At the recent seminar on cashless payment, Pham Tien Dung, director of Payment Department of the State Bank of Vietnam (SBV), said that the inter-bank electronic payment system was operating safely, smoothly and steadily. The average annual growth rate reached 27.3 percent in the total number of processed transactions and 20.3 percent in the total value in the period 2016-2019. The system of switching and clearing worked effectively, the growth rate in 2019 reached 171 percent in terms of the number of transactions and 96 percent in value.
Dung mentioned that the major changes in completing the legal framework and policies in payment activities had facilitated the application of new technology, modern payment infrastructure, and safe and convenient payment service.
E-payment ecosystem had been formed with a connection to the integration with other industries. This allowed customers to make online payment transactions for electricity, water, telecom bills, online shopping at e-commerce sites, pay electronic taxes, and some other charges when performing some public administrative services, and so on.
Most of the achievements of the 4.0 Industrial Revolution had been applied in the field of payment, such as passenger behavior analysis on big data, biometric authentication, fast response code application ( QR Code), card information encryption (Tokenisation), contact and non-contact chip card payments (contact and contactless).
Thereby, card payment continued to grow with an average growth rate of 51.4 percent in volume and 33.8 percent in transaction value in the period from 2016 to 2019. In particular, mobile payment also grew on average 85 percent in volume and 158.5 percent in transaction value.
