Non-cash payments bring enormous benefits for individuals, banks and others, helping increase transparency while reducing social expenses relating to using cash.
After two years of implementing the government’s project on non-cash payments, the percentage of e-payment transactions has improved significantly.
However, cash payment still remains common, including in e-commerce transactions. According to the Vietnam E-commerce Association, about 90 percent of people prefer paying in cash for their online purchases.
The State Bank has focused on three pillars to promote non-cash payments, including legal infrastructure, payment infrastructure and media in order to gain trust from customers.
Experts said using cash is a traditional habit of many people, therefore, government and the State Bank should complete legal infrastructure, create a digital ecosystem and safe, convenient non-cash payment solutions to push a non-cash transactions.-VNA
