Cash payment ratio targeted at below 11pct in 2015

The Vietnamese Prime Minister, Nguyen Tan Dung, has recently approved a plan to promote non-cash payment in Vietnam in 2011-2015 period whereby till the end of 2015, the cash ratio in the total money supply is targeted to be at less than 11% and the ratio of account at banks for people would increase to 35-40% of the population.
The scheme also clearly revealed the development plan of card payment services with the focus of developing the points of sales (POS). By 2015, the market will have approximately 250,000 POS devices to be installed with the number of transactions of about 200 million transactions/year.

The scheme aims to diversify payment services, develop payment infrastructure, accelerate the application of electronic payment technology and focus on developing non-cash payments in rural areas to meet better the payment needs of the economy.

The scheme will also further expand the salary payment via accounts and enhance the quality of salary payment services through bank accounts and other enclosed services.

In addition, the scheme also encourages the development of multipurpose and multi-function cards (to collect tolls, buy gasoline, bus tickets, taxis and pay for social insurance) and development of non-cash payment forms in the payments of charges and periodic fees (electricity, water, telephone). – Vietbiz24

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on Dec 30 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry