Vietnam is determined to "cover" non-cash payments

After nearly four years of implementing Decision 2545 / QD-TTg - approving the Project of developing non-cash payment in Vietnam for the period of 2016-2020, our country's non-cash payment activities has been positive development steps.

According to the Prime Minister, despite the many breakthrough points in the past time, the target of cash on total means of payment is still high compared to the target set out in Decision 2545 / QD. -TTg.

Currently, especially in rural areas, remote areas; e-payment in e-commerce is still low, not commensurate with the development potential. In the health sector, education is still modest in implementing non-cash payments. In addition, Crimes in the field of high technology and e-payment have recently had complicated happenings with new and more sophisticated acts and tricks ...

In order to further promote the development of non-cash payment and electronic payment to achieve the objectives of Decision 2545 / QD-TTg, the Prime Minister requested the relevant ministries, branches and localities to actively perform directed tasks.

Government Directive

1. For the State Bank of Vietnam:

Complete the legal corridor for non-cash payment activities, electronic payment, to meet the requirements of developing new payment service models and products. At the same time, assume the prime responsibility and coordinate with the concerned ministries and agencies in submitting to the Government for consideration and promulgation a decree replacing the Decree on non-cash payments before July 01, 7.

Continuing research issued under its authority or submitted to the competent authority promulgate appropriate mechanisms and policies on payment service fees to encourage organizations and individuals to make non-cash payments.

Steering completed building and developing automatic electronic compensation system For retail payment transactions (ACH), officially put into operation, deploy the service to be completed before December 15, 12.

Further research, application Authentication, customer identification (KYC) solutions electronically to promote access and use of payment services.

Strengthen work inspection, examination, supervision, prevention of money laundering, terrorist financing in non-cash payment activities, electronic payment, intermediary payment, ensuring security, safety and efficiency activities.

2. Ministry of Industry and Trade

Done the work promulgating incentive mechanisms and policies establishments that sell goods and services accept and use electronic payment facilities; Encourage electronic payment in e-commerce before July 01, 7.

3. Ministry of Finance:

Complete Electronic payment infrastructure connection between credit institutions and infrastructure of tax agencies, customs authorities and the State Treasury in order to meet the requirements of electronic state revenue collection.

The study expanded the solutions to support commercial banks in the control of import and export records and documents and the risk of fraud.

Perform guidance on financial mechanisms of administrative organizations and non-business units in the payment of non-cash payment service charges to credit institutions and payment intermediaries to ensure feasibility and uniform implementation before January 01 / 7/2020.

4. Ministry of Health

To guide hospitals to coordinate with credit institutions and intermediary payment institutions collect medical services fees with a non-cash payment method before July 01, 7.

5. Ministry of Education and Training

Guide schools to coordinate with credit institutions, intermediary payment organizations Collecting educational services using non-cash payment method.

At the same time, to build and standardize databases, upgrade technical infrastructure to connect and share information with credit institutions and payment intermediaries to collect education service fees by electronic payment facilities before July 01, 7.

6. Ministry of Labor, War Invalids and Social Affairs, Vietnam Social Insurance (SI)

Develop and promulgate according to its competence guidelines, standards, and roadmap for standardization of data and information on pension recipients, social insurance benefits and social security regimes so that information can be shared with credit institutions, intermediary payment institutions payment of social security, pensions, social insurance benefits through banks before July 01, 7.

7. The Ministry of Public Security:

Perform review, amend and supplement regulations on security, safety, detection, prevention, and prevention handle law violations in the field of electronic payment, intermediary payment; completed before July 01, 7.

To assume the prime responsibility for, and coordinate with the State Bank of Vietnam and the concerned ministries and branches in, intensifying investigations, detecting, preventing and handling law violations in the field of electronic payment, payment intermediaries and micro Other laws that use high technology.

Assuming the prime responsibility for building a database on handling administrative violations in the transport domain; uniformly applying the identification of fines for administrative violations; connecting and sharing information on fine collection with the State Treasury, credit institutions and related units; Yesusing non-cash payment methods to collect fines for administrative violations before July 01, 7.

8. Ministry of Information and Communications

Continue to direct the press agencies Propagate and disseminate to the people on the convenience and utility of non-cash payment, electronic payment.

9. The Ministry of Transport

Urgently complete before July 01, 7 the study and issuance of incentive policies develop multi-purpose cards, multifunction, contactless card, non-physical card to collect tolls, buy train tickets, car ...

10. Presidents of provincial-level People's Committees

The provincial level focused on directing the implementation, reporting on the situation and results of implementation in the locality in accordance with the guidance of Resolution 02 / NQ-CP.

11. Organization of implementation

Relevant ministries and branches urgently deploy the assigned tasks. Before November 01, 11, to summarize the report on the results of the implementation of this Directive and Decision 2020 / QD-TTg and send it to the State Bank of Vietnam to summarize and report to the Prime Minister.

The State Bank of Vietnam shall assume the prime responsibility, coordinate and urge with the concerned ministries, branches and agencies to synthesize, review and evaluate the results of the implementation of this Directive and Decision 2545 / QD-TTg, report to the Prime Minister before December 01, 12.

Reports on the use of cash replacement accounts as of Quarter I / 2020

Report of the State Bank

According to the latest figures of the State Bank (SBV), as of March 3, the situation of transactions via electronic payment systems has certain highlights:

  • There are 88,5 million bank accounts; Of which, adults with bank accounts accounted for 63,7%.
  • The SBV's payment system handles non-cash payments of US $ 17 billion a day.
  • By the end of 2019, Internet channel transactions increased by 64% in terms of number of transactions and by 37% in transaction value. Transactions via mobile phone channels increased by 198% and 210% respectively in volume and value compared to the same period in 2018.
  • In the first 3 months of 2020, the total number of transactions via financial switching and electronic clearing systems increased by 81,32% in volume and 145,32% in value compared to the same period in 2019.
  • In the first 20 days of April 4, the average transaction value via inter-bank electronic payment system increased by 2020% over the same period last year.

Visa Survey:

In 2019, the payment processing network of Visa recorded a total transaction value of Vietnamese consumers with credit and debit cards increased by 38% over the same period in 2018.

The recent consumer payment survey (CPA) results also have a positive prediction: “74% of consumers in Vietnam expect to increase the use of non-cash payment methods in their over the next 12 months - the highest rate among Southeast Asian countries surveyed ”.

The survey also shows a positive trend in new payment technologies. Specifically, 85% of those surveyed said that they made contactless payments by card at least once a week, while 82% of consumers made transactions on mobile phones.

The explanation for these outstanding points is thanks to the development of forms such as payment through the network of correspondent banking systems, Fintech companies, Mobile Money services, electronic wallets, etc.

To encourage users, they offer a lot of incentives when paying without cash. One of the most impressive features of the recent outbreak is the reduction of fees.

The use of non-cash payment methods makes economic transactions and spending transparent, helping the cash flow to be circulated more clearly and smoothly.

If the "electronic" payment is widely used to localities across the country, it will bring many benefits to promote national economic development.

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