Vietnam is Turning into More Cashless Society

Diep Nguyen

16:40 04/12/2018

BizLIVE -

The number of transactions over Internet, mobile and e-wallet channels also rose 33 percent, 30 percent and 28 percent respectively.

Vietnam is Turning into More Cashless Society
According to the reports from Capgemini and BNP Paribas, only about 2 percent of financial transactions in Sweden is carried out in cash. This number certainly cannot be used to compare with the situation in Vietnam, but that is worth considering the state of using too much cash in Vietnam now.
The neighboring country – China is also making more achievements in making the society cashless. The success of the platform’s TenPay payment service has made Tencent the dominant player in China’a surging mobile payments market. Something like 80% of WeChat users are said to have used TenPay, which means it has overtaken rival Alibaba’s Alipay mobile payment platform, with its, mere, 550 million users.
In 2016, China’s mobile payment market, by volume, was worth US$5.5 trillion, making it roughly 50 times the size of America’s. But today that number is thought to have at least doubled and now more than half a billion residents of the PRC use a mobile phone as their wallet.
Looking back to Vietnam’s development of cashless society, though Vietnamese banking regulators been making a lot of reforms but Vietnam still lags behind neighbors, that is not to compare with developed economies.
Recently, the Department of Payments at the State Bank of Vietnam announced the surge in payment over the electronic channels in the period from January to September 2018. Accordingly, the value of online payments rose by 18.3 percent, while transactions over mobile apps and e-wallets rose by 126 percent and 161 percent respectively.
The number of transactions over Internet, mobile and e-wallet channels also rose 33 percent, 30 percent and 28 percent respectively.
A lot of rail hailing companies is joining the Vietnam’s electronic payments. For example, the Grab company keep requesting customers to use the Momo service. Once people use Momo, they will get far better promotion program both in terms of human and food deliveries.

DIEP NGUYEN

Tin liên quan

Cùng dòng sự kiện