Along with the development of modern technology and retail sector, cashless payment is widely used in the country with the participations of many players from different sectors including banks, retail companies and cashless payment method providers. Viet Nam News reporter Thu Ngân talks with exclusives from companies to share their view about the development, the trend and the security of cashless payment in Viet Nam in the coming time. Sanjay Chakrabarty, deputy CEO, head of Retail Banking of Orient Commercial Bank (OCB) Needless to say, in Viet Nam, the potential of cashless payments is very high. The acceptance of new technology backed by high penetration of smart phones among the young population makes the environment perfect for growth in cashless digital payments. Cashless payments support financial transactions where we don’t use physical banknotes, but execute the transaction through electronic information transfer. The concept is very simple that way. So, to drive cashless payments, first and foremost, we need technological infrastructure and connectivity, and second, willingness of different parties to enable cashless transactions. In Viet Nam, both these factors are on the rise. The Government has been extremely supportive of this endeavour. Also, given the penetration of smart phones and high… Read full this story
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