May 30, 2023 | 17:00 GMT+7

Central bank seeks increase in cashless payments

Tùng Thư -

2.8 million people have used the Mobile Money service to date.

The State Bank of Vietnam (SBV) has asked banks, branches of foreign banks, and providers of intermediary payment services to continue promoting cashless payments and the implementation of the national digital transformation program.

They were instructed to continue considering and offering preferential programs and policies on payment and intermediary payment service fees to customers, and to exempt account maintenance fees as well as cash withdrawal fees for customers entitled to the social security policy.

The central bank asked banks and branches of foreign banks in Vietnam to coordinate with payment acceptance units such as power, water, and telecoms service suppliers, e-marketplaces, supermarkets, restaurants, and shopping centers to hold promotional events and advertise their services to encourage cashless payments.

Cashless payments have increased rapidly over recent years. As of March, there were 11.9 million banking accounts opened utilizing facial recognition technology, also known as eKYC (electronic know your customer).

Payment via QR codes have also risen steadily, while some 90 per cent of transactions by customers at some banks were carried out via digital channels.

Over 2.8 million people have used the Mobile Money service to date.

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