Vietnamese Tiếng Việt | Friday, May 24, 2019 | Advertise with Us
   
Text Size

Mobile payment service now ready for big changes

Share
(0 votes, average 0 out of 5)

Experts say the technological infrastructure in Vietnam is ready for the mobile payment boom.

vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, mobile payment, SBV

Thomas William Tobin, retail banking director of Vietcombank, said that 2019 will witness big changes in payment technology. 

He placed emphasis on the development of contactless cards after the State Bank of Vietnam (SBV) issued standards for domestic chip cards and for QR Codes. Vietcombank will soon upgrade points of sale to accept contactless cards.

Many banks have announced plans to use advanced technological solutions in mobile payment services, including biometric authentication, QR Code, Tokenization, contactless and mPOS technologies.

2019 is the year to witness big technological changes in the payment service sector. Nguyen Dang Hung, deputy CEO of NAPAS, the national payment portal, said: “The infrastructure for mobile payment is ready.”

In late 2018, SBV issued two important sets of standards for domestic chip cards and QR Code. The application of common standards will help synchronize cards and card-accepting devices.

As for QR Code, having a common standard will help stop the current "everyone is for himself" situation. The common standards will allow apps of credit or fintech organizations to be used for payment for services connected to other payment intermediaries. 

Uniform standards has helped AliPay and WechatPay obtain market share in China. 

Experts have also mentioned ACH (automatic clearing house) as an important component which implements small-value payment services and helps bank customers make transactions via different options for personally identifiable information, except account number of cards.

Most recently, the PM suggested a new way of identifying accounts with phone numbers. If so, mobile network operators could also be potential fintechs with their existing database.

In general, transaction platforms will allow involved parties to join the same playing field where all can receive benefits. This allows intermediary payment institutions to expand networks at reasonable costs.

For example, e-wallet A can connect 10,000 POS and bank B 5,000 POS. Once a common standard is applied, the bank’s customers will be able to access the 10,000 POS of e-wallet A without having to install another app.

However, some experts still doubt mobile payments could see a boom in the time to come.

An expert said that many Vietnamese remain reluctant to make e-transactions because they think Vietnamese service providers are still not technologically capable of preventing problems 

A high number of problems occurring with bank cardholders have worried them. In addition, there are other latent risks, from operation risks (electricity cut, natural calamities), the digital divide between people with deep technology knowledge and those who are less knowledgeable.

 

 

Source: VietNamNet

Maybe You Also Interesting :

» Vietnam tops the world in growth of mobile payment users

The number of Vietnamese people making mobile payments in stores is growing fastest, according to a survey by PcW.

» VN Central Bank attempts to set limits on transaction value via e-wallets

The attempted restriction on transaction value via e-wallet has faced strong opposition from both wallet users and goods and service providers.

» Experts warn GDP may decline if banks tighten real estate credit

The tightening of real estate credit may deal another blow to the real estate market, which is facing difficulties from all sides, experts say.

Login