Illustrative image (Source: internet)HCMCity (VNS/VNA) - Non-cash payments have increased sharply, especiallythrough mobile devices and the internet, according to the State Bank ofVietnam.
Speakingat a press briefing in Ho Chi Minh City on May 26 to announce a series ofevents for Cashless Day 2020 (June 16), Pham Tien Dung, director of the centralbank’s payment department, said the use of cash as a ratio of payments hasgradually fallen over the years.
Lastyear online payments went up by 64 percent in terms of number of transactionsand 37 percent in terms of value, while mobile payments surged by 198 percentand 210 percent.
Paymenttrends in the economy have shifted towards non-cash modes and e-bankingchannels including away from ATMs.
Electronicpayments for public services have also become popular. By the end of last yearsome 50 banks linked up with tax and customs departments, andtax collected through them accounted for 95 percent of tax revenues.
Electricitybills paid through banks and intermediary payment organisations doubled tonearly 90 percent last year.
Atsome hospitals, cashless payments accounted for 35 percent of all bills.
Inthe first quarter interbank electronic payment transactions rose by 21 percentyear-on-year.
Dungsaid the SBV would continue to amend the legal framework to facilitateelectronic payments.
PrimeMinister Nguyen Xuan Phuc issued Directive No. 22/CT-TTg on May 26 to promotenon-cash payments.
Heinstructed the SBV to review and strengthen the legal framework for cashlessand electronic payments that meets the requirements of new payment services andmodels and set up the automated clearing house (ACH) system for retailtransactions by December 15.
Heinstructed the Ministries of Industry and Trade, Finance, Health, Education andTraining, and Transport to develop mechanisms and policies to encouragenon-cash payments.
Accordingto SBV statistics, as of the end of last year the country had 88.5 millionpersonal bank accounts, an 11 percent increase from 2018. It is expected thatby the end of this year 70 percent of Vietnamese will have bank accounts.
2020 Cashless Day
Fromnow until June 16 there will be a series of programmes with many specialincentives to promote cashless payments such as Supporting VietnameseAgricultural Products, Non-cash Small Traders, Online Run, a webinar oncashless payments in Vietnam on June 10, and Cashless Week from June 10-16.
TheSupporting Vietnamese Agricultural Products programme will be carried out bySaigon Co.op together with Tuoi Tre (Youth)newspaper and Momo e-wallet from June 10 to 30 to support consumption of farmproduce after the pandemic.
Customersin HCM City can order lychee and ST Xuan Hong rice at cheap prices on MoMo, andthe supermarket will deliver the products home.
TheOnline Run tournament will be organsied by Sacombank and Tuoi tre. For each participant who completestheir race between June 14 and 16, Sacombank will donate VNĐ100,000 tofrontline medical workers fighting the Covid-19 pandemic.
TheCashless Day is organised by the SBV, TuoiTre newspaper, Vietnam E-Commerce Association, and Napas, withSacombank being the diamond sponsor./.
VNA
