Account transfer amongst banks may be made via ATMs by 2015

From 2013 to 2015, customers in HCM City will be able to make bank transfers amongst commercial banks via ATThis is a key content in the banking service development programme of the State Bank of Vietnam-HCM City Branch in near future.

According to Nguyen Van Dung, deputy director of the State Bank’s HCM City branch, a number of banks in the area is developing this product. Currently, individuals who want to transfer money to accounts at other banks have to go to transaction offices from banks or only few banks that offer this product through Internet Banking transfer.

During the period from 2011 – 2012, Dung said, that the commercial banks in the city will carry out all connected point of sale units (POSs) in parallel with the expansion of this system. It is expected that sales of payment for goods and services at POSs will account for about 20 percent of the total transactions of goods and services. In the period of 2013 – 2015, the rate of payment of goods and services via POSs will reach between 40 percent – 45 percent. Dung disclosed that the current rate is just 5 percent – 7 percent.

To promote non-cash payment, the State Bank in HCM City has asked the government to instruct the Ministry of Industry and Trade, Ministry of Planning and Investment to promulgate regulations to direct businesses that provide goods, services to use measures of non-cash payment.

Dung said the government may require businesses to install POSs as a compulsory condition to be active and at the same time there are incentives for enterprises that comply with this well.
SBV HCM City Branch also proposed the State Bank of Vietnam to ask the Ministry of Finance to consider a tax reduction for individuals to make a payment by card to encourage non-cash expenses.

By the end of 2010, the city had 6.67 million payment cards in which domestic ATM cards accounted for nearly 85 percent, the rest was international payment cards. Transaction sales related to card payments reached 131.4 trillion dong, up nearly four times higher than in 2006. The number of personal accounts in late 2010 hit nearly 20 million, up from 5.5 million in 2006′s figures. Currently, the rate of non-cash payment in HCM City of total means of payment through banks has reached 85 percent – 87 percent. – TBKTSG

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial