Vietnam will strive to cut down the proportion of cash in the total payment instruments to lower than 10% by the end of 2020.
The Prime Minister has recently approved a master plan to accelerate non-cash payment in Vietnam__Photo: Internet
This is one of the targets set forth in Prime Minister Decision No. 2545 dated December 30, 2016, approving the master plan on development of non-cash payment in Vietnam during 2016-20.
Accordingly, the national market is expected to be installed with over 300,000 point of sale (POS) devices by 2020, making approximately 200 million transactions annually.
The plan also looks to promote electronic payment in e-commerce and implement the overall plan on e-commerce development during 2016-20. Specifically, all supermarkets, shopping centers and modern distribution facilities must be equipped with POS devices to allow consumers to make non-cash payment, while 70% of service providers of electricity, water, telecommunications and the media must accept non-cash payment by individuals and households and 50% of individuals and households in major cities to make non-cash payment for their procurement.
In addition, the authorities will focus on developing new forms of payment in rural, deep-lying and remote areas to promote financial inclusion, and increase the number of people with access to payment services.
The master plan sets measures to complete the above targets, including improving the legal corridor, policies and mechanisms, upgrading and expanding inter-bank e-payment system to meet the demands of the economy and international integration requirements, establishing and developing retail systems and payment services, and boosting e-payment in the government sector and public administration services, among others.- (VLLF)