Banks strive to expand alternative payment methods
Domestic banks have undertaken numerous efforts to expand services and provide alternative transaction methods in a bid to enhance their competitiveness and meet client demand.
Domestic banks have undertaken numerous efforts to expand services andprovide alternative transaction methods in a bid to enhance theircompetitiveness and meet client demand.
Theseform part of activities to implement the State Bank of Vietnam’s plan,aiming to bring the rate of cash transactions to below 11 percent in the2011-2015 period.
The Vietcombank SecuritiesJoint Stock Company together with the Nhat Ha 3 hotel in Ho Chi MinhCity launched discount programmes for Vietcombank card holders toencourage payment by cards over cash.
The bankalso plans to develop mobile-based banking transactions to tap thepotential resulting from increased smartphone use.
Meanwhile, Dong A Bank aims to import some 300 auto banking transaction points this year to reduce cash transactions.
In a similar move to enhance competitiveness, Viet A Bank fosteredthe application of technology to expand its services and improve itsservice quality.
In late 2014, the bank invested 2 million USD in developing an online transaction system.
According to the SBV, cash transactions represented 12.3 percent ofthe total means of payment at the end of 2014, a decrease from 12.6percent in 2013 and 13 percent in 2012.-VNA
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