Vietnam to launch Mobile Money services in Q2 2021
Vietnamese telecom companies are accelerating the preparation for the launching of direct carrier billing services in next few months.
Vietnamese telecom companies are accelerating the preparation for the launching of direct carrier billing services in next few months.
As of the end of the third quarter, Vietnam has around 93.78 million bank cards in circulation, in which the majority are magnetic cards.
The Covid-19 pandemic has changed customers’ behavior and perception regarding digital banking services.
During the first four months of 2020, 57% of firms operating in the e-commerce market reported a 30% year-on-year decline in revenue.
The growth rate is far away from the credit growth target of 14% set by the government for this year.
The government is responsible for not only promoting innovation in the banking sector, but also maintaining stability and safety of the financial market.
The local goverment expects 55% of its population to get involved in e-commerce by 2025 and the percentage is set to grow by two percentage points per year.
Credit demand in Vietnam is expected to stay low in the foreseeable future as the Covid-19 pandemic continues to be complicated globally, said a central banker.
Cash has constituted 11.3% of total means of payment as of December 31, 2019.
Hanoi and Ho Chi Minh City would make up half of the country’s e-commerce revenues in the next five years.