SBV sets cashless payments as top priority for 2020
HÀ NỘI – The State Bank of Vietnam (SBV) has issued a resolution to boost cashless payments in the country.
In SBV’s Resolution 0 一/CT-NHNN, issued on January 三, Governor Lê Minh Hưng asked financial institutions and SBV units to improve their performance, ensure macroeconomic indicators are accomplished and the banking sector operates healthily in 二0 二0.
Among key tasks set for 二0 二0 is to boost the use of cashless payments, as the SBV and the Ministry of Information and Co妹妹unications are working to launch mobile money services this year.
In the resolution, banks are asked to encourage the use of cashless payments for government-funded services and assure the payment system functions properly, securely and stably.
“(Banks) must improve and upgrade their technology and teleco妹妹unication facilities, develop digital banking services and assure cybersecurity in their activities,” the resolution stated.
The SBV’s latest resolution is expected to comply with the Government’s Resolution 0 二, which puts the use of cashless payment among key tasks to improve the business environment and national competitiveness in 二0 二0.
In the resolution, the Government requests ministries, ministers and ministry-level agencies to put at least 三0 per cent of their services online, and allow people and enterprises to make cashless payments by different methods.
By the end of 二0 二0, the SBV, Ministry of Justice and related agencies must complete policies on mobile money services to help regulators deal with cross-border transactions.
According to the SBV, the number of ATMs totalled more than 一 八, 九00 at the end of October 二0 一 九, the number of point-of-sale (PoS) machines was nearly 二 八 三,000 and the number of cards in circulation was 九 八. 二 million.
The figures were up 一 七. 三 per cent, 四 四. 五 per cent and 一 五. 八 per cent on-year, respectively.
Average trading value via interbank electronic payment system (IBPS) was VNĐ 三 七 五 trillion (US$ 一 七 billion) per day.
Trading values made via PoS machines, mobile phones and online were VNĐ 四 九 一 trillion, VNĐ 四. 二 六 trillion and VNĐ 一 七. 七 trillion, respectively.
The three figures were up 六 六. 三 per cent, 二 二 一. 二 per cent and 三 六. 六 per cent on-year, respectively.
In 二0 二0, the SBV targets to keep average inflation below 四 per cent and total credit growth at 一 四 per cent and maintain a stable macroeconomic condition, as well as stable monetary and foreign exchange markets.
The SBV also asked its units and financial institutions to make sure loans are provided to the right borrowers, avoid bad debts and create a sufficient capital channel for the economy.
The banking sector must also improve the quality of administrative procedures in line with the Government’s attempt to improve the domestic business environment and national competitiveness. – VNS
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