Banking transactions and mobile payments are experiencing impressive growth in Vietnam when it comes to both the number of users and value of transactions, head of the SBV’s payment department Pham Tien Dung told a seminar on cashless society held in Ho Chi Minh City on June 12. In the first four months of the year, the number of domestic banking transactions grew 26.2% with value expanding 15.7%. As of the end of March, the number of banking accounts reached 103.1 million, up 22.4% from the end of 2017, Dung said. Notably, mobile payments increased sharply by 189 % in number and 166% in value from a year earlier, he added. He attributed the growth to the development of IT and telecommunications, thanks to which banks have created a variety of new user-friendly cashless payment services, such as mobile banking, Internet banking and bankcard payment. Vietnamese banks have quickly integrated latest technologies, including fingerprint authentication and facial recognition, … [Read more...] about Banking transactions, mobile payments grow sharply in Vietnam
Peer to peer lending (P2P Lending) will become legal in Vietnam after a draft decree on fintech management is compiled. However, P2P is a form of civil transaction and the current laws don’t stipulate which agency has management over the activities. … [Read more...] about VN State Bank designs ‘sandbox’ for P2P lending
HCM City (VNS/VNA) - Banks have embarked on the conversion of magnetic payment cards into chip cards for greater security, but the COVID-19 pandemic has significantly slowed down their efforts, making it difficult for them to meet the deadline. Last year the State Bank of Vietnam (SBV) had unveiled a plan to convert at least 30 percent of all cards to chip cards by the end of 2019 and make 35 percent of ATMs and 50 percent of point of sale terminals machines compatible with contact and contactless chip technologies. All ATMs and POS machines in the market were supposed to comply with Vietnam Chip Card Specifications (VCCS) by December 31 this year, and all domestic cards with basic standards for chip cards by the end of 2021. Nguyen Minh Tam, deputy CEO of Sacombank, said his bank was among the first to issue domestic cards using EMV chip technology, which optimises the security of card information and enables contactless payment. Currently some 50 percent of cards issued by his … [Read more...] about Pandemic delays chip card conversion plans
Hanoi (VNS/VNA) - Non-cash payment activities have developed strongly in recent years with many payment services such as digital banks and e-wallets. A new trend of developing payment services on mobile devices, called mobile money, is also being implemented. Many economists have said that competition between e-wallets and mobile money might not happen as each payment method has different goals and market share. Economist Can Van Luc said customers of each payment method were quite different. Mobile money will mainly focus on those who already have phone numbers. The customers of this payment method are everywhere including in rural, urban, remote and mountainous areas. Mobile money and e-wallets have the same purpose of creating a community which uses cashless payment. However, mobile money helps people using mobile accounts to transfer money and pay goods with small value quickly, so its payments have limited value compared to e-wallets. On the flipside, economist … [Read more...] about How will mobile money affect e-wallets?
It is therefore necessary for firms to fully understand how to make the most of the CPTPP along with a series of other FTAs that have come into effect in order to boost exports. For example, the trade surplus from Mexico and Canada, two new markets that joined the CPTPP in 2019, amounted to US$5 billion, 50% of the nation’s overall trade surplus, he notes. … [Read more...] about VIETNAM’S BUSINESS NEWS HEADLINES JULY 8