Non-cash payments continue to boom in Vietnam this year as the country has seen a surge in banking transactions and mobile payments in the first four months of the year, according to an official from the State Bank of Vietnam (SBV).
Residents in Hanoi and Ho Chi Minh City will now be able to pay registration fees for cars and motorbikes through the Government’s national public service portal, banking electronic payment channels and intermediary payment service providers.
Vietnam’s e-commerce market is projected to grow at a compound annual growth rate (CAGR) of 16.3% from US$9.4 billion last year to US$17.3 billion in 2023, data analytics company GlobalData forecast.
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The State Bank of Vietnam (SBV) has announced it would remove regulations limiting foreign ownership in local intermediary payment firms from its draft Decree No 101.
To prevent the spread of the new strain of coronavirus in Vietnam, customers are encouraged to adopt cashless payment methods.
An economic expert has said e-wallet firms are breaking out promotions to try and win large chunks of the high potential market in Vietnam.
Ha Noi Railway Passenger Transport Company provided 3,000 additional train tickets on the North-South railway route to meet increasing travel demand on the lunar New Year.
VOV.VN- Thanks to their great convenience in transactions, e-wallets are growingly used in daily purchases all around Vietnam. This has led to a fierce competition among service providers, yet a wonderful chance for consumers to enjoy various benefits.
Twenty eight e-wallets have been licensed, but 80 percent of market share belongs to only five of them, according to the State Bank of Vietnam (SBV).
The large market and great potential of the non-cash payment sector in Vietnam explain why investors keep pouring money into payment technology firms, though the firms continue making losses.
Food and beverage and fashion and lifestyle will continue to drive demand in HCM City’s retail property market, according to real estate consultancies.
Saigon Railway Transport JS Company has announced that the firm will sell around 287,000 train tickets for the Lunar New Year holiday.
Vietnam's start-up sector is closing the gap with regional leaders Indonesia and Singapore with new investment, according to a Nikkei Asian Review article.
MoMo was voted the most popular electronic wallet in Vietnam in 2019 in a poll conducted by Nhip Cau Dau Tu (Investment Bridge) magazine.
The market is open to giants with enormous financial resources to become the leaders. However, this competition itself, as well as e-commerce, is predicted to be cutthroat.
The central bank is seeking comments on a draft circular revising and supplementing some articles of Circular 39 on payment intermediaries, including asking e-wallet users to provide additional personal information.
Telecommunications firms are ready to pilot a mobile money service thanks to their modern technology infrastructure, customers, wide transaction point networks and financial resources.
E-wallets, food-delivery and online shopping apps are offering a range of Tet (Lunar New Year) Festival promotions to widen their customer base.
Start-ups should grasp market trends and make solid preparations in terms of planning and resources to ensure their future success, said participants at the Vietnam Young Leaders Forum in Ho Chi Minh City on December 14.