Non-cash payments: No longer a motto

If a few years ago, non - cash payments seemed like a mere motto as people kept their traditional habit of using cash, at present the forms of payment via cards, accounts, e-wallets have constantly developed. In parallel, banking services and modern commercial models have been introduced.

According to the Project of developing non - cash payments in Hanoi, by 2020 about 85% of the electricity, water, telecommunications and communication service providers will accept non - cash payment forms.

Director of Payment Department, State Bank of Vietnam, Pham Tien Dung said that the annual growth rate of transaction value of inter-bank electronic payment system and transferring system reaches over 30%. Payments via Internet increase by 81% and via mobile phones increase by nearly 70%. The rate of cash withdrawal decreases gradually over the years, currently only about 10%, etc.

Development trend

Nowadays, the use of bank accounts has become a habit of many people, because modern shopping trends have grown rapidly. To catch up with the trend and to facilitate users, banks have invested robustly in non - cash payment services.

For example, Lien Viet Post Commercial Joint Stock Bank has launched Viet Wallet service, a kind of electronic wallet for payment, shopping, transferring money online, etc. anytime and anywhere. Launched in August 2016, so far Viet Wallet has connected with many payment partners in the fields of electricity, water supply, telecommunications, transportation, tourism, finance, commerce, etc. with hundreds of online payment services, about 10,000 points accepting payment, and millions of user turns.

In Hanoi, Hanoi Power Corporation (EVNHANOI) has provided flexible electricity payment services since September, 2014 in order to provide comfort, save time and cost, etc. for customers; for example: automatic debit account, internet banking, mobile banking, payment via 15 banks in cooperation with EVNHANOI.

Monthly, EVNHANOI sends customers messages of electricity consumption amounts, bills, and banks automatically deduct from accounts of customers. Customers can also pay via ATM or intermediaries paying via internet. By the end of 2017, EVNHANOI stopped collecting electricity bills at households.