What should banks do to promote cashless payments?

Recently, the Vietnamese banking system has focused on implementing many measures to develop non-cash payments in the economy , from the State Bank system to commercial banks and other payment intermediary organizations.

The State Bank requires promoting cashless payment activities. (Source: VnEconomy)

In Official Dispatch 3956/NHNN-TT, the State Bank of Vietnam (SBV) requested banks, foreign bank branches, and payment intermediary service providers to implement the following contents:

1. Continue to research and apply preferential programs and policies on payment service fees and payment intermediaries for customers, in which priority is given to exempting account maintenance fees and cash withdrawal fees for customers in the group of beneficiaries of social security policies.

2. Actively respond and proactively implement practical activities within the framework of the Cashless Day Program in 2023 through incentive programs and appropriate promotional policies during the event (in June 2023 and culminating on Cashless Day - June 16, 2023), specifically:

2.1. Banks, foreign bank branches

- Research and apply reasonable incentive policies; coordinate with payment acceptance units (electricity, water, telecommunications service suppliers, e-commerce sites, supermarkets, restaurants, shopping centers, etc.) to implement promotional programs, service promotion, customer appreciation to encourage customers to make non-cash payments such as:

Exemption from payment service fees; gifts, refunds, discounts on goods and services, bonus points, etc. for customers when opening new payment accounts, bank cards, etc. or making bill payments, paying for goods and services using non-cash payment methods (card payments, payments via mobile phone applications, payments via QR codes, automatic debits, etc.);

- Consider implementing discount fee incentives for payment acceptance units participating and accompanying the bank in promotional programs, service promotion, and customer appreciation during the event.

2.2. Organizations providing intermediary payment services

- Coordinate with banks, foreign bank branches, organizations providing goods and services... to research and apply reasonable incentive and promotional policies (discounts, rebates, refunds, bonus points, lottery,...) for customers using payment intermediary services;

- Payment intermediary service providers providing e-Wallet services have reasonable incentive policies (free or reduced fees, gift vouchers, etc.) for customers who successfully register and link their e-Wallet accounts with domestic debit cards and payment accounts.

3. Banks, foreign bank branches and payment intermediary service providers shall proactively develop their own incentive programs and policies, promote them to customers and coordinate with relevant organizations and units to implement them.

Source: https://baoquocte.vn/cac-ngan-hang-can-lam-gi-de-thuc-day-hoat-dong-thanh-toan-khong-dung-tien-mat-231012.html