Non-cash payments widely promoted

Non-cash payments are considered a useful solution for socio-economic recovery and development in the “new normal”, analysts told the “Cashless Day 2021” event held on November 5 by the Hanoi Department of Industry and Trade and the Vietnam E-commerce and Digital Economy Agency (iDEA).

The growth in non-cash payments has proven to be an effective solution in achieving the dual goals of controlling the pandemic and removing difficulties facing production and business. Many commercial banks are also introducing other electronic payment methods, such as online internet and via mobile phones, both of which are developing quite quickly.

New technologies in electronic payments are also being applied, such as face recognition and fingerprint recognition. Many domestic banks are applying advanced technologies to speed up payments, enhance safety and security, and increase the customer experience and satisfaction level.
However, the rate of non-cash payments in e-commerce is still low. “Non-cash payments in e-commerce are not high because consumer confidence is still limited, and consumer protection policies are not synchronized,” said Ms. Nguyen Thi Minh Huyen, Deputy Director of iDEA.

In order to promote non-cash payments into the future, the State Bank of Vietnam (SBV) will continue to introduce solutions, in particular promoting non-cash payments in the public sector, according to Mr. Nguyen Quoc Huy, Deputy Director of the SBV, Hanoi Branch. Meanwhile, it is necessary to introduce different forms of payment via bank accounts, creating the conditions for customers to make non-cash payments for essential services such as electricity, water, school fees, hospital fees, and telecommunications charges.