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Friday, July 19, 2024

Toll-fee account to be upgraded to e-wallet

The Saigon Times

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HCMC – The Ministry of Transport has authorized two electronic toll collection (ETC) service providers to transform their customers’ toll-fee accounts into e-wallets for the convenience of users.

Nguyen Danh Hieu, chairman of the board of directors of VETC Electronic Toll Collection Company, on August 25, said the Ministry of Transport directed VETC to work with the relevant authorities to complete the necesary procedures, putting the e-wallet service into operation within the next 6-9 months, the local media reported.

The transition from ETC accounts to e-wallets will offer users various advantages, such as paying other services like parking and airport fees automatically.

“Applying digital payments to smart traffic is a global trend, given the traffic operation requirements of safety, rapidity and accuracy,” added Hieu.

E-wallet accounts will be managed in accordance with the Ministry of Transport’s regulations on the ETC service and under the supervision of the State Bank on payment intermediaries policies.

The monthly balance of the national traffic account exceeds VND300 billion.

Vehicle owners need to pre-load money into their toll-fee or traffic accounts frequently to enable the ETC service. Currently, the account balance cannot be used for other charges.

Some 3.7 million vehicles have ETC tags and activated traffic accounts, accounting for roughly 82% of the total 4.5 million vehicles.

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