According to Mr. Nguyen Quoc Hung, General Secretary of the Vietnam Banking Association, before 2016, about 500 - 1,000,000 transactions/day was a dream number for credit institutions. Up to now, the average daily transaction volume has reached 8 million transactions, with the number of cash transactions being about 900,000 billion VND (equivalent to 40 billion USD). With such a large number of daily payments, digital transformation is extremely important and practical.
As of June 2023, the average amount of money transferred payments increased by 52.35% compared to 2022. Payments via POS, QR code, internet and Mobile Banking increased in both value and quantity.
Meanwhile, the amount of cash withdrawals via ATMs decreased by about 6.3%. It can be seen that digital transformation can help limit the use of cash and promote payments in the fastest and most convenient way.
In addition, about 40 banks have opened payment accounts for customers with about 11 million accounts through eKYC. About 20 banks have opened card payment accounts for customers through eKYC with a number of 10.8 million. This is one of the positive results in the field of card payment.
Winnie Wong, Mastercard Country Manager for Vietnam, Cambodia and Laos, said that at least 95% of banks in Vietnam are actively implementing digital transformation. In a Mastercard study in 2022, up to 94% of Vietnamese consumers used at least one digital payment method in the past year. While in the Asia Pacific region and even more developed countries, this rate is only at 88%.
According to Mr. Pham Anh Tuan, Director of the Payment Department, from customers being able to open online accounts to consumption, people have almost mastered basic operations such as money transfer, payment... all of which are used through online platforms.
The bank has also partnered with Fintech companies to open e-wallets so that people can pay online for basic services such as electricity, water, rent, phone bills, etc.
With card applications (Mastercard, Visa), banks have increased the use of card payments, significantly reducing the rate of cash use.
On August 8, Apple Pay officially appeared in Vietnam, along with Android has completed card integration on the phone. Along with the integration of QR code application on the phone, now, people only need to bring their phone to pay for all transactions from small to large quickly, easily and conveniently.
“Fast speed, no need to manage cash. It is clear that digital transformation applications have truly entered the lives of people from small retailers to large enterprises,” said Mr. Pham Anh Tuan.
Ngoc Tuan
Source
Comment (0)