Cashless payments surge in 9 months

Monday, Oct 25, 2021 07:53

Online payments in the first nine months of this year reached 435.25 million transactions with a value of VND22.78 quadrillion. — Photo

Cashless payments in Viet Nam have continued to record a high growth rate this year, according to a recent Government report.

Specifically, online payments in the first nine months of this year reached 435.25 million transactions with a value of VND22.78 quadrillion, up 54.1 per cent in quantity and 30.7 per cent in value compared to the same period in 2020.

During the period, more than 1.19 trillion transactions worth more than VND13.5 quadrillion were made via mobile phone, up 74.98 per cent in quantity and 93.69 per cent in value.

According to the report, non-cash payments for public services in Viet Nam have witnessed strong changes with significantly improvements seen both in quantity and quality.

Currently, more than 90 per cent of tax payment transactions of enterprises in centrally-run provinces and cities are made through banks while local people nationwide can pay electricity bills through banks.

Some 42 per cent of medical facilities have implemented non-cash payments for medical services and 39 per cent of pensions, social insurance and unemployment benefits nationwide are paid through personal accounts.

However, the report also noted in addition to the surge of non-cash payments, payment fraud also become more common across the country in recent years.

Dao Minh Tuan, chairman of the Viet Nam Card Association, also admitted though banks have continuously updated new security technologies, fraud in payments is still increasing.

To minimise fraud, commercial banks have to simultaneously issue many warnings to customers. Most recently, Viet Nam Prosperity Commercial Joint Stock Bank (VPBank) and Commercial Joint Stock Bank for Foreign Trade of Viet Nam (Vietcombank) have given warnings to users to not access links of forums or websites impersonating the bank. At the same time, customers should not provide account security information, digital banking or card details, or any other information to these websites.

Representatives of banks said relevant parties need to enhance coordination to ensure payment security and safety.

To further promote cashless payments in Viet Nam, experts said the most important thing is to change people's consumption habits through financial education programmes as a pillar in implementing a comprehensive financial development strategy.

The Government also needs to complete the legal corridor for the digital economy and government, including digital finance.

The Government also needs to develop an open banking system with stronger cooperation among commercial banks, Fintech and payment intermediaries. — VNS

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