The number of transactions using new modes of payment has seen strong surges this year, Governor of the State Bank of Vietnam Le Minh Hung reported to the National Assembly during the Question-and-Answer session on November 1.
Governor of the State Bank of Vietnam Le Minh Hung speaks at the Q&A session on November 1 (Photo: VNA)
Hanoi (VNA) – Thenumber of transactions using new modes of payment has seen strong surges thisyear, Governor of the State Bank of Vietnam Le Minh Hung reported to theNational Assembly during the Question-and-Answer session on November 1.
According to Hung, paymentthrough the internet in the first eight months of this year went up 48 percentin number of transaction and 27.7 percent in value compared to the same periodin 2017. Mobile payment shoot up 40 percent in transaction volume and 147percent in value.
The Governor added that transactionsusing POS machines also increased remarkably, noting that the number of POSmachines in the country as of the end of August was 23.6 percent higher thanthe figure at the end of 2016.
The top banking official alsosaid the inter-bank electronic payment system has operated smoothly and stably,with transaction number in the first eight months of this year rising 28.3percent and value 30.1 percent year on year.
Non-cash payment in the publicsector is also expanding. The Prime Minister has approved a project submittedby the SBV on stepping up payment through banks for public services. As of theend of August this year, the inter-bank electronic payment system had beenconnected with the tax payment system at 63 state treasuries in cities andprovinces nationwide.
Governor Hung noted that the SBVhad issued 10 circulars on promoting non-cash payment and ensuring security andsafety of payment activities, creating the legal foundation for the developmentof non-cash payment.
At the same time, the SBV alsopaid attention to communication activities to advocate non-cash payment, thegovernor said, citing as an example a joint programme between the bank andVietnam Television called “smart money and wise children” designed to raisepublic awareness about financial services.
The three-day Q&A session inthe NA’s 6th session will conclude today (November 1).-VNA
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Governor of the State Bank of Vietnam Le Minh Hung speaks at the Q&A session on November 1 (Photo: VNA) 
