Mobile payment boom in Vietnam

Deputy Prime Minister Vuong Dinh Hue emphasized that mobile payments will quickly explode and become popular in Vietnam and the Vietnamese Government is committed to facilitating and promoting the trend of mobile payments.

Speaking at the Vietnam Electronic Payment Forum 2017 held on the morning of November 6, Deputy Prime Minister Vuong Dinh Hue emphasized that the Vietnamese Government is committed to facilitating and promoting the trend of mobile payments in Vietnam.

According to the Deputy Prime Minister, the strong trend of mobile payments not only changes payment methods, but also creates and promotes new business models, changing consumer behavior.

Deputy Prime Minister Vuong Dinh Hue emphasized that mobile payments will quickly explode and become popular in Vietnam.

According to the Deputy Prime Minister, Vietnam currently has 140 mobile subscribers per 100 people, nearly 60 million 3G and 4G subscribers, with 99% of districts nationwide covered by 4G.

The number of Smartphone broadband subscribers is expected to continue to increase to 80 million by 2020. This is an ideal condition to promote mobile payments, as well as other financial and e-commerce services to all regions, bringing benefits to businesses and all population groups in Vietnam, radically changing the current habit of using cash.

Besides the advantages and benefits, as a new trend, electronic payments will create certain challenges related to the legal framework, transaction safety, information security, cross-border transactions, high-tech crimes and national digital sovereignty.

These issues need to be addressed with innovative solutions, through learning from international experiences, and require joint efforts and cooperation between the Government and the business community. The Vietnamese Government is committed to facilitating and promoting the trend of mobile payments in Vietnam.

"Mobile payments will quickly explode and become popular in Vietnam as we did with mobile phones more than 10 years ago." - The Deputy Prime Minister believes.

Mobile payments are ushering in a global revolution in commercial transactions.

According to Deputy Governor of the State Bank Nguyen Kim Anh, in recent times, non-cash payment activities in Vietnam have been constantly developing, especially with a breakthrough in the development of modern electronic banking services to meet the increasing needs of society and adapt to the process of international economic integration.

The ratio of cash in total means of payment continued to decrease, from 14.02% in 2010 to 11.45% in August 2017.

According to the Deputy Governor, the State Bank is actively coordinating with relevant ministries and branches to develop non-cash payments and electronic payments; solutions to strengthen management, supervision, ensure security, safety and reliability of payment systems according to international supervision principles.

At the VEPF Forum 2017 today, the Deputy Governor hopes to have suggestions for selecting and applying a Mobile Payment ecosystem development model suitable to Vietnam's reality to contribute to promoting the development of non-cash payments and Financial Inclusion in Vietnam according to the Government's orientation.

According to Tuoi Tre Newspaper