COVID-19 sparks a boom in cashless payment: expert
The novel coronavirus outbreak has changed the payment habit in Vietnam, with non-cash transactions particularly surging in the public service, Director of the State Bank of Vietnam’s Payment Department Pham Tien Dung said on December 4.
Speakers at a workshop on promoting non-cash payment in the digital economy on December 4. (Photo: VNA)
Hanoi (VNA) – The novel coronavirus outbreak has changed the paymenthabit in Vietnam, with non-cash transactions particularly surging in the publicservice, Director of the State Bank ofVietnam’s Payment Department Pham Tien Dung said on December 4.
At a workshop on promoting non-cash payment in the digital economy, Dung saiddigital payment ecosystem has been applied at over 30 hospitals, while 50commercial banks completed e-tax payment with customs and taxation authoritiesin the 63 cities and provinces nationwide.
Twenty-seven commercial banks and 10 intermediaryorganisations joined hands to carry out online payment of electricity bills, hesaid, adding nearly 90 percent of the Electricity of Vietnam’s revenue frompower bills was collected through commercial banks.
As of August 31, 92.9 percent of the 90,858 state-owned agencies had transferredsalary payment through bank accounts, as compared with 81 percent recorded in theend of 2016.
During January-August, over 239 million transactions worth some 547 trillionVND (23.7 billion USD) were carried out via bank cards, up 28.9 percent and15.8 percent year-on-year, respectively.
However, Dung pointed out several challenges of non-cash payment, includingundeveloped infrastructure in rural and mountainous areas, the public’s lack ofconfidence in access to new payment technologies, and complicated developmentsof hi-tech crimes.
Colonel Truong Son Lam, deputy head of the Department of Cyber Security andHi-tech Crime Prevention under the Ministry of Public Security, said it isnecessary to raise banking staff’s awareness of tricks and to organise regularexaminations so as to identify suspicious transactions.
Meanwhile, Chief Economist at BIDV Can Van Luc gave out several effectivemodels in China, India, and Thailand to promote cashless payment such as refundfor e-payments, free transaction for small e-payment, and interbank mobilepayments system PromtPay, among others.
He recommended competent authorities to complete legal corridors, issueregulations on management of fintech firms, digital wallet, mobile money, aswell as update the national scheme on cashless payment./.
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Speakers at a workshop on promoting non-cash payment in the digital economy on December 4. (Photo: VNA)
