CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / SCIENCE & TECH
ATM-POS transaction value sharply surged
Anh Kiet 11:24, 2018/05/12
The total value of transactions via the automatic teller machines (ATMs) and points of sale (POS) last year surged sharply by 34 percent against the previous year.
The State Bank of Vietnam (SBV) reported at a forum on the sustained growth of the banking industry, held in Hanoi recently.
By the end of last year, Vietnam had some 17,558 ATM and 268,813 POS, a year-on-year increase of 10 percent.


 
The value of transactions via POS rose by 27 percent to more than 318 trillion VND (13.95 billion USD), while the number of transactions surged sharply by 40 percent to nearly 136 million VND.
The ratio of cash withdrawal at ATMs declined to 6.86 percent late last year against 15.71 percent in 2016.
The SBV has also focused on streamlining legal framework and applying technologies in non-cash payment besides promoting management and supervision in payment.
Besides this, commercial banks have integrated more functions on payment, so that customers can pay for all kinds of bills, from water, electricity and telephone to insurance and transport fee through their bank accounts.
The SBV has so far implemented a plan to develop card payment using card readers at POS and mobile points of sale (mPOS) from 2017 to 2020, which is aimed at boosting the non-cash payment method in Vietnam, as approved in Decision 2545/QD-TTg by the Prime Minister.
Accordingly, the ratio of cash to total payment instruments will be below 10 percent by the end of 2020, when the whole market will have more than 300,000 card readers installed at POS to process some 200 million transactions every year.
Comments
Other news
11:37, 2025/02/23
Government-backed waste management startups to be launched
By 2030, each province will have at least five models of senior-led waste collection and sorting.
15:59, 2025/02/16
Hanoi makes remarkable leap in the DTI ranking
Hanoi has been rolling out initiatives to accelerate digital transformation.
22:13, 2025/02/12
Hanoi develops e-commerce database
The database allows for identifying which tax collector supervises each taxpayer.
18:35, 2025/02/09
Hanoi to pilot multiple digital transformation models
Hanoi will step up efforts to build a modern, proactive administrative structure, and improve the legal system.
21:17, 2025/01/13
Government to set aside 3% budget for sci-tech development: Party Chief
Policies to remove barriers to scientific and technological development and maximize creativity must be finalized by 2025.
16:50, 2025/01/09
Hanoi aims to maintain its second-highest EBI ranking
Hanoi laid out a goal to expand consumer market through e-commerce channels and promote cross-border transactions to help businesses export.