Project on cashless payment development for 2021-25 approved

Deputy Prime Minister Le Minh Khai has signed a decision approving a project on the development of cashless payment in Vietnam in the 2021-2025 period. (Illustrative photo: vneconomy.vn)

Deputy Prime Minister Le Minh Khai has signed a decision approving a project on the development of cashless payment in Vietnam in the 2021-25 period.

The project aims to create positive changes in cashless payment in an economy of high growth rate; turn the practice into a habit of residents in urban areas and gradually in rural, remote and mountainous areas; and reduce cash-related costs.

It targets that the value of non-cash payments will be 25 times higher than GDP, the proportion of the payment method in e-commerce will account for 50 percent by 2025.

In addition, 80 percent of people aged 15 and above will have a transaction account at a bank or other authorised institutions.

Average growth rate in terms of quantity and quality of cashless payment transactions is projected to reach 20-25 percent a year.

Transaction that made via mobile phones hit 50-80 percent per year, with transaction values expanding 80-100 percent annually; and via the Internet grow 35-40 percent a year.

Scanning to pay via QR code (Photo: tapchitaichinh.vn)

The rate of inpiduals and organisations using cashless payment methods via e-commerce channels is hoped to reach 40 percent.

In regards to public services, almost all urban educational establishments are expected to accept tuition payment via cashless method and universities and colleges collect the fees on the National Public Service Portal.

Meanwhile, the practice is hoped to be carried out in 60 percent of medical establishments in urban areas and 60 percent of pensioners and social security and unemployment allowance recipients will receive payments through cashless method./.