According to Decision No. 2545/2016/ QD-TTg, the prime minister has approved the project of developing cashless payment in Vietnam in the period of 20162020, setting a target to reduce the proportion of cash payments below 10 percent in 2020. This is a target that requires efforts of the authorities of all levels and especially financial and banking organisations.
One of the developing trends in Vietnam is mobile application. In Vietnam, there are 48 million Internet users, about 35 million people use smartphones, of which 45 percent of people use phones to search and buy products via the Internet. This is a huge number for developing e-commerce.
However, this is only a necessary condition to accelerate the e-commerce development. In addition, it must be based on smart payment platforms and utilities. Developing a convenient, fast and secure payment platform is a prerequisite for promoting e-commerce.
Smartphone payment applications are extremely important for the development of cashless payment in the context of globalisation. To do that, online payment forms play an important role.
These days, with a phone installed smart banking application, consumers can order airline tickets of many prestigious airlines such as Vietnam airlines, Vietjet and Bamboo. Booking hotel rooms and tours are also done quickly and accurately.
Moreover, the payment of electricity bills, water bills, online purchases and phone recharge has also become easier than ever.
Besides the preeminent and user-friendly features, smart banking services on mobile also eliminate the worries about customer account security. Just a few simple steps, the transfer will be done quickly in the same bank or to the other banks.
Moreover, through smart banking services on mobile phones, consumers can deposit, repay bank loans and buy online goods.
In fact, the percentage of ATM card users in Vietnam is still low while the number of smart phone users is huge. This is the basis for developing banking services based on smart mobile devices.
Duong Thao (Xuan DinhTu LiemHanoi) shared: “In the past, I opened accounts in many banks. But since Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) had BIDV SmartBanking service, most of my transactions have been delivered through this bank because it is so handy. I just need to install BIDV SmartBanking application on my mobile phone and then easily perform my transactions such as transfer, buy and sell goods online, pay electricity and water bills with just a few simple steps. ”
One of the utilities that BIDV SmartBanking offers according to Thao is the ability to manage expenses. This service allows the query to be indexed so users can manage shopping, avoid over buying and overcharging.
As an online trader on the Internet, Vu Huy Hoang (An Khanh Urban AreaHanoi) often has to carry out banking transactions. In the past, he had to go to the bank to make transactions, which was time-consuming.
However, when using SmartBanking service of BIDV, it takes him only a few minutes to carry out his transactions instead of waiting all day at the bank.
Hoang confided: “In the past, I had to go to the bank every day, queue for the turn, and then declare the information on the papers, in general. But since there was BIDV SmartBanking service on mobile phones, I have no longer worked that hard. In addition, I can pay bills, recharge my phone and load e-wallet without having to step out of the door. It really brings a lot of benefits for people who often have to carry out banking transactions like me “.
The trend of cashless payment will help shorten the gap between regions. People in remote areas can also trade and purchase when owning a mobile phone with BIDV SmartBanking installed.
Banking payment service on smart phones will help them access to the fastest and most convenient health, education and social security services, even the payment of hospital fees, insurance premiums, and tuition fees can be made through this application.
It can be said that cashless payment is a good and convenient trend. However, it requires the synchronous development of banking services, the understanding of this modern type of payment by both buyers and sellers.
In particular, payment infrastructure, banking services on mobile devices such as BIDV SmartBanking are considered as one of the decisive breakthroughs.
