Cashless payments and card payments have penetrated every field.

SGGPO 09/26/2023 11:40

On September 26, within the framework of the series of events of Vietnam Card Day 2023, Tien Phong Newspaper and Vietnam National Payment Joint Stock Company (Napas) organized a workshop on "Promoting card activities and future payment trends".

Workshop “Promoting card activities and future payment trends”

Mr. Pham Tien Dung, Deputy Governor of the State Bank of Vietnam (SBV), stated that non-cash payments (TTKDTM) and card payments have penetrated all areas of production, business, service provision and daily life.

Currently, the whole country has more than 100 million cards issued to users, many new card types have been born, and security standards are increasingly improved. In particular, digitizing bank cards so that customers do not need to hold physical cards, avoiding the risk of loss, exploitation... is a popular trend. Some banks are reducing fees very strongly, some types of cards are reduced by up to 50% to support card payments, especially cards with international brands...

Ông Phạm Tiến Dũng, Phó Thống đốc Ngân hàng Nhà nước phát biểu tại hội thảo ảnh 1

Mr. Pham Tien Dung, Deputy Governor of the State Bank, spoke at the workshop.

At the workshop, Mr. Pham Anh Tuan, Director of the Payment Department (SBV) said that the SBV has proactively researched, issued and submitted for promulgation many timely and appropriate regulations to promote e-commerce in general and card payments in particular. On that basis, in recent times, banks have focused on investing heavily in technology infrastructure and technical solutions to develop digital payment products and services, providing modern, multi-functional, convenient products and services, ensuring security and safety while meeting customer needs.

Electronic payments via the Internet and mobile phones have achieved remarkable results, attracting a large number of customers. Many new and modern payment methods are being researched and developed by banks in the Vietnamese market such as contactless chip card payments, NFC payments, QR code payments, e-commerce via Mobile Banking applications, Internet Banking... combined with customer authentication solutions via biometrics, security, card information encryption (tokenization), electronic identification (eKYC).

In the first 7 months of 2023 compared to the same period in 2022, e-commerce transactions increased by 51.19% in quantity; via the Internet channel increased by 66.46% in quantity and 4.01% in value; via mobile phone channel increased by 63.09% in quantity and 8.79% in value; via QR code method increased by 124.15% in quantity and 16.12% in value...

The workshop also received many comments aimed at evaluating card activities in the Vietnamese market, raising difficulties and proposing solutions to promote e-payment, promote comprehensive finance to cover electronic payment services to the majority of people; at the same time, giving comments on future payment trends.

Source