Central bank calls for more cashless payments

The State Bank of Việt Nam (SBV) has requested banks, branches of foreign banks, and providers of intermediary payment services to take steps to continue promoting cashless payments and the implementation of the national digital transformation programme.

The move is also set to help with the plan on developing the application of resident data and electronic identification and authentication to serve national digital transformation for the 2022-25 period, with a vision to 2030.

In its Document No 3956/NHNNTT, the SBV asked banks, foreign banks’ branches, and intermediary payment service providers to continue considering and offering preferential programmes and policies on payment and intermediary payment service fees to customers, and exempt account maintenance fees as well as cash withdrawal fees for the customers entitled to the social security policy.

They were told to actively carry out practical activities in response to the Cashless Day 2023 (June 16) and throughout June.

Besides, the SBV recommended banks and branches of foreign banks in Việt Nam coordinate with payment acceptance units such as power, water and telecoms service suppliers, e-marketplaces, supermarkets, restaurants, and shopping centres to hold promotion events and advertise their services to encourage cashless payment.

Intermediary payment service providers were also asked to work with banks, foreign banks’ branches, and goods and service suppliers to launch preferential policies and appropriate promotions for their users.