Promoting the trend of cashless payments

Following modern consumer trends, cashless payments in various forms such as internet banking, mobile banking, QR code, e-wallets, credit/debit cards, etc., are becoming a popular payment method for many individuals and businesses.

Enhance the customer experience.

Today, e-commerce can help people pay for most essential daily expenses, from electricity, water, phone bills, bus/train/plane tickets, tuition fees to entertainment activities such as watching movies, shopping at supermarkets and convenience stores, and buying online, quickly and conveniently.

Electronic payment methods have not only become a popular payment habit for consumers, but large-scale businesses, retail outlets, traditional markets, and even cafes and food carts have quickly adapted and connected with service providers using e-wallets such as Momo, VNPay, ZaloPay, ShopeePay, and Viettel Money. This helps optimize businesses' payment processes and enhance the shopping experience for customers.

According to the Department of Industry and Trade, by the end of 2023, the department had coordinated with Viettel Vinh Long to implement the "Market 4.0 Model - E-commerce Payment System" for traders operating at Vinh Long Market. To date, more than 240 traders at Vinh Long Market have registered to become acceptance points for e-commerce payments, connecting with 30 banks and e-wallets.

Ms. Nguyen Anh My, owner of the Khanh Bang shoe and sandal stall at Vinh Long market, said: “Since the COVID-19 pandemic, many customers have switched to using online payments. Because now everyone uses a phone, thanks to QR code payment, if customers forget to bring cash or don't have enough cash, they can quickly pay through their phones. I also save time exchanging money and giving change.”

With just a few simple steps on her mobile phone, Tran Thu Hang (26 years old, residing in Truong An ward, Vinh Long city) quickly purchased her favorite item on an e-commerce platform and paid online by linking her personal e-wallet.

Thu Hang said: “Cashless payment not only saves payment time but sometimes also brings many other practical benefits such as receiving attractive promotions, offers, vouchers, cashback, reward points… When buying directly at many businesses today, it is easy to find QR codes and e-wallet numbers decorated with cute images, making customers feel more excited every time they pay.”

Supporting and promoting digital banking services.

In recent times, commercial bank branches in the province have accelerated digital transformation, developing modern and convenient cashless payment products and services in accordance with the implementation guidelines of their headquarters: 24/7 fast money transfer, QR code usage, e-wallets, mobile money, etc.

Services have been implemented in the digital environment: savings deposits, opening and using payment accounts, money transfers, consumer loans, business loans, etc. Coordination with service providers, goods suppliers, electricity, water, telecommunications, healthcare, education providers, etc., contributes to promoting cashless payments and electronic banking payments.

Mr. Vo Thanh Tung, Director of VietinBank Vinh Long branch, said:

“At VietinBank Vinh Long, electronic payment transactions account for 72% of the total value of customer payment transactions at the branch. By the end of 2023, VietinBank Vinh Long had developed more than 500 QR payment acceptance points, developed more than 70,000 customers using VietinBank Ipay with nearly 711,000 transactions conducted electronically with a transaction value of over 9,000 billion VND, contributing to reducing the pressure of transactions at the counter and enhancing the customer experience.”

The branch also implements collection solutions for healthcare and education activities, and provides technology-based products and services with many similar features such as "digital financial assistants"...

"Specifically in the consumer trade sector, VietinBank Vinh Long has developed more than 80 POS payment acceptance points, contributing to cost reduction, while improving service quality and bringing convenience to people and businesses."

According to Ms. Truong Thi Oanh, Deputy Director of the State Bank of Vietnam's Vinh Long branch: "Payment activities have been developing with many modern banking products and services, cashless payments are increasing sharply, and transactions via internet banking and mobile banking are rising significantly."

Many credit institutions continue to apply policies of waiving or reducing service fees when using digital banking services. In the coming period, the provincial banking sector will continue to promote the effective implementation of the Non-Cash Payment Scheme for the period 2021-2025 as directed by the Governor of the State Bank of Vietnam and the Provincial People's Committee.

Implementing solutions to promote digital transformation, contributing to convenience, safety, and a better customer experience. Simultaneously, strengthening security and safety in customer payments and transactions.”

According to the State Bank of Vietnam's Vinh Long branch, by the end of 2023, the province had 150 ATMs and 804 POS terminals (an increase of 5 POS terminals compared to 2022). The cumulative number of customers registered to use electronic banking services (internet banking, mobile banking, etc.) is estimated at approximately 458,400 (an increase of 25.5% compared to 2022); the number of transactions reached approximately 10.7 million with a transaction value of 161.7 trillion VND.

Text and photos: THAO TIEN

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