Why cashless payment

Accordingly, NAPAS would cut its service fees for electronic switching for local banks from currently VND1,800 to VND900 per transaction, starting from March 25 to the end of this year, which would enable local banks to cut the fees for interbank fund transfer for customers. … [Read more...] about Further fee reductions to promote cashless payments amid pandemic

Hanoi (VNA) – The fees for fast interbank fund transfers will be cut for the second time this year to promote cashless payments amid the rapid spread of the COVID-19 outbreak, the National Payment Corporation of Vietnam (NAPAS) announced on March 16. Specifically, NAPAS will reduce interbank fund transfer fees by half, from currently 1,800 VND to 900 VND, for transactions of sums worth from 500,001 VND (about 21 USD) to 2 million VND each, starting from March 25 to the end of December 31. This move will enable local banks to cut the fees for interbank fund transfer for customers, NAPAS said. The State Bank of Vietnam has asked commercial banks and branches of foreign banks to reduce the fees for interbank fund transfers by at least 900 VND per transaction and encouraged to offer bigger reductions. The central bank has also allowed the National Credit Information Centre of Vietnam (CIC) to reduce the fees on local banks for using credit information, from March 1 to the end of … [Read more...] about Further fee reductions to promote cashless payments amid COVID-19

Two barriers remain, however, to Việt Nam becoming a cashless society: first, the current market for mobile wallets in Việt Nam is not concentrated. Many different providers develop different solutions to serve their own service. Without more concentration by a smaller number of solutions, available at a large number of vendors, there can be no truly massive adoption. Second, although many players are offering solutions to customers that already have credit cards and access to banking, a great opportunity remains in technology solutions that do not require credit cards or even a bank account in order to address the needs of under-served populations outside the cities. … [Read more...] about Việt Nam has perfect environment for cashless payment to develop: executives

According to the Visa Consumer Payment Attitudes Report, which polled 4,000 consumers in Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Việt Nam in July 2017, more than half of consumers in Việt Nam were aware of contactless payments. … [Read more...] about More Vietnamese prefer cashless payments: Visa

At the launch ceremony (photo: vietnamfinance.vn) PV Oil General Director Cao Hoai Duong said the app was a solution for its member corporate customers to manage petrol purchases of drivers and for drivers to buy petrol without paying in cash or with credit cards. … [Read more...] about PV Oil launches cashless payment app for drivers