The total value of cashless transactions jumped six times in the first half this year against the same period of 2019.
Visa, the world’s leader in digital payments, recently published the Consumer Payment Attitudes 2019 study, showing a marked drop in cash usage in Vietnam as consumers embrace new ways to pay.
Vietnamese lenders and fintech groups are catching up with international peers on kick-starting the economy and promoting cashless transactions in the face of the coronavirus outbreak, but greater advancement always comes with new risks.
The number of non-cash payments in Vietnam has steeply risen so far this year.
Vietnam Electricity (EVN) will promote electricity bill payment via digital mode of transactions in 2019.
VOV.VN - The Government should build up and complete centralized databases that allow connections with e-payments for public services, with the aim of giving a push to nationwide cashless transactions, Pham Tien Dung, head of the Payment Department under the State Bank of Vietnam, has suggested.
VOV.VN - Non-cash transactions would help cut down costs for both customers and firms while enhancing transparency in business operations and the economy at large, Deputy Prime Minister Vuong Dinh Hue said at a workshop held in Ho Chi Minh City on June 11.
The State Bank of Vietnam (SBV) is working to complete the legal corridor and build rational mechanisms to boost cashless payments, which helps prevent corruption, money laundering, and tax invasion.
The Vietnamese Government will continue to support and solidify legal regulations on cashless payment systems, Deputy Prime Minister Vuong Dinh Hue told Anthony Tan, CEO and co-founder of Grab – a ride-hailing platform in Southeast Asia which has been popular in Vietnam over the past five years.