The National Payment Corporation of Vietnam (Napas) and South Korea’s BC Card Company (BC Card) signed a cooperation agreement on October 17 in South Korea regarding non-cash payments in Vietnam and South Korea. The agreement will contribute to promoting the development of digital payments in trade as well as trade promotion and tourism between the two countries.
According to the General Department of Taxation, six banks now provide accounts for users to make online tax payments via the eTax Mobile application. The Department is continuing to carry out authentication with a number of other banks to accelerate the deployment of eTax Mobile, contributing to the implementation of the “Project for developing non-cash payments in Vietnam”.
The State Bank of Vietnam (SBV) has said it will introduce five groups of solutions to further promote non-cash payments. Notable solutions include perfecting the legal framework, amending and supplementing a number of laws and decrees related to banking activities; building and promulgating a mechanism for the controlled testing of fintech activities in the banking sector; developing modern payment services; and developing infrastructure, upgrading the inter-bank electronic payment system.
Non-cash payments have developed strongly in many fields because of the Covid-19 pandemic, including food and beverages (F&B). Vietnam has developed non-cash payment methods for the sector, which has opened up further development opportunities.
Vietnam is seeing among the highest growth in e-payments in the world, at about 35 per cent each year, of which e-wallets have found particular favor among the population as a modern and convenient method of payment.
Many banks and businesses have applied modern technologies to their services amid the pandemic, such as eKYC (electronic know-your-customer, for account openings), QR codes, and non-cash payment services in order to offer customers a more convenient experience.
