non-cash payments in Vietnam is rising, but measures are still needed to promote POSs and QR payment.
Under Resolution 02/NQ-CP released early this week, the Government required the State Bank of Vietnam (SBV) to report on a project exploring depositing cash into electronic wallets without bank payment accounts. All commercial banks and payment intermediary providers must also apply QR code standards before the third quarter of this year.
The SBV was also instructed to co-ordinate with the Ministry of Finance to publicise details of the types of transactions subject to bank payment. It must also propose amendments to regulations aimed at encouraging non-cash payments in real estate transactions.
Meanwhile, chairpersons of provincial and municipal People’s Committees must direct all schools, hospitals and suppliers of electricity, water, sanitation, telecommunications and postal services in urban areas to co-ordinate with banks and payment intermediary providers to collect fees using non-cash payment methods, with the priority being mobile and points of sale (POS), before December this year.
The Government also required the Ministry of Finance to review and amend financial regulations under its management before the third quarter of 2019 to create favourable conditions for firms to use non-cash payments.
The SBV’s data showed the country has nearly 18,300 ATMs and more than 289,000 POSs. Up to 76 banks provide Internet Banking services and 44 have mobile payment services. There are 24 electronic wallet providers.
According to the SBV’s Payment Department, non-cash payments are becoming a trend in Vietnam and the use of cash is falling. By the end of the third quarter of 2018, the volume and value of transactions via ATM increased by 12% and 16% respectively against the end of 2017. The rates of payments via POS were also high at 42% and 29%, respectively.
Economist Vu Viet Ngoan suggested the Government create a suitable environment for new products and services that promote the development of contactless payment methods. This could be a foundation for building e-government in Vietnam.
Sharing the same view, Truong Van Phuoc, acting Chairman of the National Financial Supervision Commission, said the rapid development of technologies in the global financial sector has brought benefits and opportunities to consumers, businesses and management agencies. As Vietnam has become more deeply integrated into the world economy, a modern fintech foundation could help the country’s banking and finance sector participate in the global value chain, allowing breakthroughs for Vietnam.
Related News
Government acts to promote economic diplomacy for national development
20:05 | 04/03/2023 Headlines
Customs handles tax debt: flexibly and rigorously- Part 1: Diversity of tax debts
12:08 | 05/03/2023 Customs
PM chairs Government"s regular meeting
15:28 | 03/03/2023 Headlines
Issuers seek solutions to delay bond debt payment
16:26 | 28/02/2023 Finance
Latest News
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
More News
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance
Consider raising the level of penalties to ensure fairness and transparency in the stock market
13:27 | 04/04/2023 Finance
Central bank cuts policy interest rates to spur growth
17:43 | 02/04/2023 Finance
Ensure policies to attract investment when implementing global minimum tax
10:33 | 02/04/2023 Finance
SBV asks to issue revised decree on foreign ownership cap at Vietnamese banks
20:30 | 01/04/2023 Finance
Solutions to attract FDI when implementing the global minimum CIT
11:38 | 01/04/2023 Finance
Effective implementation of tax incentives as driving force for growth in trade turnover between Vietnam and Cuba
13:43 | 31/03/2023 Finance
Being many "hot" issues at the general meeting of shareholders of banks
09:24 | 30/03/2023 Finance
Bringing the policies on reducing land rent and water surface rent into life
15:41 | 29/03/2023 Finance
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance