return icon Vietnamnet.vn

More banks offer mobile payment services

More than 40 commercial banks are providing mobile payment services, while more than 90 million mobile transactions were made in the first nine months of the year, worth VND423 trillion.
VietNamNet Bridge - More than 40 commercial banks are providing mobile payment services, while more than 90 million mobile transactions were made in the first nine months of the year, worth VND423 trillion, equal to 153 percent of 2016 and 316 percent of 2015 figures, according to the State Bank of Vietnam.


{keywords}

More banks offer mobile payment services




SBV deputy governor Nguyen Kim Anh said at a mobile payment conference held recently that the number of cash payment transactions decreased from 14.02 percent in 2010 to 11.45 percent in August 2017.

The number of cash payment transactions decreased from 14.02 percent in 2010 to 11.45 percent in August 2017.

Tran Cong Quynh Lan, deputy CEO of VietinBank, said that the development of QR Pay would replace traditional payment methods because it brings benefits to all parties.

With QR code, buyers don’t need to bring cash and ATM cards when shopping. 

In addition, the payment method ensures information security because buyers don’t have to give cards to sellers. 

Meanwhile, sellers don’t have to pay for cashiers and money counting. As for commercial banks, they don’t have to spend money on ATMs, and it is easy for them to expand networks.

Analysts all commented that they can see great potential of smartphone-based payment services in Vietnam where more than 50 percent of the population use smartphones. 

A report from VnPay showed that from the beginning of the year to September, the payment via QR code grew by 120 percent and the number of transaction points accepting QR payments increased to 5,000.

The figure is expected to increase to 50,000 by the end of 2018. 

At least 12 commercial banks provide QR payment services via smartphones. These include big banks such as BIDV, Vietcombank, VietinBank, Agribank, Indovina, SCB, NCB and TPBank.

A report on the Vietnamese mobile phone market released in April 2017 by Appota, a provider of platforms on smartphones, showed that the number of smartphone users in 2016 was four times higher than in 2013.

Can Van Luc from BIDV commented that a breakthrough in non-cash payments was made in 2017 thanks to QR code solutions. 

According to Samsung Vina, more than 100,000 people have used Samsung Pay and 50,000 transactions have been made since September 29, when it was launched.

Samsung Pay is designed specifically for Samsung smartphones which allows customers to integrate their card information into smartphones and make payments at any shop with POS.

Nguyen Dang Hung, deputy CEO of NAPAS, said that some payment technologies such as Tokenization and QR Code are catching attention from Vietnamese banks.

SBV, in an effort to push up the development of payment via smartphones, is considering setting up standards for QR code payment in Vietnam. 

It has also established a steering committee on fintech which will give advice on a legal framework to facilitate the development of fintechs in Vietnam.


RELATED NEWS

Mobile payments boom, but not in Vietnam

Bank-fintech teams tackle mobile pay


Kim Chi

MORE NEWS

Some businesses are still paying high dividends

While many enterprises are facing difficulties, some plan to spend trillions of VND to pay dividends and buy treasury stocks.

Vietnamese box office smash to premier in Australia

According to Box Office Vietnam, The Girl from the Past has generated revenue of VND53 billion (US$2.2 million) after debuting in Vietnamese cinemas.

French Senate President arrives in Hanoi, beginning official visit to Vietnam

French Senate President Gérard Larcher arrived in Hanoi on December 8 morning, beginning an official visit to Vietnam at the invitation of National Assembly Chairman Vuong Dinh Hue.

Vietnamese film to compete at Golden Globe Awards

“Dem Toi Ruc Ro”, known as “The Brilliant Darkness” in English, a movie on domestic violence by American director Aaron Toronto, features in this year’s list of Golden Globe Awards’ nominees.

PM attends inauguration of Vietnam International Defence Expo 2022

Prime Minister Pham Minh Chinh and military officers pressed buttons inaugurating the Vietnam International Defence Expo 2022 at Gia Lam airbase in Hanoi on December 8.

PM’s trip to elevate Vietnam – EU to new height: diplomat

Prime Minister Pham Minh Chinh’s trip to attend an ASEAN-EU Commemorative Summit and visit Luxembourg, the Netherlands, and Belgium from December 9 to 15 is expected to promote and lift the Vietnam-EU cooperation to a new height.

Money borrowers face black credit traps on online lending apps

A lot of money borrowers have been recently cheated on online lending applications which seem to ask for simple procedures at first but then claim cut-throat interest rates.

Young scientist becomes first Vietnamese awarded by UK Royal Aeronautical Society

With the Young Persons’ Achievement Award, Dr. Nguyen Huyen Duc has become the first Vietnamese scientist to receive the prize from the UK’s Royal Aeronautical Society (RAeS).

Revelations of an e-cigarette seller

After exchanging text messages via social media, VietNamNet’s reporter, who acted as an e-cigarette buyer, decided to meet the seller and discovered many things that made him shiver.

Vietnam’s fruits enter choosy markets

In the domestic market, a red-flesh pomelo is priced at VND23,000-45,000/kg. In the US, it is VND535,000 per kilogram.

Vietnam imports nearly US$190 million of pork in Jan-Oct

Vietnam had imported 89,000 tons of pork products worth US$189.02 million in the year to October, contracting over 34% in volume and nearly 40% in value year-on-year, according to the Foreign Trade Agency under the Ministry of Industry and Trade.

Over VND9.6 trillion proposed for upgrading HCMC’s polluted canal

The HCMC People’s Committee has proposed investing over VND9.6 trillion in the Xuyen Tam Canal upgrade project at a meeting this morning, December 7, according to the local media.

Agencies write laws to help SMEs but lack information about the businesses

Some content needs to be more clearly quantified to better assess the effectiveness of these activities and the feasibility of regulations on SMEs.

‘Glorious ashes’ spark little hope for Vietnam’s cinema

‘Glorious ashes’ hit the screen when the audience became too discouraged about the  appearance of local movies with low revenue.

Foreign investors arrive, industrial real estate benefits

Industrial Zone (IZ) developers are pocketing big money as Vietnam is welcoming new foreign investors.
back_to_top