Hanoi is often scorching hot at midday when Nguyen Phuong Ha is waiting for her lunch with her co-workers in a crowded restaurant.

Non-cash payments continue to boom in Vietnam this year as the country has seen a surge in banking transactions and mobile payments in the first four months of the year, according to an official from the State Bank of Vietnam (SBV).

Deputy Governor of the State Bank of Vietnam Dao Minh Tu has said July 7 is the deadline for e-wallet owners to complete the identity verification.

Despite the impact of the COVID-19 pandemic, the retail market in Vietnam in the first quarter of this year still recorded positive results from e-commerce, online shopping and delivery services.

‘Bleeding money’ is the strategy that all the three biggest players – MoMo, Moca and ZaloPay – have been using to gain part of e-wallet market share.

Hefty sums found their way to Vietnamese e-wallets from diverse partners during the year, turning the segment into one of the investment hotspots.

The investment capital poured into Vietnam’s fintechs in 2019 accounted for 36 percent of total capital into Southeast Asia. The figure was zero percent in 2018.

Investment funds had poured $410 million into Vietnam’s fintechs as of the end of September 2019, according to a report of PricewaterhouseCoopers, United Overseas Bank and Singaporean Fintech Association.

The State Bank of Vietnam (SBV) plans to set no limit on foreign ownership in fintechs.

The State Bank of Vietnam (SBV) has removed a regulation capping foreign ownership at 49% for local payment intermediaries from a draft decree on noncash transactions.

The State Bank of Vietnam (SBV) has announced it would remove regulations limiting foreign ownership in local intermediary payment firms from its draft Decree No 101.

To prevent the spread of the new strain of coronavirus in Vietnam, customers are encouraged to adopt cashless payment methods.

It was 2 pm at a fashion shop on Thai Ha street in Hanoi and customers were waiting to make payments with their mobile phones.

Start-up activities are growing fast despite the slowdown of the global economy. The gap between Vietnam and the two regional leading countries, Indonesia and Singapore, has narrowed.

MoMo speeded up, Moca made a high jump with the support of the holding company, and VinID Pay extended beyond Vingroup ecosystem.

The government decree on non-cash payment, once promulgated, will pave the way for mobile money to develop in Vietnam.

The State Bank of Vietnam (SBV) affirmed that regulations are in line with international commitments, which show Vietnam's management rights in the field of payment services.

More and more players have joined the e-wallet sector, but all of them understand that they cannot expect big profits at this moment.

Ant will not control more than 50% of eMonkey, but is expected to have significant influence and provide technical expertise to the e-wallet

The cooperation between banks and fintech firms is fundamentally changing the way the financial sector operates.