Vietnam to strengthen non-cash payments for public services

Monday 5 March 2018 10:39 CET | News

Vietnam’s Prime Minister has approved a scheme to intensify non-cash payments for public services via banks, including tax, electricity, learning fees and more.

By 2020, it is expected that 80% of tax payment transactions in central-level and provincial-level cities to be made via banks, while all State treasuries will have cashless payment devices.

The country will focus on developing new payment methods, especially those suitable for rural areas, and for people who do not have bank accounts. It will also develop new multi-functional and multi-purpose bank cards that allow different forms of payments such as internet banking, non-touch and NFC payments.

According to the State Bank of Vietnam’s Payment Department, non-cash payment is becoming a trend in Vietnam, as the use of cash is decreasing. Cash payment has reduced from 14% in 2010 to 12% in 2018. Moreover, the department reported that 96.2 million cards have been issued nationwide, up 210% from 2011.

In Vietnam, there are 60 organisations providing internet banking payment services and 30 organisations providing mobile banking payment services. The payment infrastructure has also been improved with a rapid increase of ATMs and points-of-sale, by 47% and 300%, respectively.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Vietnam, online payments, mobile payments, bank, card, NFC payments, POS, ATM, State Bank of Vietnam
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce