Vietnamese people still spend mainly in cash

According to statistics of the Vietnam Chamber of Commerce and Industry (VCCI), Vietnam currently has 70 credit institutions and not including intermediaries, such as e-wallets ... that have provided payment services. payment via the Internet, providing mobile phone payment services. The value of financial transactions via Internet channels has reached over 7 million billion VND and 300,000 billion VND via mobile phones.

Mr. Le Anh Dung - Deputy Director of the State Bank's Payment Department, said that only in the first 6 months of this year, the system processed about 69.2 million transactions, with a value of approximately 50 million billion, up 14.9 % in transaction value compared to the same period in 2019. In addition, the electronic clearing and financial switching system processed nearly 498 million transactions worth 3.9 million billion, up 72.4%. in quantity and up 102.8% in value over the same period in 2019.

Meanwhile, ATM and POS systems continue to operate stably, are interested in investing by banks, improving service quality. By the end of June, the country had more than 19,570 ATMs and 266,310 POS.
However, Mr. Dung said that, in addition to the results achieved, the KST also faces a number of barriers, which are the increasing participation of non-banks, Fintech companies, and major technology firms. into the payment field. This poses many challenges for management agencies, especially in the development and completion of legal regulations to ensure development, innovation, and ensure state management requirements for activities. payment action and consumer protection.

Along with that, the popular habit and behavior of using cash of the people in general has decreased but has not yet shifted strongly to non-cash payment, electronic payment; A part of consumers are still hesitant to approach new technology and means of payment, due to concerns about payment security and safety.

In addition, crime and fraud in electronic payments have recently been on the rise in the context of online services and transactions becoming more popular with new, more sophisticated behaviors and tricks and public use. turmeric more.

Information about transaction: киви на приват
In the opinion of TS. Nguyen Tri Hieu, an expert in finance and banking, the Covid-19 pandemic has had a great impact on the world economy, but this is also an opportunity for the world in general and Vietnam in particular to change the economic model. numbers, instead of manually as before.

Mr. Hieu said that the Vietnamese economy has had very positive changes. Since 2012, Vietnam has had a decree on trade centers. After 8 years, although the Government has made great efforts, but Vietnam is still a cash economy, 80% of people's spending is still cash.

Mr. Hieu is concerned that at present, the problem of wrongdoing in the banking and financial system is still quite common, but it is still very difficult to handle mistakes. Mr. Hieu hopes that, by 2025, 80% of Vietnamese people will have a bank account, the rate of non-cash payment will increase to 40%.

Mr. Tran Van Trong - Chief of Office of the Vietnam E-commerce Association (Vecom) shared, according to a survey conducted at the end of 2019 on the rate of shopping centers when receiving goods, most buyers still pay with money items in online shopping transactions (86% of respondents who shop online choose to pay in cash when receiving goods).

“To further promote the process of business market, the management agency should have a favorable policy mechanism for businesses to deploy. At the same time, it is necessary to show the community how the KSTC is more convenient than the traditional payment method, from the use registration to the application stage, the level of security, the cost; State agencies must be the leading unit in the application of commercial centers to public services ”, emphasized Mr. Tran Van Trong.

With the digital transformation process, state management agencies need to have a drastic involvement to create the spirit and trend of the community. With the management agency, Mr. Trong expressed his wish that there must be a payment mechanism and policy similar to reality.

On the side of the supplier, the solution providers or payment intermediaries need to have a link with each other to make it easy for users to use for both businesses and consumers. Besides, there should be some new payment technology solutions (Smart POS, NFC ...) ./.