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Each Vietnamese owns at least one bank card
Anh Hong 19:27, 2017/10/17
Vietnamese people have increasingly tended to make non-cash payment, a report from the State Bank of Vietnam (SBV) showed.
Specifically, the proportion of cash on total means of payment of the economy has been gradually declining from 19.02 percent in 2005 to 14.02 percent in 2010, and to 11.49 percent in late 2016.
By the end of June 2017, the number of cards issued has reached over 121.5 million units. Thus, on average, each Vietnamese owns 1.3 bank card for payment.
In Vietnam, 76 organizations have launched payment services via the internet and 39 units have offered payment services via mobile phones.
Caption: The number of cards issued in Vietnam has reached over 121.5 million units by the end of June this year.
The number of cards issued in Vietnam has reached over 121.5 million units
by the end of June this year.
To further boost the non-cash payment in the country, SBV has recently issued a plan to develop card payment from 2017 to 2020.
Under the plan, the ratio of cash to total payment instruments will be below 10 per cent by the end of 2020.
The plan sets a target of gradually increasing the number and value of card payment transactions using card readers. By 2020, the whole market will have over 300,000 card readers installed at POS to process around 200 million transactions per year.
E-payment in e-commerce will be also promoted to achieve the targets of having 100 per cent modern supermarkets, shopping malls and distribution centers installed with card readers by 2020, which would enable consumers to make non-cash payments when purchasing goods.
By 2020, 70 per cent of electricity, water, telecommunications and communications service providers will accept non-cash payment of charges, while 50 per cent of individuals and households in major cities will use non-cash payment instruments in their shopping and consuming activities.
The percentage of people aged over 15 years having bank accounts will be also targeted to increase to at least 70 per cent by the end of 2020.
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