In the first quarter of 2019, the number and value of financial transactions via Internet channel increased by 68.8 percent and 13.4 percent compared to the same period of 2018, while the number and value of financial transactions via mobile phone channel rose by 97.7 percent and 232.3%.
At the press conference to introduce the Banking Vietnam 2019 event with a theme of Comprehensive Finance in the development trend of the cashless economy, Nghiem Thanh Son, deputy director of Payment Department, State Bank of Vietnam (SBV), answered the question about the results of the cashless payment development project in Vietnam for the period 2016-2020 up to now.
Specifically, the interbank electronic payment system continued to operate safely, efficiently and smoothly, meeting the demand of interbank payment nationwide. In the first quarter of 2019, the interbank electronic payment system handled 37,325 thousand transactions, corresponding to the value of 20.691 trillion dong (up 22.99 percent in quantity and 17.84 percent in value compared to with the same period of 2018).
In terms of infrastructure and technology to serve cashless payment, by the end of March 2016, there were 18,668 ATMs and 261,705 POS nationwide (card accepting machines) installed at most establishments and distribution chains, retail, large hotels, medical facilities, hospitals and schools.
Son said the number and value of domestic payment transactions of bank cards continued to increase, in the first quarter of 2019, reached 65 million transactions with a total amount of 171 trillion dong (up 18.45 percent in quantity and 18.82 percent in value over the same period of 2017). Commercial banks have integrated more features into bankcards for payment of goods and services and at the same time, improved the quality of services and card payment security.
Electronic payment via the Internet and mobile phones has attracted a large number of customers. In the first quarter of 2019, the number and value of financial transactions via Internet channel increased by 68.8 percent and 13.4 percent compared to the same period of 2018. The number and value of financial transactions via mobile phone channel increased by 97.7 percent and 232.3 percent compared to the same period 2018.
Regarding the cashless payment in the public sector, so far, the IBPS system has completed the interbank electronic payment connection at 63 provincial state treasuries; about 50 commercial banks have completed connection with the electronic tax payment system of the general Department of Taxation in 63 provinces and cities.
In order to promote cashless payment, according to Son, in the near future, SBV will continue to improve the legal framework, develop a cashless payment policy development mechanism as in research and draft guide the opening and use of payment accounts at organisations providing payment and collection of payment services through payment providers; promoting card payment through card acceptance devices at point of sale, application of modern technologies and payment methods such as quick response code (QR code), encryption of card information, mobile payment and contactless payment.
