The E-commerce Law, which took effect on March 1, 2006, is a legal framework for commercial banks to develop e-banking services. The public and businesses are having high expectation of the great benefit these e-banking services can bring about.
However, the law has not been translated into reality because of the absence of guidelines to carry out the law. Rules on the digital signature and its authentication are still yet to be released. Therefore, banks are not able to provide many e-banking services.
Banks have spent big money on e-commerce facilities. Most banks have a website only to show the interest rates, foreign exchange rates, accounts and to provide such services as SMS banking, mobile banking and home banking. The websites of other banks can do less. Some banks have introduced some e-payment services but customers have only searched for information, and remained lukewarm about the payment services.
Asked by the media why the E-commerce Law is in effect but online payments have not been developed, a State Bank of Viet Nam official said the issue of the law does not automatically result in widespread online payments, and banks are weighing the effectiveness of these services in Viet Nam.
At present, customers are still not fond of online payments because they do not feel secure. Safety and security for e-payments is the biggest concern and the point here is that how banks can fight off hackers’ attacks. Technical solutions, especially digital encryption and the likes have a very important role to play.
Obviously, customers are not fond of these payments due to the absence of guidelines and rules. The State Bank of Viet Nam needs to issue them as soon as possible. E-commerce is a new global trend. The E-commerce Law needs to be translated into reality if modern banking services are to develop.