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VN banks handle $898.4 b through e-payments in Q1

VN banks handle $898.4 b through e-payments in Q1

Vietnam's interbank e-payment system handled 37 million transactions worth nearly VND21 quadrillion (US$898.4 billion) in the first quarter of the year, up 23 per cent and 17.8 per cent respectively compared to 2018, according to the State Bank of Vietnam (SBV).

Magnetic ATM cards replaced with chips beginning May 28

Magnetic ATM cards replaced with chips beginning May 28

Commercial banks in Vietnam will initially replace some 21 million magnetic ATM cards with chip cards beginning May 28, as the State Bank of Vietnam (SBV) has ordered issuing banks to convert their 75 million ATM cards to new chip cards.

Developing the financial infrastructure for a cashless society

Developing the financial infrastructure for a cashless society

VOV.VN - While the proportion of the national economy driven by cash transactions remains immense, experts believe that there will be a major shift toward using cashless payments in the coming time with drastic measures taken by the Government.

Vietnam strives to reduce cash payment proportion

Vietnam strives to reduce cash payment proportion

The Vietnamese Government plans to reduce the cash payment proportion to less than 10% by 2020 and 8% by 2025, which can be done by expanding the network of automatic teller machines (ATMs) and points of sale (POS) nationwide.

Vietnam’s banking sector goes digital

Vietnam’s banking sector goes digital

Digital banking will be the future of the Vietnamese banking system, especially amid the development of the fourth industrial revolution, according to experts.

SBV to continue flexibly managing monetary, fiscal policies

SBV to continue flexibly managing monetary, fiscal policies

The State Bank of Vietnam (SBV) will continue managing monetary policy in an active, cautious and flexible manner and combine with other fiscal and macro-economic policies to control inflation, ensure credit institutions’ liquidity, stabilise monetary and foreign exchange markets.

Vietnamese currency security faces big challenges from technology

Vietnamese currency security faces big challenges from technology

Modern technology remains a challenge for Vietnamese authorities in managing currency security as recently the northern province of Quang Ninh discovered illegal money transferring activities via Chinese points of sale (POS) installed in a local store.

ATM, POS transaction value up 34%

ATM, POS transaction value up 34%

The total value of transactions via the automatic teller machines (ATMs) and points of sale (POS) last year surged sharply by 34% against the previous year.

Hanoi to develop non-cash payments

Hanoi to develop non-cash payments

The Hanoi People’s Committee recently issued a plan to develop non-cash payments, urging all supermarkets and restaurants to put in place cashless payment devices or systems by 2020.

No cash withdrawal at domestic POS from March

No cash withdrawal at domestic POS from March

Credit card holders will not be allowed to withdraw cash at card readers of domestic points of sale (POS) from March this year, said the State Bank of Vietnam (SBV).

E-ticket vending system launched

E-ticket vending system launched

VietUnion, a subsidiary of Saigon Invest Group (SGI), has launched an integrated ticket selling system which allows customers to buy different kinds of tickets at convenience stores.

Consumer finance market soars

Consumer finance market soars

Vietnam’s consumer loans hit a five-year record high of US$15.12 billion last year, according to a new report from local market research company StoxPlus.