The Project on developing non-cash payment in Vietnam for the period of 2021 - 2025

On 28/10/2021, the Prime Minister issued the Decision No. 1813/QD-TTg approving the Project on developing non-cash payment in Vietnam for the period of 2021 - 2025.

According to the Decision, the overall objective of the Project is to create a positive change in non-cash payment in the economy with high growth, bring the use of non-cash payment instruments in the society into the habits of people in urban areas and gradually develop in rural, remote and isolated areas; reduce the social costs associated with cash; strongly apply the achievements of the industrial revolution 4.0 to upgrade and develop payment infrastructure and non-cash payment services to meet the payment needs of organizations and individuals in a convenient and efficient way; ensure security, safety and confidentiality in non-cash payment activities; improve the operational efficiency of the banking system and the management and supervision efficiency of State management agencies, make payment transactions transparent in the economy, contribute to the prevention and fight against corruption, negativity, economic crime, money laundering prevention and control, terrorist financing.

The specific goals by the end of 2025 are as follows

+ The value of non-cash payments is 25 times higher than GDP.

+ Cashless payments in e-commerce reach 50%.

+ 80% of people aged 15 and over have transaction accounts at banks or other authorized organizations.

+ To increase people's access to payment services; increase the number of points accepting cashless payments to over 450,000 points.

+ The objectives of growth in the use of non-cash payment means and services:

- The average growth rate in the number and value of non-cash payment transactions is 20 - 25%/year;

- The average growth rate in the number of transactions via the mobile phone channel reaches 50 - 80%/year and the transaction value attains 80 - 100%/year;

- The average growth rate in the number and value of transactions via Internet channel is 35 - 40%/year;

- The rate of individuals and organizations using non-cash payment means through electronic payment channels reaches 40%.

+ The objectives of non-cash payment for public services:

- From 90 to 100% of educational institutions in urban areas accept payment of tuition fees by non-cash payment methods; from 90 - 100% of universities and colleges in urban areas deploy online tuition payment on the National Public Service Portal;

- 60% of medical examination and treatment establishments in urban areas accept payment for medical services by non-cash payment methods;

- 60% of people receiving pensions, social insurance benefits and unemployment benefits in urban areas are paid through non-cash payment methods.

 In addition, the Decision also specifies solutions to develop non-cash payment in Vietnam for the period of 2021 - 2025; the funding and organizing the implementation of the Project.

Source: Hoang Ha