(VOVWORLD) - Cashless payment has become a growing trend in Vietnam’s economy. During the COVID-19 pandemic, an increasing number of people have opted for cashless payment as they see its benefits.
The State Bank of Vietnam reported in April the number of cashless payment increased sharply compared to the same period last year. Domestic payment using bank cards increased 26%, Internet banking 3%, and online transaction on smart phones 198.8%. The figures show that people’s habits are changing to embrace the convenience offered by online payment apps.
A survey by VISA found that Vietnamese consumers are carrying less cash as they begin to use credit and debit cards more frequently.
New mechanisms and incentives for cashless payment have been implemented. Le Anh Dung, Deputy Head of the Transaction Department of the State Bank of Vietnam, said transactions must be client-centered to improve service quality and competitiveness. People in rural areas should be encouraged to open accounts and access digital transaction services.
Mr. Dung said: “The State Bank of Vietnam will study and issue new regulations to create a favorable legal framework for cashless and digital payment. New models for cashless payment in rural areas will be developed in line with the National Strategy on Comprehensive Finance. Management and oversight will be tightened on big transaction systems, tools, services, and cross-border transactions to ensure safe operation and gain public’s confidence.”