Vietnam

Vietnam’s banking sector goes digital (Vietnam Net)

Digital banking will be the future of the Vietnamese banking system, especially amid the development of the fourth industrial revolution, according to experts.

This article originally appeared on the Vietnam Net on 6th August 2018. You can view the original article here: https://english.vietnamnet.vn/fms/business/206410/vietnam-s-banking-sector-goes-digital.html

Many banks are stepping up QR code payment on mobile phones
(Photo: Vietnam Net, Tpbank)

In recent years, non-cash payment has been expanded in the country with various forms: via bank cards, mobile phones and mobile banking apps, internet banking or e-wallets, with the payment by bank cards the most common.

Dr. Nguyen Thi Thanh Van from the Banking Academy’s International Business Faculty said that since the bank cards made debut in 1996, the number of cards as of June 2016 exceeded 106 million, a 3.4-fold rise compared with that of late 2010.

Most of the banks are providing internet banking services, and 16 organisations are supplying over 2.3 million e-wallet accounts.

Vietnam strives for 95 percent of banks offering internet banking and mobile banking services, and 30 percent implementing digital banking, and all supermarkets, shopping centres and modern distribution centres allowing point of sale (POS) transactions, with over 300,000 POS devices to be installed.

Van said that orienting the development of digital technology in the sector is essential, as technology can facilitate the use of financial services.

According to the Nielsen Vietnam Smartphone Insight Report 2017, the number of smartphone users in 2017 accounted for 84 percent of the total mobile phone users in Vietnam, up 10 percent from the previous year. It means that Vietnam is potential to develop payment via mobile phones.

It is the reason why banks are stepping up QR code payment (QR Pay) on mobile phones. At present, consumers can make payment by using QR code on mobile banking apps of many banks, including Vietinbank, Vietcombank, BIDV, Agribank, Techcombank, and OCB.

To read the rest of the article, please use this link: https://english.vietnamnet.vn/fms/business/206410/vietnam-s-banking-sector-goes-digital.html

Vietnam Net

6 August 2018

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