The project aims to boost the growth of non-cash payment in Vietnam and make non-cash payment methods more popular to people in both urban and rural areas.

The project aims to make non-cash payment methods more popular to people in both urban and rural areas.

The project is also expected to apply the achievements of the Industry 4.0 to upgrading non-cash payment infrastructure to meet payment demands in a convenient and efficient method.

The value of non-cash payments is projected to be 25 times higher than the GDP by 2025 while non-cash payment in e-commerce is estimated to reach 50% of total transactions.

Vietnam also expects to have 80% of its people from the age of 15 years old having bank accounts and increasing the number of points accepting cashless payments to over 450,000 by 2025.

Regarding public services, 90-100% of educational institutions in urban areas will accept the payment of tuition fees through non-cash transactions while 60% of medical examination and treatment establishments in urban areas will accept non-cash payment by 2025.

Under the project, Vietnam also expects to achieve 20-25% growth rates in the number and value of non-cash payment transactions in the next five years.

To achieve the set targets, the project will implement various solutions such as completing the related legal corridor and policies, upgrading payment infrastructure to be able to connect and integrate with other systems, developing modern payment services and promoting non-cash payment in the public sector and others.

Bac Giang enhances non-cash payment solutions

(BGO) – Currently, the rate of cash payment is much higher than the set target for national payment method, accounting for 11.33 percent.

Cashless payment benefits all sides

Vietnam is marching towards becoming a cashless society with new methods of electronic payments being deployed widely.

Cashless Day to feature a wide range of activities

Cashless Day 2021 is scheduled to take place on June 16 with a wide range of activities aiming at raising public awareness of non-cash payment.

Bac Giang accelerates cashless payment

(BGO) – After reviewing the proposal from the Bac  Giang branch of State Bank, the People’s Committee in the northern province of Bac Giang has issued document to urge the acceleration of cashless payment service.

Vietnamese take increasingly to cashless payments

Non-cash payments have increased sharply, especially through mobile devices and the internet, according to the State Bank of Vietnam.

Source: NDO