Promote comprehensive cash-free economic development platform

Non-cash payment is an inevitable development trend that will create a multidimensional impact, both bringing convenience to the people, creating economic growth momentum and being encouraged to promote.

In early 2020, the Prime Minister approved the National Comprehensive Financial Strategy to 2025, with orientations to 2030 in Decision 149 / QD-TTg. The strategy is considered by financial experts to have many bright points, a breakthrough orientation, to bring Vietnam’s finance to the world trend and to be the foundation for cash-free economic development.
Realize the “dream” of cashless payment
Previously, according to the objective of the scheme of developing non-cash payment for the period 2016-2020, Vietnam must make a clear change in this method, gradually changing the practice of using payment instruments. in society, reducing the proportion of cash in circulation per GDP, cash on the total means of payment. However, at present, Vietnam is still considered as one of the countries with low cashless payment rate in the region.
According to figures released by the Department of E-Commerce and Digital Economy, Ministry of Industry and Trade, cash transactions still predominate with more than 90%. Thus, there is an asynchronous development when the economy grows fast but digital payment is slow.
A problem raised by experts is that they need a bank account to make a cashless payment. According to statistics of the State Bank, only about 30% of the population has a bank account, while 70% of the population is concentrated in remote areas, without access to banking services. line.
This is the problem posed to banks and fintech (financial technology) in promoting cashless payments. To achieve the set goals, several issues must be met. In particular, the Government should create favorable conditions to support the legal corridor, strategic orientations for banks and fintech companies to participate and propose solutions to promote cashless payments.
Next, it is necessary to raise people’s awareness about cashless payment. Create conditions for people to access modern financial services so they can see the benefits. Under the national comprehensive financial strategy, by 2025, at least 80% of adults will have transaction accounts at banks or other authorized organizations; towards the goal of each adult having at least one trading account at a bank or other authorized organization by 2030. The strategy also sets the goal, the number of cashless payment transactions reaching a rate increase by 20-25% annually.
Financial experts believe that solving these problems will remove bottlenecks in the process of developing non-cash payment in Vietnam. The expansion of technology suppliers is indispensable. This will also help users also have more options. Services are now no longer restricted, depending on a unit but expanded to a set of eligible fintech businesses and financial institutions. Realizing the “dream” we often joke with is that the florist can also pay cashless.
Open to financial switching
Currently, the transaction structure is shifting from ATM switching to inter-bank payment switching, proving that people are moving towards cashless payments. Meanwhile, in the field of financial switching with electronic clearing, only Vietnam National Payment Joint Stock Company (NAPAS) is the only provider of payment infrastructure for dozens of domestic banks. and internationally in Vietnam. According to many technology experts, this new infrastructure meets part of the payment needs of users.
On holidays, Tet, the demand for goods and consumption transactions … increases sharply, so when performing transactions, users are likely to experience the “congestion” situation due to overload.
In the field of financial switching and electronic clearing, the content of the new strategy allows more businesses that are eligible under the provisions of law to provide this service to increase competitiveness and ensure security. security, safety, increase processing efficiency, reduce transaction fees, transfer money to people and businesses.
Source: https://thanhnien.vn/cong-nghe/day-manh-toan-dien-nen-tang-phat-trien-kinh-te-khong-tien-mat-1196630.html