An ecosystem for cashless payment is essential for Viet Nam to encourage people to switch from cards to contactless and digital payment, an important factor in the country’s digital transformation.
Viet Nam is marching towards becoming a cashless society with new methods of electronic payments being deployed widely, but security risks come hand in hand with new technologies and applications.
The city of Da Nang, the region’s major economic driver, is making headway in raising awareness on the benefits of cashless transactions as well as in building financial and technical infrastructure for the future development of a cashless society.
Recent surges in transactions and withdrawl fees at a number of commercial banks had seemingly gone against the State Bank of Vietnam’s (SBV) initial policy roadmap for a seamlessly cashless society.
