A consumer conducts a cashless payment via QRCode. Cashless payment was developing rapidly in Viet Nam. — Photo nld.com.vn

The State Bank of Viet Nam has licensed 9Pay Joint Stock Company to provide payment intermediary services.

Under the licence, 9Pay can provide electronic payment gateway, authorised collection, payment and e-wallet services.

The licence is valid for 10 years.

9Pay was founded on September 6, 2018, and is headquartered at No 34, Nguyen Khanh Toan Street, Ha Noi.

As of August 6, the central bank had granted licences for 36 non-bank payment intermediary services companies.

Cashless payments are developing rapidly in Viet Nam, especially amidst the COVID-19 pandemic.

Under its banking development strategy, Viet Nam plans to reduce the proportion of cash payments from 10 per cent in 2020 to less than 8 per cent in 2025.

The central bank is also studying mechanisms for developing a regulatory sandbox for financial technology. — VNS