Market 4.0 to Vo Nhai highland

Market 4.0 model - cashless payment, piloted at Dinh Ca market (Vo Nhai) has brought many conveniences to people. Thereby showing that one of the effects promoting digital transformation activities for upland people is electronic transactions.

Agribank staff Vo Nhai instructs small traders in Dinh Ca market to scan QR codes to receive non-cash payments.

Market 4.0 model has been piloted by Vo Nhai District People's Committee and Vo Nhai Branch of Agriculture and Rural Development Bank (Agribank) at Dinh Ca market (Dinh Ca town) from mid-April 4. The model is deployed to promote digital transformation and non-cash payment applications at Dinh Ca market, then expand to all markets in Vo Nhai district. 

Market 4.0 model at Dinh Ca market initially had more than 50 business households and small businesses deploying non-cash payment services via QR code scanning provided by Agribank Vo Nhai branch.

Instead of using cash, with the 4.0 market model, small businesses and people can buy and sell items and pay by scanning QR codes or transferring money via SMS or Agribank's E-Mobile Banking application.

At Dinh Ca market, Agribank Vo Nhai has deployed QR codes to connect to small merchants' electronic payment accounts; at the same time, sending staff to households, supporting small businesses and people in need of use.

Agribank staff Vo Nhai instructs people to make non-cash payments via E-Mobile Banking application.

Talking about this method of payment, Ms. Nguyen Thi Bich Thuy, residential group of Street 1, Dinh Ca town, expressed her joy: This form of payment is very convenient, I can comfortably go to the market without having to carry change, calculate change as before. 

And Ms. Tran Thi Minh Nguyet, owner of a fruit business at Dinh Ca market, shared: In the past, I thought that non-cash payments would be troublesome and difficult. But recently, many customers expressed their desire to pay non-cash when coming to buy goods, so when I knew there was a policy to support small businesses to register for an account to scan QR codes, I did it right away. Currently, about half of my customers use this form to pay.

And Mrs. Nguyen Thi Thanh, the owner of a kiosk selling fashion shoes and sandals, said: Although I have only been selling goods by payment via QR code for more than a month, I find it very convenient and fast. My shoppers are also very satisfied with this form of payment. In the past, there was also a case because there was no QR code to receive money through the account, the customer refused to buy my goods.

Find out more we know, currently, Agribank is the only commercial bank operating in Vo Nhai district with wide coverage, including: 29 points of acceptance for payment by card (POS) and 15 accounts. In which, there are over 10 accounts using E-Mobile Banking application for online payment. Therefore, the application of market model 4.0 in Vo Nhai highland is greatly supported by Agribank.

Mr. Lieu Van Son, Deputy Director of Agribank Vo Nhai, said: Scanning QR codes or transferring money via E-Mobile Banking application is very convenient, especially for those who do not want to carry a lot of cash with them. Shoppers pay money through the bank's application, so it is very fast and accurate. In the coming time, we will coordinate with Vo Nhai District People's Committee and communes and towns to expand this payment method to more customers.

Assessing market model 4.0, Ms. Vu Thi Hue, Standing Vice Chairwoman of Vo Nhai District People's Committee, affirmed: The implementation of market 4.0 model in particular and solutions to promote non-cash payment in general are in the digital transformation plan of Vo Nhai district. After successfully implementing the point model, we will continue to coordinate with service providers and localities to expand this model, not only applied at markets, but also develop e-commerce and digital transformation in many other fields.