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Saturday, October 23, 2021

Safety a key to development of cashless payment

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HCMC – Since Vietnam has improved the legal and technical fundamentals for cashless payment, service providers should now focus on safety and convenience to attract more users to this method, stated attendees at a seminar marking Cashless Day organized by the State Bank of Vietnam, Tuoi Tre newspaper, the Vietnam E-Commerce Association and National Payment Corporation of Vietnam on June 12.

Speaking at the seminar, Nguyen Kim Anh, deputy governor of the State Bank of Vietnam, noted that the Government has improved the legal framework for noncash payment and facilitated the application of new technology.

The central bank recently presented to the Government a decision piloting Mobile Money, which allows the use of mobile accounts to pay for petty services. An e-payment ecosystem has been formed and connected with various sectors, enabling users to make online payments for electricity and water bills, shop online, pay taxes and some public service fees, she said.

Ly Thi Hoai Huong, deputy head of tax administration department on small and medium-sized enterprises and business households, individuals, stressed that online tax payment has been rolled out since 2015 but has only attracted a modest number of users so far. Meanwhile, up to 99% of active businesses have signed up for online tax payment.

Many individuals and business households still find it difficult to pay taxes online. In the time to come, the central bank will continue improving policies and legal frameworks to speed up online payments, Huong noted.

Le Thanh Trung, deputy general director of HDBank, pointed out that even though cashless payment has become an inevitable trend, the ratio of users is still lower than expected.

 

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