SBV Reports Advances In The Adoption Of Cashless Payments
To increase the usage of cashless transactions in rural regions, the State Bank of Vietnam is working.
According to a press release issued by Vietnam Economy News on Wednesday (Dec. 28), mobile money, one of the financial options in the country’s cashless payment system, has so far been implemented at 72,000 point-of-sale (POS) locations, with more than half of those being in remote, rural, and isolated areas.
According to Pham Anh Tuan, chief of the State Bank of Vietnam’s (SBV) financial transaction department, “it has been tremendous progress, given our starting point several years back.”
Since 2015, the SBV has worked to improve access to the financial system for citizens of rural and isolated regions. According to the press release, it has, for instance, permitted several remote payment providers to cooperate with commercial banks to introduce cashless payments to such places.
Customers’ increased appreciation of digital banking during that period has contributed to an increase in the number of new accounts opened in Vietnam’s island and mountainous areas, according to the announcement.
There were 2.34 million Mobile Money accounts as of the end of September, 1.62 million of which were in rural areas. In addition, the study states that Mobile Money currently supports 14,500 suppliers and has processed 15 million transactions.
The SBV urges local governments to create digital markets for well-liked commodities to encourage residents to adopt digital payments and eliminate their cash-based spending habits and reluctance to try new technologies. It will aid in the continued growth of the adoption of cashless payments.
According to a report from Nov. 10, the 15 million clients of Vietnam’s Sacombank will soon be able to enjoy a seamless omnichannel experience thanks to a partnership between Temenos and Sacombank.
For instance, the Temenos platform will enable Sacombank to interact with online retailers, social media platforms, and other services to support the development of a cashless environment.
At the time, Bui Van Dung, the bank’s deputy CEO, remarked, “The omnichannel platform project is an unavoidable step to make a breakthrough in Sacombank’s digital business.”
To provide finance and banking services to distributors and retailers and enable clients to make cashless payments on their cellphones, HDBank and Unilever Vietnam teamed up in July.
