HCM CITY — With emerging technologies such as AI and blockchain, Việt Nam has the ability to leverage data connectivity to create ‘an integrated payment ecosystem’ to promote cashless payments, experts said at a meeting last Friday in HCM City.Speaking at a seminar held as part of Cashless Day 2023, Phạm Tiến Dũng, deputy governor of the State Bank of Vietnam (SBV), said: “Data connectivity is the key to unlocking the full potential of cashless payments.”“By sharing data and collaborating across the ecosystem, we can create a more convenient and secure payment experience for customers, while also driving financial inclusion and economic growth,” he said.The SBV aims to invest in infrastructure and foster innovation to create an ‘inclusive payment ecosystem that is accessible, convenient, and secure for all,’ he said.Phạm Anh Tuấn, director of the SBV’s Payment Department, said: “We have set a goal of making cashless payments account for half of all transactions by 2025.With an already strongly developed payment infrastructure, Việt Nam sees average payments of US$40 billion per day, according to Tuấn.The central bank is drafting a new decree to create a legal framework to promote non-cash payments.He stressed the important role of emerging technologies such as artificial intelligence (AI) and blockchain in improving data connectivity and enhancing the customer experience.These technologies also help automate payment processes, reducing fraud and errors, and ‘personalise the payment experience and offer targeted benefits and incentives to consumers,’ he noted.Cashless payment a mustMãi proposed specific regulations to accelerate cashless payments, such as transactions above VNĐ10 million requiring payment via banks, to boost cashless payments. According to an SBV report, more than 75 per cent of adults across the country currently have a bank account.Interbank electronic payment transactions increased by 52.8 per cent year-on-year in terms of volume in the first four months, it said.Payment via QR code had the most impressive growth with an increase of more than 161 per cent in quantity and 36.6 per cent in value.Cash withdrawals at ATMs continued to decline, falling by 3.5 per cent in quantity and 5.5 per cent in value.— VNS   (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam News