Over the last few years, non cash payment performance of Vietnam has gained numerous encouraging achievements. The State Bank of Vietnam issued a number of legal documents and instructions to manage payment systems and non-cash payment transactions more effectively, to improve the service quality and legal rights of the customers. Thus, non - cash payment obtained several noticeable changes and basically achieved the set objectives; the awareness and habit of citizens and enterprises on non - cash payment has been changed remarkably.
20170203145653515ảnh bài Thanh toán
Ratio of cash in total liquidity reduced significantly
The ratio of cash in total liquidity had gradually decreased from 14.02% in 2010 to 12% in the current time; the number of individual bank accounts increased to about 67.4 million as recorded on October 2016.
The infrastructure and technology serving for non cash payment system, especially for electronic payment continues to be focused and improved that is very effective and supportive for the economy.
Infrastructure and technology for card payment also are remarkably upgraded with more concentration on expanding quality and quantity of POS. Up to end of October, 2016, the number of POSs and ATMs increased by 13.77% and 5.39% respectively as compared to end 2015.
The non-cash payment services and means, especially e-payment ones developed noticeably with numerous new services and mean that meeting better the payment demand of customers and well matching with payment trend in the region and globe.
The bank card means continued to increase in term of quantity of card issuance and amount of payment transactions. At the end of October, 2016 the number of card issued increased by 11.36% as compared to that of end 2015. Several commercial banks have proactively invested and applied modern technical solutions such as QR code, fingerprint, and contactless smart card.
Outstanding achievements of payment system in 2016
During 2016, payment management activity has gained important achievements and ensured the safety and security for banking transactions and payment services.
For legal framework, the SBV has formulated and issued, and proposed to the Government for issuing several legal documents, such as, Decree No.80/2016/NĐ-CP dated July 1st, 2016 on revising and replacing several articles of Decree No.101/2012/NĐ-CP on non cash payment; Circular No.19/2016/TT-NHNN dated June 30, 2016 on bank card management; Circular 20/2016/TT-NHNN dated June 30, 2016 on revising and supplementing several articles for Circular 36/2012/TT-NHNN on equipment, management and operation, and securing the safety for ATM performance and Circular No.39/2014/TT-NHNN guiding the intermediary payment services; Circular 30/2016/TT-NHNN dated October 14, 2016 revising and supplementing several articles on payment services provision and intermediary payment services; Circular No.32/2016/TT-NHNN dated December 26, 2016 to revise and supplement some articles of Circular 23/2014/TT-NHNN dated August 19, 2014 to guide on opening and using settlement accounts with credit institutions; formulated and completed the draft of Circular stipulating the provision of payment service trustor and trustee in order to complete the legal framework and creating favorable conditions for establishing and developing non-cash payment services.
For infrastructure and technology development, the SBV issued Plan No.16/KH-NHNN dated December 30, 2015 on shifting bank cards from magnetic stripe card to chip cards. Accordingly, at the latest by December 31, 2020, the bank card system of Vietnam shall have to be changed in to chip card system. In addition, SBV Governor also decided to establish a Committee to manage the Project of formulating ACH in Vietnam for the aim of building up ACH system to serve for retail sale payment transactions. Concurrently, SBV is conducting the upgrading the interbank payment system to meet the increasing demand of payment for the economy and matching up with international standards, as well as expanding the linking payment network between the State Treasure and interbank payment system.
For supervision activities, the SBV functional departments are conducting supervision activities, assessment the safety and effectiveness of payment systems operated by the SBV; accelerating the supervision of other important payment systems; analyzing risk relating to payment systems and advising SBV’s Governor the solutions to manage and prevent payment risks; closely collaborating with Investigation agencies to verify and provide information for detecting the violations in payment operations.
Ensuring safety for payment system and legal rights of customers
In order to implement the instruction of Prime Minister on securing the safety of payment operations, in September 2016, the SBV cooperated with relevant organizations to hold the video conference on “Ensuring safety, security for e-payments and bank card transactions” with 63 municipal branches of the SBV and credit institutions. The conference set out key tasks for managing and regulating payment operations nationwide including comprehensively examining and supervising the professional procedures and technology infrastructure, personnel and organization, and compliance of online payment and card payment operations of credit institutions; providing training courses to improve capacity and skills to deal with payment risks; formulating standard procedures to manage risk and communication crisis; setting security solutions appropriate with practical condition of payment performance…
On October 14, 2016, the SBV issued Circular No.30/2016/TT-NHNN to revise several Circulars stipulating payment service provision and intermediary payment services, especially the regulations on problem solving, dealing with claims and checking the transactions, security solutions, safety for ATMs as well as protecting legal rights for customers and users of payment services.
In order to minimize the risks and ensure security and safety of payment operations as well as protecting legal rights of the customers and banks, SBV has conducted several solutions including accelerating the examination the compliance of legal document on e-payment, card settlement; completing legal framework for safety and security of payment system, preventing and strictly dealing with violations, protecting legal rights and benefits of the customers and providers of payment transactions.
Especially, the SBV is reviewing and renewing the roadmap of applying identifying solutions in e-payment and card payment transactions; and regularly exchanges information and experiences with other central banks and international monetary and financial organizations on the safety and security of payment system and the current trend of criminals in payment field.
On December 30, 2016, the PM has approved a Scheme for the development of non-cash payments in Viet Nam in 2016-2020 period, with a focused target of reducing the ratio of cash transactions to below 10%. The project focuses on acceleration of e-commerce transactions and implementation of the Master Scheme on E-commerce Development in the 2016-2020 period. Accordingly, Government laid out a number of specific objectives: by 2020 the ratio of cash to total liquidity will be not higher than 10%; accelerating card payments via posts of sale (POS's); increasing the number and the amount of card payment transactions via POS's. By 2020, Vietnam set the objective of reaching 300,000 POS's installed and total of 200 million payment transactions a year; boosting e–payments in order to have 100% supermarkets, shopping centers and distribution agents using POS and allowing customers to pay non-cash; 70% of service providers of electricity, water, telecommunication services accepting non cash payments; 50% of individuals and households in metropolitan cities using non-cash payments; focusing on developing modern payment equipment and systems serving rural and remote areas in order to accelerate financial inclusion; increasing the number of citizens to be able to access payment services, and increasing the ratio of 70% of people from the age of 15 opening accounts with a bank by the end of 2020.
VMH