HCM City (VNS/VNA) - Increased use of digital payments has the potential to add 72 millionUSD annually to central Da Nang city’s economy, according to the latest studyfrom Visa, “Cashless Cities: Realising the Benefits of DigitalPayments".
Conducted by RoubiniThoughtLab, a leading economics and evidence-based research firm, andcommissioned by Visa, one of the world’s leader in digital payments, the studyexamines the economic impact of increasing the use of digital payments inmajor cities around the world.
Converting the Da Nangeconomy to “an achievable level of cashlessness”, which is defined as theentire population of a city moving to digital payment usage equal to the top 10percent of users in that city today, could improve job creation by 3 percent,productivity by 3.4 percent, wages by 3.1 percent, and GDP growth by 0.34 percent,according to Visa's research.
These findings were presentedat the Smart City Summit 2019 in Da Nang, which also saw presentations fromrepresentatives from Da Nang People's Committee, Vietnam Software and ITServices Association, the Ministry of Science and Technology, and the Ministryof Information and Communications.
The Smart City conceptis one in which metropolitan areas use a variety of technologies and datacollection methods in order to improve the administration of the city, and thusbenefit the lives of citizens. It often focuses on developing more efficientways of delivering services and running infrastructure.
Dang Tuyet Dung, VisaCountry Manager for Vietnam and Laos, said: “Da Nang has earned a reputation asa hive of technological innovation, particularly with the establishment of the DaNang IT Park earlier this year, and we commend the city officials in havingsuch foresight in this area.”
“Through greaterintegration of electronic payments into both the public and private sectors,many aspects of day-to-day life for citizens can be simplified or improved,while the government itself can more effectively manage the economy,” Dungadded./.
Conducted by RoubiniThoughtLab, a leading economics and evidence-based research firm, andcommissioned by Visa, one of the world’s leader in digital payments, the studyexamines the economic impact of increasing the use of digital payments inmajor cities around the world.
Converting the Da Nangeconomy to “an achievable level of cashlessness”, which is defined as theentire population of a city moving to digital payment usage equal to the top 10percent of users in that city today, could improve job creation by 3 percent,productivity by 3.4 percent, wages by 3.1 percent, and GDP growth by 0.34 percent,according to Visa's research.
These findings were presentedat the Smart City Summit 2019 in Da Nang, which also saw presentations fromrepresentatives from Da Nang People's Committee, Vietnam Software and ITServices Association, the Ministry of Science and Technology, and the Ministryof Information and Communications.
The Smart City conceptis one in which metropolitan areas use a variety of technologies and datacollection methods in order to improve the administration of the city, and thusbenefit the lives of citizens. It often focuses on developing more efficientways of delivering services and running infrastructure.
Dang Tuyet Dung, VisaCountry Manager for Vietnam and Laos, said: “Da Nang has earned a reputation asa hive of technological innovation, particularly with the establishment of the DaNang IT Park earlier this year, and we commend the city officials in havingsuch foresight in this area.”
“Through greaterintegration of electronic payments into both the public and private sectors,many aspects of day-to-day life for citizens can be simplified or improved,while the government itself can more effectively manage the economy,” Dungadded./.
VNA
