The State Bank of Vietnam (SBV) has issued a resolution to boost cashless payments in the country.
Despite high costs, domestic banks are issuing more chip cards that meet EMV standards to replace magnetic strip cards in order to improve security and meet the central bank’s regulations.
Sacombank and Alliex Vietnam JSC have signed a deal to create shared POS payment infrastructure that is integrated with many banks and allows many different payment methods.
Deputy PM Vuong Dinh Hue hailed the Republic of Korea as a cashless payment model that Vietnam wants to follow during a reception in Hanoi for Director of the RoK’s Alliex Technology Company.
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).
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.
Vietnamese banks are proposing tax incentives for businesses adopting e-payments as a way to boost cashless payments.
Moody’s Investors Service has assigned first-time Ba3 deposit and issuer ratings to Vietnam Bank for Agriculture and Rural Development (Agribank).
The Government has issued measures to boost non-cash payment methods in the country this year.
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.
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.
Digital banking will be the future of the Vietnamese banking system, especially amid the development of the fourth industrial revolution, according to experts.
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.
The National Payment Corporation of Vietnam (NAPAS) recently completed the building of a standard set for domestic cards, according to State Bank of Vietnam (SBV).
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.
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.
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.
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).
A scheme to promote cashless payment in Vietnam in the 2016-20 period has been approved by Prime Minister Nguyen Xuan Phuc.
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.