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Mr. Pham Tien Dung, Deputy Governor of the State Bank of Vietnam
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Regarding the achievements in the development of cashless payment, the Deputy Governor cited: “As mentioned by the Minister of Finance,
the tax payment ratio is up to 99% cashless, a figure that was unimaginable before. In 2019, we had 1 billion cashless transactions, and now we have up to 9 billion transactions.
The growth rate is enormous.”
The Deputy Governor summarized three important points to note. Firstly, alongside payment service providers, payment system operators such as NAPAS must participate in this process to detect risky transactions.
Secondly, sharing with related parties about accounts, fraudulent cases, and impersonation… It is recommended to use credit scoring to prevent fraud.
When making payments, consider the level of trust based on that credit score to assess the recipient and the payer. These are quite new issues in Vietnam.
Regarding Decision 2345, the Deputy Governor further analyzed that if customer information is unfortunately stolen, criminals can take over that device.
However, with the application of Decision 2345, when making transactions, face matching and authentication are required, making it impossible to compare the face on the original record.
Thus, criminals cannot withdraw money.
It is quite important that when personal information is appropriated, the perpetrator often performs the installation on another machine to carry out the appropriation.
However, banks require biometric authentication. Therefore, criminals cannot install on another machine to appropriate the money.
Mr. Dung shared that transactions above 10 million VND account for only 11% of all transactions. The total number of people with transactions above 20 million VND per day is less than 1%.
He emphasized: “It’s not that when you make a transaction of 20 million VND, you have to perform biometric authentication for the next transaction of 100,000 VND after the 20 million VND transaction.
The principle is to not interrupt the customer’s experience.”
In the case of non-residents opening an account without a citizen identification database, the SBV is amending the decision to allow the opening of an eKYC account at the bank.
Recently, the National Assembly passed the Law on Credit Institutions, and the Prime Minister signed Decree 52 on Cashless Payment.
The Deputy Governor added that in the future, in terms of perfecting the legal framework and policies, the SBV is reviewing and studying to amend and supplement the provisions guiding the Law on Credit Institutions 2024,
Decree 52/2024/ND-CP on Cashless Payment, including circulars related to payment activities: opening and using accounts; opening and using cards; and an important circular related to agency services.
For the first time, Vietnam allows limited agency services, and banks can choose units with sufficient functions to act as agents. These are the major orientations for cashless payments in the world, which are being implemented in Vietnam.
Hopefully, in the future, these circulars will come into effect and promote cashless payments.
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