Specifically, by 2020 80 percent of tax payment transactions in central-level and provincial-level cities are hoped to be implemented via banks, while all State treasuries will have cashless payment devices.

The scheme also targets non-cash payments being accepted by 70 percent of power companies, 70 percent of water companies, 100 percent of universities and colleges and 50 percent of hospitals in major cities.

The country will focus on developing new and modern payment methods, especially those suitable for rural areas, and for people who don’t have bank accounts.

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The country will also develop new multi-functional and multi-purpose bank cards that allow different forms of payments such as internet banking, non-touch and near-field communication payments.

More efforts will be made to ensure security and safety during transactions to gain consumer confidence, while authenticity measures will be intensified to avoid fraud.

According to the State Bank of Vietnam’s Payment Department, non-cash payment is becoming a trend in Vietnam as the use of cash is falling. Cash payment has reduced from 14 percent in 2010 to 12 percent now, it reported.

The department reported that 96.2 million cards have been issued nationwide, up 210 percent from early 2011.

There are some 60 organizations providing internet banking payment services and 30 organizations providing mobile banking payment services.

The payment infrastructure has also been improved, as evidenced by the rapid increase of ATMs and points-of-sale, by 47 percent and 300 percent, respectively.

Source: VNA