Cashless payments enjoy growth over nine-month period

VOV.VN -The initial nine months of the year witnessed cashless payments continue to enjoy fast growth to top VND36.28 quadrillion, equivalent of US$1.6 billion, according to a recent report compiled by the Government.

During the reviewed period, a total of 435.25 million transactions worth VND22.78 quadrillion were made via the Internet, an increase of 54.1% in volume and 30.7% in value. Over 1.19 billion others worth over VND13.5 quadrillion were conducted via mobile phone, thereby representing increases of 74.98% in volume and 93.69% in value.
The Government stated that cashless payments for public services have improved considerably in terms of both quantity and quality this year.

As a result of these improvements, businesses nationwide have made over 90% of their tax payments via bank transfer. In addition, a large number of people have also used this method to pay their power bills, medical examinations, and treatment fees, or receive pensions and allowances.

Despite this, payment fraud has also become increasingly complicated across the country, the report pointed out.

Upon addressing a recent discussion, Dao Minh Tuan, head of the card division of the Vietnam Banks Association, stated that though credit institutions have continually updated security technology, payment scams continue to remain sophisticated.

According to representatives of the bank, there should be closer co-ordination among relevant parties in a bid to ensure payment security and safety.