Over VND36.280 trillion transacted via the Internet and mobile in 9 months

21-Oct-2021 Intellasia | VnEconomy | 5:02 AM Print This Post

In a recent thematic report of the government, cashless payments continued to record a high growth rate in the first nine months of 2021.

Specifically, compared to the same period of 2020, the Internet channel recorded 435.25 million transactions with a value of 22,780 trillion dong, up by 54.1 percent in quantity and 30.7 percent in value. The mobile channel recorded up to 1,193.9 million transactions with a value of over 13,500 trillion dong, up by respectively 74.98 percent in quantity and 93.69 percent in value.

In the report, the government stated that the cashless payments for public services in Vietnam have made strong changes, significant improving in terms of both payment scale and quality.

Currently, more than 90 percent of the tax payment transactions of businesses in provinces and centrally run cities were make via banks. People are able to make payments of electricity bills nationwide via banks, 42 percent of the health facilities carry out non-cash payment services, 42 percent of the beneficiaries and 39 percent of pensions, social insurance benefits and unemployment benefits nationwide are paid through personal accounts.

However, in addition to the boom of cashless payments, frauds have also become more and more complicated across the country. Commercial banks have simultaneously issued warnings to customers.

Most recently, Vietnam Prosperity Commercial Joint Stock Bank (VPBank) and Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank) have given warnings to users to not access the links of forums or websites impersonating the bank. At the same time, customers absolutely do not provide account security information, digital banking service and card services, or any other information to these websites.

Talking at the seminar on payment activities held in the previous week, Dao Minh Tuan, Chair of the Card Association (Vietnam Banks Association), said that despite the fact that CIs have continuously updated new security technology, frauds in payments are still increasingly bold and sophisticated. In which, there are three main types of card payment frauds.

Firstly, the criminal appropriates card information of customers, then uses this information to conduct purchase and sale transactions of services an appropriating the cardholder’s money.

Secondly, in the form of blank payments at the card acceptance units, transactions are made accordingly agreements to get cash while there are no transactions of buying and selling goods and services between cardholders and card acceptors.

Thirdly, other types of frauds such as fraudulent transactions on the Internet, transactions at illegal payment acceptors, technology attacks, transactions using fake cards at ATMs and card-accepting units, payment via Samsungpay, etc.

Recognising the measures to limit risks in the payment field, bank’s representatives all said that to ensure security and safety in payment activities, it is necessary to coordinate between many related parties and should not been too aggressive which can destroy customers’ experience.

 

Category: Finance, Vietnam

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