Deputy PM highlights benefits of cashless payments

At the workshop.

Deputy PM Hue further said that boosting cashless transactions would help to prevent and fight against corruption and money laundering.

The State Bank of Vietnam has so far perfected a legal framework to leverage non-cash transactions while boosting the comprehensive implementation of measures to spread the application of cashless payment methods. The central bank has also directed credit institutions to continue their investment in upgrading payment infrastructure and improving the level of security for e-payments as well.

Commercial banks have increasingly applied leading-edge payment technologies into developing new products and services, including fingerprint authentication, facial recognition, QR code, tokenization, and mobile point of sales (mPOS). In addition, payments for public services through banks has also received a boost.

They have continuously provided customers with a range of modern and convenient payment products and services. Some 50 commercial banks have agreed to coordinate with tax and customs authorities across 63 provinces and cities in order to accept more e-tax payments. Of note, 99 per cent of local enterprises have registered to conduct e-tax payments, the workshop heard.

Workshop participants also emphasized the significance of communication activities to raise public knowledge about the benefits of non-cash payment methods.

By late April, Vietnam had more than 18,700 automatic teller machines and 266,700 POS. The opening and use of personal accounts supplemented by convenient functions is on the rise.

Promoting e-payment as a means to build up a cashless society has emerged as an indispensable trend which facilitates more people to access banking and financial services, as well as helps to increase the efficient implementation of a comprehensive financial strategy and overall economic growth.