MOBILE PAYMENT OF VIETNAM GROWS RAPIDLY, NEAR 170%

2018 marked a remarkable year of success in Vietnam's electronic payment development when Internet payments, mobile payments achieved impressive growth rates in transaction value, respectively increased by 19.5% and 169.5% compared to 2017.

 

Mr. Nghiem Thanh Son, Deputy Director of Payment Department - SBV said, infrastructure for non-cash payment also saw impressive growth. By the end of 2018, the number of payment cards reached 147.3 million cards, ATMs reached 18,587, and 243.123 POS machines.

 

Payment by QR code is also called a touch, which is interested by organizations to promote payment via mobile phones. So far, there are 16 banks providing this payment service, the whole market has 30,000 points to accept QR code payment.

 

Transactions via ATM in the first quarter of 2019 reached 232.8 million transactions with a value of VND 676,550 billion, an increase of about 13% over the same period last year. Transactions via POS also grew impressively by 50% compared to the first quarter of last year, reaching 55.8 million transactions with VND 132,922 billion.

 

Besides, many banks and payment deposit organizations in Vietnam have applied advanced solutions and technologies to reduce costs, speed up payment, enhance safety and security for products, service, increase customer experience such as biometric authentication (fingerprint, face ...); payment on fast response code (QR Code); Safe and convenient payment via encryption of card information (Tokenization); Non-contact payment (contactless payment) speed and convenience ...

 

Speaking at 2019 Banking Vietnam opening ceremony, Mr. Nguyen Kim Anh, Deputy Governor of the State Bank said, Vietnam is now trying to build and work towards implementing the National Financial Strategy comprehensively. To implement the "National Comprehensive Financial Strategy", in addition to many other pillars, electronic payment will be one of the important pillars that contribute to the successful implementation of the Strategy. Currently, Vietnam is focusing on implementing the e-payment pillar and has achieved some outstanding results.

 

Deputy Governor Nguyen Kim Anh also emphasized that promoting comprehensive finance and developing electronic payment in the coming period should pay attention to the trend of digitizing banking services, getting customers to become popular. and consumer behavior has changed drastically from limited interaction in off-line environment, face-to-face meeting with bank employees to an online environment that does not meet, access and use services. continuous banking, anytime, anywhere on a variety of mobile devices. This new context requires banks and payment intermediaries to invest and apply strong 4.0 technologies to provide many new banking products and services; promote the exploitation and analysis of smart data to understand customers, thereby providing safe and convenient products and services with reasonable prices with advanced technology; protecting customers' secrets, preventing cyber attacks; ...


 


According to Mr. Nghiem Thanh Son, the non-cash payment still has limitations such as technical infrastructure for electronic payment activities that are not synchronized and newly concentrated in cities and urban areas, yet sufficient equipment in rural and mountainous areas. New electronic payment facilities and services have not been deployed on a large scale to meet the needs in different regions.

 

"People mostly still use cash. Psychological shyness, hesitation to learn, risk aversion prevented consumers from accessing electronic payment forms, ”Mr. Nghiem Thanh Son said.

 

Experts said that in order to take advantage of opportunities and overcome challenges to promote comprehensive finance in the development trend of digital payment ecosystems, the role of the Government is extremely important and solid. especially in establishing the legal framework and promoting users and units to participate directly in the digital payment cycle.

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