Sacombank has joined the annual Cashless Day organised by Tuoi Tre (Youth) newspaper for a third time, with attractive promotions to stimulate the use of non-cash payments.
Governor of the State Bank of Viet Nam Le Minh Hung has asked relevant agencies to help implement non-cash payments for public services, including tax, electricity, water, hospital and education fees.
An entrenched cash using habit and safety concerns are the main reasons for people not to switch to non-cash payments, a workshop heard in HCM City on January 15.
More and more banks are entering the e-wallet business as they see huge growth potential in the wake of the Government’s plan to reduce cash payments to below 10 per cent of all transactions by 2020.
Foreign investors have poured into Viet Nam’s e-wallet sector as they huge growth potential in the market in the wake of the Government’s plan to reduce cash payments to below 10 per cent of the total by 2020.
The Ha Noi People’s Committee recently issued a plan to develop non-cash payments, urging all supermarkets and restaurants to put in place cashless payment devices or systems by 2020.
Vietnamese consumers were using 76.13 million bank cards as of October,
up 15 per cent against December last year, according to statistics from
the State Bank of Viet Nam.
All transactions and cash payments for exports and imports of goods and
services must be conducted by bank transfers through authorised credit
institutions.