Mechanism needed to boost cashless payments

Bolstering the use of e-payments is a key trend within Industry 4.0 but experts acknowledge that use in Vietnam is yet to be widespread due to a long-held preference for cash and the lack of a specific legal framework for such payments.

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Non-cash payments have become more popular in Vietnam since COVID-19 struck, with growth in e-commerce transactions in the hundreds of percent.

The government has introduced several policies on developing cashless payments but potential is still to be fully tapped due to uncertainties among consumers, especially regarding information security.

Experts say it is necessary to introduce a proper legal framework on cashless payments and a requirement that certain payments, such as taxes and service fees, are only payable online.

Only time will tell whether cashless payments will replace the preference for cash in Vietnam./.

VNA