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.
Under Plan No. 51/KH-UBND, 85% of the city’s suppliers of electricity, telecommunications and communication will accept bill payment via cashless payment channels, while 60% of individuals and households will pay by card or mobile channels for their shopping and consumption needs.
The city will also focus on developing new and modern payment methods suitable to rural areas, so that it can encourage local people to use the modern payment services.
The plan also targets to increase the number of people having access to modern payment services. Accordingly, at least 70% of the city’s population above the age of 15 will have bank accounts by the end of 2020.
Besides this, the city will take measures to develop e-payment and retail payment services, as well as strengthen e-payment in public administrative services and provide guidance on non-cash payments to the citizens.
Under the scheme, the committee requested the State Bank of Vietnam (SBV)’s Hanoi branch and related institutions to provide more payment services via bank accounts. It includes the goal of ensuring utility payments such as electricity, tuition, telecommunications and television charges are made electronically.
In the future, the city will also invest in developing digital infrastructure and e-payment services such as internet-banking, near-field communication (NFC) payment, e-wallet and non-touch payment.
According to the SBV’s Payment Department, non-cash payment is gradually becoming a trend in Vietnam as the use of cash is reducing remarkably. Cash payment has reduced from 14% in 2010 to 12% now, it reported.
The department reported that 96.2 million cards have been issued nationwide, up 210% from the early 2011.
There are some 60 organisations providing internet banking payment services and 30 organisations providing mobile banking payment services.
The payment infrastructure has also been improved, as evidenced by the rapid increase of ATMs and points-of-sale (POS), by 47% and 300%, respectively.
The city will also focus on developing new and modern payment methods suitable to rural areas, so that it can encourage local people to use the modern payment services.
Non-cash payments to be developed in Hanoi
|
Besides this, the city will take measures to develop e-payment and retail payment services, as well as strengthen e-payment in public administrative services and provide guidance on non-cash payments to the citizens.
Under the scheme, the committee requested the State Bank of Vietnam (SBV)’s Hanoi branch and related institutions to provide more payment services via bank accounts. It includes the goal of ensuring utility payments such as electricity, tuition, telecommunications and television charges are made electronically.
In the future, the city will also invest in developing digital infrastructure and e-payment services such as internet-banking, near-field communication (NFC) payment, e-wallet and non-touch payment.
According to the SBV’s Payment Department, non-cash payment is gradually becoming a trend in Vietnam as the use of cash is reducing remarkably. Cash payment has reduced from 14% in 2010 to 12% now, it reported.
The department reported that 96.2 million cards have been issued nationwide, up 210% from the early 2011.
There are some 60 organisations providing internet banking payment services and 30 organisations providing mobile banking payment services.
The payment infrastructure has also been improved, as evidenced by the rapid increase of ATMs and points-of-sale (POS), by 47% and 300%, respectively.
Other News
- Finance ministry clears bottlenecks to pave way for stock market upgrade
- Over 60% of Vietnamese use QR codes to pay
- Casinos contribute US$370 million to state budget over 5 years
- Standard Chartered and IATA partner to launch IATA Pay in Vietnam
- Vietnam’s capital market shows positive signs: Finance Ministry
- Prime Minister urges banks to cut lending rates further
- Potential upgrade to emerging status may pull US$25 billion into Vietnam’s stock market
- Vietnam to finalize legal framework for digital assets in May
- VCCI hosts 14 international investors to study Vietnam's potential
- Enhanced local trade finance in Vietnam: A potential US$55 billion annual trade boost
Trending
-
Hanoi, a city of music in the making
-
Vietnam urges respect for international law in East Sea
-
Hanoi kicks off communication contest on Dien Bien Phu victory
-
French education group Odyssey keen on strengthening cooperation with Hanoi
-
Hanoi, Shanghai strengthen investment cooperation
-
UOB Painting of the Year Award opens doors to the world for Vietnamese artists
-
Grapefruit blossom perfume Hanoi's air
-
MICE tourism: Vietnam's lucrative “golden market” unveiled
-
Vietnam: Sleep Tourism on the rise