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Saturday, July 13, 2024

The outlook of cashless payment

By Luu Minh Sang

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The Government has issued Decree 52/2024/ND-CP regulating cashless payments, replacing Decree 101/2012/ND-CP. Along with the 2024 Law on Credit Institutions, Decree 52, which takes effect on July 1, 2024, marks a significant turning point as it introduces a new legal framework for cashless payments in Vietnam. This article outlines the current state of cashless payment as the new legal framework approaches. Growth and diversity In 2012, Decree 101/2012/ND-CP was issued, establishing an official legal framework to promote cashless payments in Vietnam. Over a decade of implementation and two amendments later, Decree 101 has effectively laid the legal groundwork for providing and using cashless payment services, as well as managing and supervising the payment system. Vietnam is recognized as one of the fastest countries in transitioning from cash to cashless payments. This is evident through data from the State Bank of Vietnam (SBV) and various independent organizations. Firstly, the proportion of cash in circulation relative to total money supply has steadily decreased over the years. This proportion dropped from 11.34% at the end of 2021 to 9.5% by the end of 2022, and to 8.9% one year later. A 2023 survey of user payment attitudes by VISA also indicated that Vietnam […]
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