The scheme to develop non-cash payment in Vietnam in the period of 2021 - 2025 was approved by the Prime Minister on October 28.

Under this scheme, there will be policies to promote, develop and encourage people, businesses and related organizations to use non-cash payment services in e-commerce activities.

The scheme aims at the overall goal of creating a positive change in non-cash payment in the economy with high growth, making the use of non-cash payment methods in society a habit in urban areas and gradually in rural, remote and isolated areas.

One of the specific goals set out in the scheme is that by the end of 2025, 80% of people aged 15 and over will have a transaction account at a bank or other authorized institutions. Vietnam will have 450,000 points of sales accepting cashless payments.

The average growth rate in the number and value of non-cash payment transactions is expected to reach 20-25%/year; the average growth rate in the number of transactions through mobile phone to be 50 - 80%/year and the transaction value will reach 80 - 100%/year; the average growth rate of the number and value of transactions via Internet will reach 35-40%/year; and the rate of individuals and organizations using non-cash payment means through electronic payment channels will be 40%.

Regarding the development of non-cash payment for public services, the scheme determines that, by the end of 2025, from 90 to 100% of educational institutions in urban areas will accept payment of tuition fees by cashless payment method; 60% of medical examination and treatment establishments in urban areas will accept payment for medical services by non-cash payment method; 60% of people receiving pensions, social insurance benefits and unemployment benefits in urban areas will be paid through non-cash payment methods.

To realize these goals, seven groups of solutions will be deployed by relevant agencies and units.

The Prime Minister assigned the State Bank of Vietnam to assume the prime responsibility for and coordinate with relevant ministries, agencies and localities to organize and implement solutions in the scheme.

Van Anh

Digital payments increase but cash payments are still popular in Vietnam

Data shows that the Covid-19 pandemic has strongly promoted non-traditional forms of spending, but the use of cash is still high.

Calls for cashless payments to take-off in Vietnam

The prolonged COVID-19 pandemic has unexpectedly created "golden" conditions for the financial industry to accelerate digital transformation and shift to cashless payments.