In addition to promoting cashless payments for public services, large value transactions such as buying and selling real estate will be soon required to pay via banks.
Director of the Payment Department (SBV), Pham Tien Dung said, in 2019, SBV closely followed the direction and implemented the payment tasks according to Resolution 01/NQ-CP and Resolution 02/ NQ-CP of government; continued to improve development mechanisms and policies for cashless payment, cash restrictions in payment, in line with international practices. In addition, SBV would coordinate with the Ministry of Finance to study and publicise the details of the list of transactions required to pay via banks, suggesting the government to amend some legal provisions to encourage cashless use for real estate transactions.
On that basis, SBV has synchronously implemented many measures of monetary policy and banking activities, contributing to inflation control, macroeconomic stability, supporting reasonable economic growth and at the same time ensuring operational security for credit institutions.
Regarding payment activities, Pham Tien Dung said that SBV had effectively carried out cashless payment, while people had been used to using these payment instruments.
In order to promote cashless payments, on May 20, under the direction of content from SBV, Tuoi Tre Newspaper in collaboration with the Payment Department (SBV), Department of Communications (SBV), E-Commerce Association (VECOM) and Vietnam National Payment Joint Stock Company (Napas) officially announced the Cashless Day on June 16.
According to SBV, on Cashless day, cashless payment facilities are encouraged to use when shopping and other payment. Consumers will enjoy preferential policies from credit institutions, central payment spaces and retailers, service providers.
The “Cashless Day” series is one of the typical activities, contributing to realising the government’s goals in the Project of developing cashless payment in the period of 2016-2020, the scheme of promoting payment via banks for public services, the plan to improve access to banking services for the economy, contributing to the implementation of the national strategy on comprehensive finance and Resolution 02/ NQ-CP of the government on continuing to perform the main tasks and solutions to improve the business environment and national competitiveness in 2019 and orientations to 2021.
In June 2019, especially on June 16, credit institutions, payment intermediaries, e-commerce floors, service providers and retailers will have special incentive programmes for customers when shopping without cash. The Organising Committee has officially received confirmation of participation in consumer support from units such as Napas, Vietcombank, Vinpro, Adayroi, Moca e-wallet | Grab, Momo, Shopee/ Airpay, Lazada, Tiki and VPBank.
Reportedly, in the first three months of 2019, the interbank electronic payment system handled over 37 million transactions with the value of nearly 21 quadrillion dong, up 23 percent in the number of transactions and up 17 percent in transaction value compared to the same period in 2018.
Commercial banks have integrated more features and utilities into bank cards to use for payment of goods and services at the point of sale, payment of utility bills, online payment, and at the same time improving service quality, safety, security in card payment. Up to now, there are about 76 payment service providers providing Internet payment services and 41 mobile payment service providers. In 2018, Internet payments increased by 33.6 percent in terms of transaction numbers and 19.5 percent in value compared to 2017. Mobile payment increased by 41.4 percent in the number of transactions and 169.5 percent in value compared to 2017.
Nguyen Dinh Cung, director of the Central Institute for Economic Management (CIEM) said: “If we do well payment without cash, we will eliminate the extremely popular corruption situation today.”
