Vietnam aims to reduce cash transactions to less than 10 pct by 2020

A decision signed by Deputy Prime Minister Vuong Dinh Hue encouraged cash-free transactions in order to reduce the number of cash-based deals, improve overall electronic payment methods and stem tax evasion. Under the plan, all supermarkets, shopping malls and distributors would accept credit cards; 70 percent of water, electronics and telecommunication service providers would accept cash-free payments from households and individuals, and 50 percent of total urban households would use electronic payment for daily transactions.
The policy also proposes the development of new payment methods for rural and remote areas in order to encourage financial inclusion and increase overall access to transaction services, so that at least 70 percent of Vietnamese over the age of 15 would have bank accounts by the end of 2020.
Social welfare and pensions would also be paid through electronic payment.
The policy is expected to change the payment habits of Vietnamese and create opportunities for startups in the electronic payment area. Many businesses specialising in online payments, such as MoMo mobile payment, eMonkey, Payoo, VTC Pay or BankPlus, would be increasingly accessible and familiar to people.