The value of transactions via POS rose by 27 percent to more than 318 trillion VND by the end of last year. - (Photo: Vietcombank) Hanoi (VNA) - The total value of transactions via the automatic tellermachines (ATMs) and points of sale (POS) last year surged sharply by 34 percentagainst the previous year.
The State Bank of Vietnam (SBV) reported at a forum on the sustainedgrowth of the banking industry, held in Hanoi recently.
By the end of last year, Vietnam had some 17,558 ATM and 268,813 POS,a year-on-year increase of 10 percent.
The value of transactions via POS rose by 27 percent to more than 318trillion VND (13.95 billion USD), while the number of transactionssurged sharply by 40 percent to nearly 136 million VND.
The ratio of cash withdrawal at ATMs declined to 6.86 percent late last yearagainst 15.71 percent in 2016.
Director of the SBV’s Payment Department Pham Tien Dung said thatpayments via internet and mobile phones last year soared by more than50 percent, while inter-bank transactions also witnessed a strong growthat 30 percent, both in volume and value, with a daily transactionrevenue of some 10 billion USD.
Dung attributed the rise to the banking industry’s efforts to applytechnological advances in the fourth industrial revolution to developpayment infrastructure, and enhance payment security and safety in recentyears.
The SBV has also focused on streamlining legal framework and applyingtechnologies in non-cash payment besides promoting management and supervisionin payment.
Besides this, commercial banks have integrated more functions on payment,so that customers can pay for all kinds of bills, from water,electricity and telephone to insurance and transportfee through their bank accounts.
The SBV has so far implemented a plan to develop card payment using cardreaders at POS and mobile points of sale (mPOS) from 2017 to 2020, which isaimed at boosting the non-cash payment method in Vietnam, as approved inDecision 2545/QD-TTg by the Prime Minister.
Accordingly, the ratio of cash to total payment instruments will be below 10percent by the end of 2020, when the whole market will have more than 300,000card readers installed at POS to process some 200 million transactions everyyear.-VNA
The State Bank of Vietnam (SBV) reported at a forum on the sustainedgrowth of the banking industry, held in Hanoi recently.
By the end of last year, Vietnam had some 17,558 ATM and 268,813 POS,a year-on-year increase of 10 percent.
The value of transactions via POS rose by 27 percent to more than 318trillion VND (13.95 billion USD), while the number of transactionssurged sharply by 40 percent to nearly 136 million VND.
The ratio of cash withdrawal at ATMs declined to 6.86 percent late last yearagainst 15.71 percent in 2016.
Director of the SBV’s Payment Department Pham Tien Dung said thatpayments via internet and mobile phones last year soared by more than50 percent, while inter-bank transactions also witnessed a strong growthat 30 percent, both in volume and value, with a daily transactionrevenue of some 10 billion USD.
Dung attributed the rise to the banking industry’s efforts to applytechnological advances in the fourth industrial revolution to developpayment infrastructure, and enhance payment security and safety in recentyears.
The SBV has also focused on streamlining legal framework and applyingtechnologies in non-cash payment besides promoting management and supervisionin payment.
Besides this, commercial banks have integrated more functions on payment,so that customers can pay for all kinds of bills, from water,electricity and telephone to insurance and transportfee through their bank accounts.
The SBV has so far implemented a plan to develop card payment using cardreaders at POS and mobile points of sale (mPOS) from 2017 to 2020, which isaimed at boosting the non-cash payment method in Vietnam, as approved inDecision 2545/QD-TTg by the Prime Minister.
Accordingly, the ratio of cash to total payment instruments will be below 10percent by the end of 2020, when the whole market will have more than 300,000card readers installed at POS to process some 200 million transactions everyyear.-VNA
VNA
