Vietnam’s non-cash payment market at “sprint stage”

The opening of the Banking Vietnam 2019 is scheduled to take place at the end of May in the onset of Vietnam’s non-cash payment market at the “sprint stage”
Vietnam targeted that the ratio of cash transactions should be reduced to below 10 percent lower than the national plan of non-cash payment market for the period 2016-2020, released at a press brief yesterday organized by the State Bank of Vietnam in Hanoi.
According to the bank’s statistics, over 90 percent of the country’s population are not accustomed to online and mobile payments impeding the bank’s implementation of the plan of non-cash payment plan in rural districts.
At the brief, the bank said that in first three months of 2019, commercial banks handled 37 million transactions worth nearly VND21 trillion, up 23 percent and 17.8 percent respectively compared to 2018.
At present, commercial banks have applied advanced technologies such as QR Code, Tokenization, contactless payment, mPOS in paying activities in order to speed up non-cash payment and for service security and clients’ satisfaction.
According to PwC’s study 2019 on 27 nations and territories, mobile payments in Vietnam fastest growing globally. Mobile payments usage in Vietnam had a 24 percentage point increase from 37 percent to 61 percent.

By staff writers - Translated by HAI SON

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