Non-cash payment becoming more common across the country

Non-cash payment has gradually become a trend in Viet Nam as cash usage has seen a remarkable reduction, according to the State Bank of Viet Nam's Payment Department.

Cash payment has reduced from 14 per cent in 2010 to 12 per cent at present, it reported.

A number of payment methods and services based on technology have been introduced to payers and the economy.

According to the department, 96.2 million cards have been issued nationwide, up 210 per cent from early 2011.

There are 60 organisations providing Internet Banking payment services and 30 organisations providing Mobile Banking payment services.

The payment infrastructure has been improved, evidenced by the rapid increase of ATMs and Points-of-Sale (POS), by 47 per cent and 300 per cent, respectively.

Commercial banks are interested in developing retail banking services and individual customers with the number of individual accounts reaching 57.8 million. Some commercial banks implemented services for paying electricity and water bills, telephone, telecom, insurance, and cable television fees, among others.

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