As technology gets more sophisticated, regular citizens may find it difficult to remain aware of the safest ways to carry out payments, Photo: freepik In January, the government released Resolution No.01/NQ-CP indicating the State Bank of Vietnam to build a national comprehensive financial strategic scheme. Accordingly, the financial sector will develop a non-cash consumption strategy. At the end of last month, seven commercial banks began issuing domestic chip cards. It is expected that 21 million chip cards will eventually be issued. On June 16, the country held its first Cashless Day. Non-cash payments were encouraged for shopping and other transactions, and consumers were entitled to preferential policies from credit institutions, payment intermediaries, retailers, and other service providers. According to the State Bank of Vietnam (SBV), in the first quarter of 2019, the interbank e-payment system has handled 37.33 million transactions with the value of VND20.69 quadrillion ($899.56 billion), an on-year increase of 23 per cent in quantity and 17.8 per cent in value. In the whole country, there are 18,670 automated teller machines (ATM) and 261,700 point-of-sale (POS) devices. The number and value of transactions using domestic banking cards continue to rise, reaching 65 million transactions for VND171 trillion ($7.4… Read full this story
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