The Payment Summit 2019 focused on building out the foundations for a synchronised digital payment ecosystem The Payment Summit 2019 themed “Building a digital payment ecosystem” organised by the Vietnam Banks Association and OpenWay Group drew the participation of hundreds of experts on October 16. At the event, Pham Tien Dung, director general of the Payment System Department of the State Bank of Vietnam (SBV), confirmed that the non-cash payment ecosystem has already drawn great demand to cover payment needs in all areas of life. “At present, we are no longer bothered by power-bill collectors, who used to knock on our doors while we were having dinner with our family. In addition to bills, we can pay for a lot of different costs via banking apps on the smartphone, like overheads, internet fees, TV cable subscription costs, tuition fees, shopping, and among others,” said Dung. In 2017, as much as 87.57 per cent of total power revenue was conducted via banks or e-wallet apps. Over the past years, banking services have become popular. The number of individual banking accounts has increased to 83.9 million (as of August 2019) from 69 million in 2017 and 60.2 million in 2015, while the… Read full this story
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