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Deputy PM: Mobile payment in Vietnam seen booming in coming years
Tuesday,  Nov 7, 2017,23:33 (GMT+7)

Deputy PM: Mobile payment in Vietnam seen booming in coming years

Deputy Prime Minister Vuong Dinh Hue speaks at Vietnam E-payment Forum 2017 in Hanoi on November 6 - PHOTO: VGP

HCMC – Mobile payment will grow popular in Vietnam with the ratio of cash payments to total sales to fall to less than 10% by 2020, Deputy Prime Minister Vuong Dinh Hue was quoted by the Government news website as saying.

At Vietnam E-payment Forum 2017 (VEPF) held in Hanoi City on November 6 with the participation of hundreds of domestic and international business executives, Hue said there should be solutions to developing a mobile payment ecosystem in Vietnam.

He said mobile payment has become trendy worldwide, leading to the creation of new business models.

A network service provider of Vietnam has attracted 3.5 million users of its Bankplus service and has established transaction points in the nation’s 63 cities and provinces.

Vietnam currently has 140 mobile phone numbers per 100 people, 60 million 3G and 4G subscribers, and 99% of districts covered with 4G service. The number of smartphone users is expected to increase to 80 million by 2020.

Therefore, this is an opportunity to boost mobile payment, and other financial and e-commercial services to kick the habit of using cash.

However, mobile payment might pose challenges regarding the legal system, information security, international transactions, cyber crimes and national digital sovereignty. These challenges should be handled by drawing on other countries’ experience and building links between the Government and enterprises.

The Government has crafted policies and projects to promote non-cash payment, especially mobile payment, as part of the national financial inclusion strategy.

The Government will create favorable conditions for enterprises to boost mobile payment by working with local and foreign firms and financial institutions to remove obstacles, issuing preferential policies and building action plans.

Vietnam should embrace mobile and electronic payment services; otherwise, the country will lag behind other countries, Hue noted.

He asked the central bank, ministries, agencies, and the business community to coordinate to solve any problems.

After ten years of development, the number of e-payment service users worldwide had reached 556 million by December last year, with 79.4% of them in the developing world.

Vietnam E-payment Forum 2017 was jointly organized by VnExpress online newspaper and the National Payment Corporation of Vietnam (NAPAS).

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Deputy Editor-in-Chief: Pham Huu Chuong
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