Non-Cash Payments: Unlocking Financial Inclusion and Efficiency
Non-cash payments, encompassing the use of banking products and services for transactions and money transfers, hold the key to fostering financial inclusivity and efficiency. To partake in this system, individuals must open and maintain a bank account, a vital step towards accessing a myriad of financial opportunities.
Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam’s Ho Chi Minh City branch, underscores the significance of non-cash payments in achieving comprehensive financial goals. He elaborates on three key advantages that propel financial advancement:
Firstly, the widespread adoption of non-cash payments catalyzes the growth of credit services. As individuals open accounts and engage with banking offerings, they simultaneously enhance their access to credit facilities. This evolution is particularly salient in the current landscape, where the utilization of citizen databases in account services provides a robust framework for consumer credit, electronic lending, and more. This dynamic fuels the expansion of personal credit, ensuring that a broader segment of the population can secure funding and embrace financial services.
Secondly, the modern era has witnessed financial institutions increasingly harnessing cutting-edge technologies to augment the quality, security, and efficiency of their offerings. This shift towards digital solutions, particularly in online banking and online payments, lays the groundwork for the comprehensive development of digital finance.
Lastly, the convenience and benefits of non-cash payments act as a catalyst for the growth of ancillary financial services. Businesses and financial institutions alike stand to gain from reduced operational costs, ultimately translating to more sustainable lending rates for borrowers. This cost-saving mechanism aligns with the core tenets of financial inclusivity, ensuring that financial products and services are accessible to all at reasonable prices.
The far-reaching implications of non-cash payments extend beyond efficiency and convenience. They also play a pivotal role in curbing illicit lending practices, combating financial crimes, and promoting social welfare. By continuing to prioritize and expand non-cash payment methods, financial institutions can not only enhance their operational efficacy but also actively contribute to the realization of broader macroeconomic objectives.
Hàn Đông
– 16:53 20/01/2025
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