The State Bank of Vietnam (SBV) has issued a plan to develop card payment using card readers at points of sale (POS) and mobile points of sale (mPOS) from 2017 to 2020.
Vietnam’s market will have over 300,000 💎card readers installed at POSs to process around 200 🐼million transactions per year. (Photo: cafef.vn)
Hanoi (VNA) - TheState Bank of Vietnam (SBV) has issued a plan to develop card paymentusing card readers at points of sale (POS) and mobile points of sale (mPOS)from 2017 to 2020.
The plan is aimed atboosting the non-cash payment in Vietnam, as approved in Decision 2545/QD-TTgdated December 30, 2016, by the Prime Minister.
Accordingly, the ratio ofcash to total payment instruments will be below 10 percent by the end of 2020.
The plan sets a target ofgradually increasing the number and value of card payment transactions usingcard readers. By 2020, the whole market will have over 300,000 card readersinstalled at POS to process around 200 million transactions per year.
E-payment in e-commercewill be also promoted to achieve the targets of having 100 percent modernsupermarkets, shopping malls and distribution centres installed with cardreaders by 2020, which would enable consumers to make non-cash payments whenpurchasing goods.
By 2020, 70 percent ofelectricity, water, telecommunications and communications service providerswill accept non-cash payment of charges, while 50 percent of individuals andhouseholds in major cities will use non-cash payment instruments in theirshopping and consuming activities.
The percentage of peopleaged over 15 years having bank accounts will be also targeted to increase to atleast 70 percent by the end of 2020.-VNA
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