Digital payments: A leading trend in the banking industry.

The banking sector at the local level plays a core role, directly bringing modern payment solutions closer to people and businesses, contributing to improving the efficiency of state management, reforming administrative procedures, and promoting the digital economy...

"Leading the way" in the deployment of digital payments.

In implementing the Government's Non-Cash Payment Development Plan, many provinces and cities in the Central region, including Khanh Hoa, have simultaneously implemented various solutions with the decisive involvement of the entire political system. Based on the central government's directives, the Provincial People's Committee has promptly concretized these with action plans suitable to the local conditions, creating an important foundation for non-cash payments to gradually become part of daily life.

In this process, the local banking sector plays a core role, directly bringing modern payment solutions closer to people and businesses, contributing to improving the efficiency of state management, reforming administrative procedures, and building e-government and digital economy in the area.

Accordingly, the banking sector in Khanh Hoa is strengthening coordination with relevant agencies to promote the implementation of cashless payments in the disbursement of social security benefits and policies through various modern and convenient methods. The application of information technology in the payment of allowances, pensions, and social insurance not only simplifies procedures and reduces paperwork for citizens but also enhances transparency and management efficiency.

Simultaneously, credit institutions in the area actively participate in digital technology events organized by the locality, showcasing, introducing, and advising on digital banking products and services so that people and businesses can directly experience them. This is considered a practical approach that contributes to changing perceptions and forming new payment habits in the community.

The banking sector in Khanh Hoa is leading the way in promoting cashless payments in the locality.

One of the highlights is the banking sector's collaboration with local authorities to implement the "cashless market" model, developing electronic payment utilities to serve e-commerce and daily consumption. From four cashless markets in the former Nha Trang area – Xom Moi Market, Dam Market, Vinh Hai Market, and Phuong Son Market – many localities in Khanh Hoa province have now implemented this model. At these markets, vendors are equipped with QR codes and bank account numbers for convenient transactions.

According to a representative from Agribank Khanh Hoa, to meet the increasingly diverse payment needs of customers, the branch has expanded its network of POS and QR Code devices, focusing on installation at service businesses such as resorts, hotels, restaurants, mini-supermarkets, convenience stores, and medical facilities. This facilitates easy access to modern and secure payment methods for tourists and residents.

Notably, to date, 100% of educational institutions in the area have collaborated with banks and payment intermediaries to collect tuition fees using cashless methods; the rate of tuition fee and other fee collections through cashless payment methods has reached 95.2%. In the healthcare sector, 100% of medical facilities in urban areas have accepted cashless payment of hospital fees through various forms such as POS, bank transfer, QR Code, and e-wallets.

Efforts to promote cashless payments in Khanh Hoa have been intensified, especially in rural areas and remote regions.

Non-cash payments in social insurance benefits have also yielded positive results: monthly pension and social insurance benefit payments reached over 75%; lump-sum payments reached nearly 99%; and unemployment benefits and sickness and maternity benefits reached almost 100%.

Furthermore, the banking sector in Khanh Hoa has proactively embraced digital transformation, developing new payment products and services based on modern technology. Many banking operations, such as opening accounts, transferring money, and depositing savings, have been fully digitized, allowing customers to conduct transactions 100% through digital channels. The coordinated collection of taxes, electricity and water bills, medical fees, and tuition fees through banks has also significantly reduced cash transactions in the economy.

Forming new payment habits

Not only limited to the banking sector, e-commerce in Khanh Hoa has also spread strongly to other industries and sectors. The Tax Department has strengthened coordination with credit institutions to provide information and services for electronic tax payment to taxpayers. As a result, 100% of import and export tax revenue and customs fees have been paid through banks; the volume of electronic tax payments has reached over 97%.

From banks, cashless payments are spreading rapidly into social life.

The health sector continues to direct hospitals and medical centers to coordinate with banks and payment intermediaries to diversify cashless payment methods for medical fees, meeting the increasing needs of people when seeking medical examination and treatment.

In the education sector, institutions under the Khanh Hoa Department of Education and Training have implemented the collection of tuition fees and educational service fees through digital payment platforms such as Viettel Money and VNPT Money, while minimizing cash transactions. The management of cash funds and bank account reconciliation are strictly enforced, contributing to increased transparency in education finance. In the public utility sector, commercial banks have collaborated with Khanh Hoa Power Corporation to implement cashless electricity bill payments through multiple channels. To date, 100% of electricity bill payments in the province have been made using cashless payment methods.

Along with the expansion of digital payments, ensuring security and safety in electronic payment transactions is given special attention. Banks regularly warn customers about fraud schemes and cooperate with the police to review and upgrade security systems, cameras, and combat high-tech crime. Public awareness campaigns are also intensified, especially in rural areas and remote regions.

Cashless payments contribute to promoting digital transformation in localities.

According to Mr. Nguyen Long Bien, Standing Vice Chairman of the People's Committee of Khanh Hoa province, the objectives of the Action Program for implementing the Project on the Development of Non-Cash Payment in the period 2021-2025 in the province have basically been achieved and exceeded the set plan. Non-cash payment is gradually becoming a habit of people, not only in urban areas but also in rural areas, remote areas, etc.

However, in reality, the implementation process still faces certain difficulties, especially with target groups receiving social welfare benefits such as the elderly and people with disabilities, who are still hesitant about new technologies or prefer using cash. In addition, the prevalence of online fraud also affects people's trust in electronic payments…

In light of this situation, a representative from the State Bank of Vietnam's Regional Branch 10 stated that the unit will continue to closely coordinate with relevant departments, agencies, and localities to effectively implement solutions according to Decision 1813/QD-TTg of the Prime Minister, promoting cashless transactions while simultaneously strengthening the security and safety of the system.

With the coordinated efforts of the government, the banking sector, and relevant units, Khanh Hoa is gradually building a modern and secure payment environment, contributing to the successful achievement of the goal of developing cashless payments and promoting comprehensive digital transformation in the locality.

Source: https://thoibaonganhang.vn/thanh-toan-so-dau-an-dan-dat-cua-nganh-ngan-hang-175279.html