The system will be connected with multiple transaction kinds in the future, he said, adding the capital city approved the adoption of the multi-model e-ticket system using IT service leasing.

As the traditional Lunar New Year (Tet) festival is just around the corner, commercial banks are offering a wide range of promotional programmes and financial solutions to encourage cashless payment during the peak shopping season.

Ha Long city is hoping for an average annual growth rate of 20 - 25 percent in the number and value of cashless payments by 2025.

Vietnamese banks will only be allowed to issue chip cards from March 31, 2021, according to a State Bank of Vietnam (SBV) draft circular.

The novel coronavirus outbreak has changed the payment habit in Vietnam, with non-cash transactions particularly surging in the public service, Director of the State Bank of Vietnam’s Payment Department Pham Tien Dung said on December 4.

The State Bank of Vietnam (SBV) urged the banking industry to build an inclusive finance system that serves all members of society in Vietnam in Hanoi on September 10.

Prime Minister Nguyen Xuan Phuc has approved a national financial inclusion strategy until 2025 with a vision to 2030, targeting at least 80 percent of adults in the country to have bank accounts by 2025.

An entrenched cash using habit and safety concerns are the main reasons for people not to switch to non-cash payments, a workshop heard in Ho Chi Minh City on January 15.

The Prime Minister recently ratified a project to stimulate non-cash transactions in 2016-20 with a view to reducing the cash transactions rate to under 10 percent.