State Bank of Vietnam (SBV) notes that progress has been made in driving cashless payments

28 in December Press releaseThe State Bank of Vietnam (SBV) said significant progress has been made in recent years to encourage the development of cashless payments in rural and inaccessible areas of the country.

Đinh Quang Dân, Agribank’s deputy head of customer services, noted that more accounts are being opened by people from island and mountainous regions of Vietnam. In his view, this may indicate a change in consumer behavior and a positive attitude towards digital banking.

Since 2015, SBV has been developing programs and conducive policies to promote adoption of digital banking services. The bank has partnered with and has approved several remote payment To bring provider classless payments closer to rural and isolated areas.

A recent report by SBV shows that there were 2.34 million mobile money accounts at the end of September, of which 1.62 million were in rural areas. In addition, over 14,500 merchants had integrated mobile money, taking the number of transactions processed to over 15 million.

SBV is still opening its doors for more collaborations

SBV is taking its cashless payment adoption campaign a step further by urging local governments to create digital marketplaces for preferred goods. Ultimately, their mission is to encourage residents to adopt digital payments and eliminate the use of hard cash as they soften users towards adopting new technologies.

Temenos, A digital banking The platform revealed on November 10 that it is partnering with Vietnam’s Sacombank to provide seamless banking services to its over 15 million customers.

Temenos and Sacombank cooperation will create a cashless ecosystem for e-commerce, social networks and many other online services. Sacombank CEO Bui Van Dung describes the partnership as an “inevitable success” as they strive for efficient service delivery.

In July, HDBank and Unilever Vietnam joined hands to provide finance and banking services to distributors and retailers, helping customers make instant cashless payments from their smartphones.

Vietnam Is Also Routing For Mass Adoption Of Crypto

On July 5, 2021, Pham Minh Sign, Prime Minister of Vietnam, Called for full-scale crypto implementation. Pham instructs SBV to take an initiative pilot Implementation of cryptocurrencies from 2021 to 2023. The pilot program will give the government enough time to assess how it will benefit the country.

A July 5, 2022 report good Vietnam is one of the top countries in Southeast Asia with nearly two-thirds of its citizens engaging in crypto, as revealed by Visa.

The spike in crypto adoption in Southeast Asian countries such as Vietnam, Indonesia, Philippines and Thailand was due to the COVID-19 pandemic which accelerated the shift to cashless payments.

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