The city has set a target to bring the amount of cash-based transactions to less than 10 percent and reach 30 million credit and debit card transactions in 2020 (Photo: thebank.vn) Da Nang (VNA) - The central city of Da Nang is making every effort to raise awareness on the benefits of cashlesstransactions as well as building financial and technical infrastructure forthe future development of a cashless society.
The cityhas implemented a project to help distribute information on cashlesstransactions to local businesses and people. Da Nang’s State Bank Branch andother credit institutes have taken measures to help customers understand thattheir rights will be protected and their privacy and conveniences are toppriorities.
Creditinstitutes have been reviewing the city’s POS (point-of-sale) and mPOS networkto recall rarely-used POS machines, installing modern ATM machines with a widerange of functions to provide customers with more services as well as onlinesupport.
Deputy Chairmanof the Da Nang People’s Committee Tran Van Mien said the project aims to changeresidents’ mindset and perception on cashless transactions, widen the city’selectronic-payment network coverage and cater to the needs of local residentsand international visitors.
Despitethe rising popularity of cashless payments, especially among youngsters andhigh-income earners, the city still faces difficulties in getting through tosmall-time vendors, local markets and restaurants, who prefer cash-basedtransactions. In addition, there is a lack of financial services designed tosupport such small businesses.
The cityhas set a target to bring the amount of cash-based transactions to less than 10percent and to reach 30 million credit and debit card transaction in 2020. Italso plans to upgrade its electronic payment network and develop numerous formsof cashless products.
Financialexperts said cashless payments could help propel economic development. US-basedBoston Consulting Group said a simplified process of sending and receivingpayments can spur growth and boost financial inclusion with economies that arequick to adapt and switch to digital tend to be doing better.
While theoutlook of cashless payment development in Vietnam remains positive with theimplementation of modern infrastructure and technology as well as the supportof the Government, the country is still lagging behind. A CEO of a majore-commerce website in Vietnam said the Vietnamese customer-preferred mode ofpayment was still cash with 65 percent of buyers prefer Cash on Deliverypayment, eight times the world’s average.-VNA
The cityhas implemented a project to help distribute information on cashlesstransactions to local businesses and people. Da Nang’s State Bank Branch andother credit institutes have taken measures to help customers understand thattheir rights will be protected and their privacy and conveniences are toppriorities.
Creditinstitutes have been reviewing the city’s POS (point-of-sale) and mPOS networkto recall rarely-used POS machines, installing modern ATM machines with a widerange of functions to provide customers with more services as well as onlinesupport.
Deputy Chairmanof the Da Nang People’s Committee Tran Van Mien said the project aims to changeresidents’ mindset and perception on cashless transactions, widen the city’selectronic-payment network coverage and cater to the needs of local residentsand international visitors.
Despitethe rising popularity of cashless payments, especially among youngsters andhigh-income earners, the city still faces difficulties in getting through tosmall-time vendors, local markets and restaurants, who prefer cash-basedtransactions. In addition, there is a lack of financial services designed tosupport such small businesses.
The cityhas set a target to bring the amount of cash-based transactions to less than 10percent and to reach 30 million credit and debit card transaction in 2020. Italso plans to upgrade its electronic payment network and develop numerous formsof cashless products.
Financialexperts said cashless payments could help propel economic development. US-basedBoston Consulting Group said a simplified process of sending and receivingpayments can spur growth and boost financial inclusion with economies that arequick to adapt and switch to digital tend to be doing better.
While theoutlook of cashless payment development in Vietnam remains positive with theimplementation of modern infrastructure and technology as well as the supportof the Government, the country is still lagging behind. A CEO of a majore-commerce website in Vietnam said the Vietnamese customer-preferred mode ofpayment was still cash with 65 percent of buyers prefer Cash on Deliverypayment, eight times the world’s average.-VNA
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