Deputy Prime Minister Ho Duc Phoc (second from right) listens to an introduction of cashless payment solutions at the festival.
At the Cashless Day 2025 conference held on June 14 in Ho Chi Minh City, Deputy Prime Minister Ho Duc Phoc assessed that "Cashless payment - a driving force for the development of the digital economy " is a very good and meaningful topic.
This is also an initiative of Tuoi Tre newspaper, in coordination with the State Bank and Ho Chi Minh City People's Committee, entering its 7th year.
Cashless payment is an inevitable trend
Speaking at a workshop, the Deputy Prime Minister emphasized: "Developing information technology infrastructure is a prerequisite to promote the digital economy, in which non-cash payments play a key role, especially in the field of e-commerce."
According to him, the benefits of digital payments lie not only in speed but also in low transaction costs. "Even when the geographical distance is up to thousands of kilometers, people and businesses can still complete transactions in just a few seconds. That is the obvious convenience of the digital economy," he cited.
Statistics from the State Bank show that by the end of 2024, Vietnam will have more than 204.5 million personal payment accounts and 154.1 million bank cards in circulation.
Nearly 87% of adults have a bank account. Essential services such as tuition, hospital fees, transportation and shopping have gradually become digital in payment, bringing double benefits: reducing costs for businesses and creating convenience for people.
The Deputy Prime Minister assessed this as a "good sign" for the development of the digital economy. He also affirmed that the Party and State always attach importance to the role of science and technology and digital transformation, demonstrated through a series of policies and legal frameworks such as Resolution 57 of the Politburo , the Law on Electronic Transactions, the Law on Telecommunications, the Law on Cyber Security and the Law on Personal Data Protection.
"These legal foundations are paving the way for building a comprehensive digital ecosystem, in which cashless payments are an important driving force."
We are always aware of the benefits of cashless payments. For people and businesses, the efficiency of production and business increases, cash flow is easily controlled, online transactions are expanded, costs are saved, etc. At the same time, it brings convenience and safety to people when using cashless payments.
However, he also pointed out many challenges that are hindering the progress of digital payments. These include the habit of using cash which is still common among a segment of the population; the digital infrastructure is not yet synchronized in some areas, causing payment connections to be unstable; and most worryingly, the risks of cyber security, fraud, fake messages, and OTP code theft...
In addition, legal gaps, especially related to cryptocurrencies and cross-border payments, are also creating major obstacles to the synchronous development of digital payment solutions.
Therefore, the Deputy Prime Minister called for a comprehensive strategy and synchronous solutions from policy, infrastructure to technology and communication to promote cashless payments, thereby creating a real push for the digital economy to develop to new heights.
Protect people from fraud
Regarding payment solutions, Mr. Phuc directed to complete the legal framework for cross-border payments.
Because cashless payments are currently mainly concentrated domestically, research must be done to make cross-border payments.
At the same time, develop shared infrastructure and payment infrastructure. The government pays special attention to developing 5G, 6G, telecommunications networks, and fiber optic cables. Therefore, leading IT enterprises are the core to develop IT infrastructure such as fiber optic systems...
As for the banking industry, the Deputy Prime Minister suggested that businesses aim for new, creative and more convenient forms of payment for people.
In particular, he directed to further strengthen security and prevent cybercrime. "We must protect consumers, especially people in the process of cashless payments, to avoid being scammed" - the Deputy Prime Minister requested.
Along with the above solutions, propaganda and awareness raising among people and businesses need to be stepped up. Because to change the habit of not using cash in payment, it is necessary to have a very deep awareness.
Finally, the Deputy Prime Minister emphasized that on behalf of the Government, he warmly commended Tuoi Tre newspaper for its initiative and efforts in organizing Cashless Day with a series of extremely useful activities. Enterprises and banks have contributed to cashless payments to promote the development of the digital economy.
"Shield" with artificial intelligence
Ms. Do Que Anh - Deputy Director of Digital Banking, Military Commercial Joint Stock Bank (MB) - Photo: QUANG DINH
"Cyber fraud is a difficult problem for the banking industry and the Ministry of Public Security," said Ms. Do Que Anh, deputy director of MBBank's digital banking division. In the context of increasingly sophisticated fraud methods, most customers cannot identify the risks.
Grasping the situation, the unit quickly applied artificial intelligence (AI) to MBBank, establishing a comprehensive technological shield to protect customers' finances in transactions.
Specifically, AI is deployed to detect unusual behavior in real-time transactions, such as transfers, withdrawals, or unauthorized logins. This technology is also capable of identifying sophisticated forms of forgery such as deepfake (fake face, voice) or overlay attacks (overlay, fake interface to trick users into entering sensitive information such as passwords, OTP codes, etc.).
Another outstanding application is the ability to detect fraudulent target accounts, based on a continuously updated fraud database. MBBank also integrates security technology right from the first step when customers log in to the application, helping to identify devices infected with malware, promptly preventing cyber attacks before transactions occur.
Not only does it create a solid defense layer for customers, the application of AI also helps banks optimize production costs, improve service quality, increase customer loyalty, and attract new customers. For users, AI has contributed to protecting the total value of assets worth tens of billions of VND per month, while reducing fraud by up to 95%.
On a macro level, Ms. Do Que Anh emphasized that the application of AI not only helps protect customers but also plays an important role in the process of building e-Government.
This solution contributes to improving the effectiveness of coordination between the banking sector, the Ministry of Public Security and relevant agencies in preventing high-tech crimes, especially online fraud and property appropriation.
The ultimate goal is to create a safe, modern and sustainable digital environment in the digital transformation era.
There will be a policy to pilot the development of virtual currency.
According to the Deputy Prime Minister, we currently do not have regulations on crypto assets and virtual assets. The Government is assigning the Ministry of Finance to coordinate with the State Bank and relevant ministries and branches to study and issue a pilot program for the development of virtual assets, or in other words, virtual currencies and crypto currencies.
This is a very difficult and risky problem, but it is also a global trend that we cannot stay out of. Like China, they are very good at AI and blockchain technology. But currently they have only issued digital money. Digital money is based on real money issued by the central bank. As for virtual assets and virtual money issued by businesses, a developed economy like China has not yet implemented it.
Some countries have deployed or recognized bitcoin, pi... This is an issue that we are researching to issue regulations and deploy this service in the near future.
Source: https://tuoitre.vn/pho-thu-tuong-phat-trien-thanh-toan-khong-tien-mat-phai-song-hanh-voi-bao-ve-nguoi-dung-20250614180324587.htm
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