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Official Gazette

Saturday, September 26, 2020

Banks asked to further develop mobile payment

Updated: 12:56’ - 14/11/2017
By 2020, at least 300,000 point-of-sale (POS) machines will be installed with the number of transactions reaching around 200 million per year.

This is one of the targets set in a plan on development of payment via card readers which has been recently released by the central bank in furtherance of Prime Minister Decision 2545/QD-TTg dated December 30, 2016, on non-cash payment during 2016-20.

At least 300,000 point-of-sale machines will be installed with the number of transactions reaching around 200 million per year__Photo: Internet

In addition to requiring modern supermarkets, shopping malls and distribution centers all over the country to install POS machines, the state bank urges the furnishment of card readers to all state treasuries of provinces, centrally run cities, urban districts, and provincial cities and towns so as to serve the collection of state budget revenues.

The plan also asks for the development and use of multi-purpose, multi-function and non-physical cards for payment of petrol bills, road and bridge tolls, parking fees, bus tickets, taxi fares, social insurance premiums, school fees, hospital fees, etc.

To achieve these targets, the state bank puts forth the solution of improving infrastructure and applying modern payment technologies such as smartcard, NFC, MST and QR code payment technologies. Besides, new and advanced security and confidentiality measures such as 3DS, QR code, tokenization and biometric certification will be applied so as to protect mobile payment service users.- (VLLF)

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