Cashless transactions and payments are not only a cheap, fast form of payment that does not depend on geographical distance, but also help digitize cash flow and manage finances intelligently; promote the development of fitech technology (Mobile Banking, e-wallet, card, QR code, Vn Pay, payment by phone, ...).
The Deputy Prime Minister assessed: In recent years, cashless payments have developed rapidly and remarkably. Specifically, by the end of 2024, Vietnam had more than 204.5 million individual customer payment accounts; 154.1 million bank cards; 86.97% of adults had bank accounts. We have made most online payments such as hospital fees, tuition fees; transportation, gasoline, etc. associated with issuing invoices to facilitate and reduce costs for businesses and people.
The Deputy Prime Minister said: The National Assembly has issued many laws related to this field, such as: Law on Electronic Transactions, Cyber Security, Law on Information Technology, Telecommunications, Law on Information Security, Law on Digital Data, Law on Anti-Money Laundering, Law on Credit Institutions, Law on Personal Data Protection, etc. The Government has issued relevant decrees. These are extremely important legal foundations that create momentum for the development of digital platforms, promote non-cash payments and vice versa, promote the development of the digital economy .
Emphasizing that we are always aware of the benefits of cashless payments, the Deputy Prime Minister said that for businesses and people, cashless payments help increase business efficiency, easily control cash flow, expand the online market, save costs, reduce paper use to reduce environmental pollution, and at the same time, bring convenience and safety to people when using cashless payment services.
However, the implementation process still has challenges that need to be overcome in the coming time. For example, the habit of using cash, the fear of leaving traces, and the reluctance to share. The infrastructure is not yet synchronized, so there are places where the signal is weak, unstable, and payment is difficult. Security and confidentiality risks (fake messages, citizen identification, OTP codes, etc.) lead to loss of money. Some legal platforms have not been completed, such as cryptocurrencies, cross-border payments, virtual currencies, etc.
According to Deputy Prime Minister Ho Duc Phoc, in the coming time we need to have synchronous solutions to rapidly develop non-cash payments to promote the development of the digital economy.
The Deputy Prime Minister emphasized a number of solutions that need to be focused on, first of all, perfecting the law to create a legal framework to create momentum for development. For example, we currently do not have a legal basis for virtual currency, cryptocurrency, cross-border payments, etc. The Government has assigned the Ministry of Finance to research and develop a legal framework on this issue. This is a very difficult issue with many risks, but it is a development trend of the world. Therefore, according to the Deputy Prime Minister, "we cannot stand aside". In addition, it is necessary to research and perfect the legal basis for cross-border payments.
At the same time, continue to focus on strongly developing shared infrastructure, information technology infrastructure, payment technology, etc. Diversify products and services. Improve security and confidentiality against cybercrime, protect people's interests in non-cash payments and promote propaganda to raise awareness among people and businesses. Improve the effectiveness of coordination between ministries, branches, localities, units and the quality of human resources to effectively implement the set goals.
Source: https://baophapluat.vn/hoan-thien-phap-luat-de-thuc-day-thanh-toan-khong-dung-tien-mat-post551866.html
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