In the past few months, the non-cash activities in general and electronic payment (e-payment) in particular have recorded significant change.
Speaking at the conference on the banking performance results in the third quarter (Q3) of 2019, deputy director of Payment Department at the State Bank of Vietnam (SBV) said that the total transaction value via the interbank e-payment system in the first eight months of 2019 reached 104 million transactions, equivalent to 61 trillion dong, up by 19.57 percent in volume and 26.66 percent in transaction value compared to the same period of 2018.
Thus, on average, the number of transactions per day reached nearly 629,000 transactions and the daily transaction value was over 367 trillion dong.
The technical infrastructure for non-cash payment, especially e-payment continues to be invested and expanded. By the end of July 2019, the whole market had 18,841 ATMs and 262,733 POS installed.
The SBV’s representative added that the opening and use of personal accounts continued to increase, reaching about 83.3 million individual accounts by the end of July 2019, up by 14.9 percent over the same period of last year.
The number and value of domestic payment of bank cards continued to rise. In the first seven months of 2019, the number of domestic payments made through bank cards reached more than 158 million transactions, up by 15.8 percent. The total transaction value was more than 410 trillion dong, up by 15.6 percent compared to the same period of 2018.
Particularly, in the first seven months of 2019 alone, the number of financial transactions via the Internet was more than 226 million transactions with a value of about 10,900 trillion dong, up by respectively 51.8 percent and 18.3 percent compared to the first seven months of 2017.
The number of financial transactions made via mobile phone channel reached nearly 202 million transactions with a value of over 2,090 trillion dong, up by respectively 104.9 percent and 155.3 percent over the same period of 2018, maintaining a 3-digit increase achieved from the previous year.
With the achieved results, on behalf of the SBV, the representative of the Payment Department has set out five orientations to promote non-cash payment.
The first orientation is to complete and carry out the regulations on e-payment.
The second orientation is to continue to effectively carry out the non-cash payment development project in the 2016 2020 period and the project to promote payment via banks for the collection of public service bills such as electricity, water, education tuitions, hospital fees and payment of social security programmes.
The third orientation is to continue to upgrade the payment infrastructure, at the same time complete the interbank e-payment with new business components, direct the deployment and soon put into operation an 24/7 automatic clearing house (ACH), and connect with other industries and sectors in order to provide secure payment products and services.
The fourth orientation is to strengthen the inspection and examination of the compliance with regulations on safety and security at credit institutions and payment intermediaries to proactively detect and promptly handle violations.
The fifth orientation is to promote communication, disseminate knowledge and coordinate the prevention and fight against hi-tech crimes in the banking sector; timely alert new tricks of crimes to take effective measures.
