Deputy PM: Changing cash-payment habit boosts economic growth Changing cash usage habit to e-payment will not only boost economic growth but also promote Vietnam as a civilized nation, said Deputy Prime Minister Vu Duc Dam on December 16. He made his remarks at the Vietnam E-Payment Forum in Hanoi held by the State Bank of Vietnam (SBV) and VnExpress, an online newspaper. Online payment accounts for 90 percent of total transactions in developed countries and the Gross Domestic Products (GDP) hereby rose by about 1 percent, Dam explained. Vietnam has been ready for e-payment in terms of infrastructure and the Government has set goals to stimulate online transactions for years, yet consumers seem not willing to change, he said. The Deputy PM urged for greater coordination between relevant bodies to reduce cash payments alongside the design of incentives to encourage online transactions among local consumers. Dinh Thi My Loan, President of the Vietnam Retailers Association, noted paying in cash remains a habit of a majority of Vietnamese people, the biggest barrier of e-commerce in the country today. According to the Vietnam Bank Card Association (VBCA), 90 percent of the revenue from card payments was collected from ATM transactions, in which…
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