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Home / Economy / Banking & Finance
136 million transactions via POS in 2017
Nguyen Tung 12:42, 2018/05/09
In 2017, total transaction revenue via ATM/POS has increased 34% compared to 2016, along with the cash withdrawal rate going down from 15.71% in period 2015 - 2016 to 6.86% in the first 11 months of 2016 - 2017.
The number of transactions via POS reached 136 millions in 2017, up 40% compared to 2016, resulting in transaction revenue of VND318 trillion (US$9.55 billion), up 27% compared to 2016, stated the State Bank of Vietnam (SBV)'s representatives at the Banking Industry Outlook Forum.
 
Illustration photo.
Illustration photo.
In payment, banking sector has been in forefront of applying technological advances from the fourth industrial revolution in developing payment infrastructure, enhancing payment security and safety, said experts at the Forum. 

The SBV also put focus on finalizing legal framework and applying technologies in non-cash payment activities; enhancing management and supervision in payment. 

By the end of December 2017, Vietnam has a total of 17,558 ATM and 268,813 POS, an increase of 10% compared to 2016. 

Besides, commercial banks have integrated more functions on payment, so that customers can pay for all kinds of bills, from water, electricity, telephone, insurance, transport fee through bank accounts. 

In recent years, technologies have made it possible for money transfer through smart phones, said Pham Tien Dung, Head of SBV Payment Department. 

In period 2016 - 2017, inter-banking transactions have witnessed a strong growth at 30% both in terms of quantity and value, in which the transaction revenue is estimated at US$10 billion daily. Moreover, transaction via smart phones and internet stood at 50% growth rate. 

The SBV has developed plan moving towards a 90 percent cashless economy by 2020 by reducing cash transactions and increasing electronic payments. The plan issued by SBV is consistent with the proposal of non-cash payment in Vietnam in period 2016 - 2020 in accordance with the government's decisions.

Specifically, the objective will be to increase the number of transaction and the value of transaction through POS. By 2020, it is expected that Vietnam will have at least 300,000 POS installed with more than 200 millions of transaction per year; 100% super markets, shopping malls and retailers have the required devices to accept payment through cards, which will be used by customers when purchasing goods and services; 100% State treasury in provinces and cities under the central government management; state treasury in districts, wards under provinces and cities of central government management have required devices to accept payment through cards for the purpose of collecting revenue for state budget. 
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