VCN – Non-cash payments have grown sharply in addition to continuous payment products and services of the banking system to facilitate people.
|Measures should be strengthened to promote cashless payments.|
According to the State Bank of Vietnam (SBV), the State Bank has issued circulars and instructions for opening electronic customer identification accounts under eKYC. Moreover, since 2015, the SBV has approved a number of units to develop non-cash payment methods in rural areas, in the form of cooperation between commercial banks and a number of other organizations.
Regarding mobile money services, up to now, there have been nearly 72,000 transaction points and service providers. In the first nine months of 2022, there are nearly 14 million customers using this service, of which 37.5% are in rural areas with a total transaction value of VND 167,680 billion.
However, discussing at the seminar “Solutions to enhance non-cash payment services in rural, remote and isolated areas” organized by the Government Portal on December 13, Mr. Pham Anh Tuan, Director of the Payment Department (SBV) said that the process of implementing non-cash payments encountered many difficulties and obstacles. For example, the habit of using cash, fear of receiving new technology, fear of safety and security when using online payments.
In addition, the legal basis for correspondent banking is still in the pilot phase. Therefore, the SBV will submit to relevant ministries and agencies to submit decrees related to non-cash payments.
In fact, banks and financial intermediaries have been active in promoting cashless payments. For example, banks have stepped up investment in digital transformation, not only applying mobile phones, or Internet Banking but also investing a lot in infrastructure as well as connecting payment points.
Moreover, the payment intermediary company and the telecommunications company have also been linked. Mr. Nguyen Hoang Long, Deputy General Director of National Payment Joint Stock Company (NAPAS), said that the connection between NAPAS and telecommunications units has opened up cash flow to connect the mobile system money and the bank account system.
Currently, the banking industry and the telecommunications industry both have two ecosystems of payment and customer, so they have deployed many services and many payments.
For example, in deploying technology support, Viettel group also makes use of the customer files and bank accounts to make payments and spend on it. Those who pay for goods and services using QR deployed by NAPAS and banks are able to carry out this QR service for mobile money for payment units for goods and services of the banking industry.
Nguyen Minh Tam, Vice Chairman of the Card Branch, representative of the Banking Association, and Deputy General Director of Sacombank, said that banks push up digital transformation as well as apply diverse payment methods to facilitate customers.
“But each stage must be implemented together, not separately, from connecting with payment intermediary organizations, card organizations, mobile money, or financial technology companies (Fintech). The purpose is to develop more and more retail payment points, and encourage more people to use payment,” said Nguyen Minh Tam.
By Hương Dịu/Thu Phuong