Prime Minister urges to promote non-cash payment

By Trung Ngoc - Aug 06, 2017 | 10:59 PM GMT+7

TheLEADERPrime Minister has urged to promote e-payment other than cash payment for transparency of the economy regarding measures to enhance business competitiveness through a reduction of both formal and informal expenditures.

Prime Minister urges to promote non-cash payment
Prime Minister chairs the Government’s regular meeting in July on August 03.

Minister-Chairman of the Office of the Government Mai Tien Dung conveys the Prime Minister’s direction at the Government's press conference held on August 03.

According to representative from Diebold Nixdorf, an American financial self-service, security and services Corporation, e-payment in Viet Nam remains low. Vietnam is in the transition process from physical payment to digital payment; therefore, cash remains the dominant means of payment.

Recently, Viet Nam has also taken actions to improve this situation.

Scheme on the development of non-cash payment in Vietnam during 2016-2020 is approved in Decision No. 2545/QD-TTg dated December 30, 2016 by the Prime Minister with the following major targets:

The ratio of cash to total payment instruments will be below 10% by the end of 2020;

E-payment will be strongly promoted in e-commerce to achieve the targets set out in the master plan on e-commerce development for period of 2016-2020 (100% of modern supermarkets, shopping malls and distribution centers will have card readers which enable consumers to make non-cash payments when purchasing goods; 70% of electricity, water, telecommunications and communications service suppliers will accept non-cash payment of charges; 50% of individuals and households in major cities will use non-cash payment instruments in their shopping and consuming activities);

A number of new and modern payment instruments and forms will be sharply developed in rural and remote areas, thus contributing to promoting financial inclusion; there will be a drastic increase in the number of people having access to payment services and the percentage of people aged 15 years or older having bank accounts to at least 70% by the end of 2020.