Accordingly, the State Bank of Vietnam (SBV), in conjunction with other relevant bodies, must scrutinise and build up legal frameworks for the management and pilot application of the services.
Vietnam plans to pilot new payment services
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Earlier, the Prime Minister had approved a project on fostering the payment of public services via banking.
Under the project, the Government targets to collect 80 percent of tax payments in cities and provinces via banks by 2020, while all State treasuries will have cashless payment devices.
The scheme also targets non-cash payments to be accepted by 70 percent of power companies, 70 percent of water companies, 100 percent of universities and colleges and 50 percent of hospitals in major cities. Some 20 percent of social welfare payments will also be made via banks.
According to the SBV’s Payment Department, cashless payment is becoming a trend in Vietnam. Cash payment has decreased from 14 percent in 2010 to 12 percent at present, the department said.
It reported that 96.2 million cards have been issued nationwide, up 210 percent from 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 evident in the rapid increase of ATMs and points-of-sale machines, up 47 percent and 300 percent, respectively.
The scheme also targets non-cash payments being accepted by 70 percent of power companies, 70 percent of water companies, 100 percent of universities and colleges and 50 percent of hospitals in major cities.
The country will focus on developing new and modern payment methods, especially those suitable for rural areas, and for people who don’t have bank accounts.
Vietnam will also develop new multi-functional and multi-purpose bank cards that allow different forms of payments such as internet banking, non-touch and near-field communication payments.
More efforts will be made to ensure security and safety during transactions to gain consumer confidence, while authenticity measures will be intensified to avoid fraud. By 2020, 80 percent of tax payment transactions in central-level and provincial-level cities are hoped to be implemented via banks, while all State treasuries will have cashless payment devices.
