Smart phones are seen as a useful device to connect to financial service delivery channels. Banks have exploited this method as strength to make breakthroughs in the payment system, making the transfer, payment transactions become more convenient and easier.
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Taking into account the trend of payment technology in the world, some banks and IT, telecommunications companies in Vietnam have been cooperating and applying new and modern technologies into mobile payment via smart phones with fingerprint authentication, facial recognition, biometrics, QR Code, non-contact payment ... bringing more convenience to users.
Experts said that people needed to move from cash payment to new convenient method. In photo: Customers make transactions at Binh Duong Vietcapital Bank.
Being more than 30 years old and working in a telecom company, Ms. Kieu (Thu Dau Mot) was very excited with new technology solutions in payment. Banks have been speeding up the provision of payment and money transfer services with the QR code (quick response code) on smart phones, so she installed its app on the phone for trial purposes. This application allows users to easily transfer money or pay through QR code on a mobile phone without carrying a card or cash. Every month, to pay for a bank loan, she would just open the app, sign in, scan the QR code and enter her personal code or fingerprint to confirm the payment. "This form of payment is both easy and convenient for people who have little time to move out of the company like me," said Ms. Kieu.
It can be said that mobile payment technology has been applied by many banks for about 2 years, so far has more than 3,000 points accept payment by QR code in many areas of services, such as restaurants, hotels, shopping centers, supermarkets, food stores, taxis, money transfer... However, this is still a quite new technology in Vietnam, but interested many banks. BIDV, Agribank, Vietcombank, SCB and ABBank are deploying this technology. QRPay is integrated in mobile banking applications such as VCB-Moble Banking, BIDV Smart Banking, Agribank E-Mobile Banking, ABBank mobile...
Representative of VietinBank - Binh Duong Branch, said that due to mobile payment services, users of iPay Mobile could make payment at any shops or supermarkets with Vietinbank QRPay logo. After completing the purchase, the customer simply scans the QR code on mobile phone via card-accepting device to confirm the information and complete the transaction. According to Vietinbank's representative, the payment via QR codes helps customers no longer have to worry about having to carry multiple payment cards, no longer worry about the card information at the payment point. At the same time, the seller can also save costs for counting and collect money, and the bank will reduce the investment costs for ATMs ... All payments can be made easily and safely with QRPay technology.
Trend of the times
Representatives of commercial banks in the province said that the trend of smartphone use in Vietnam in general, Binh Duong in particular had been increasing with the rapid development of internet and 4G networks, making mobile payment a must-have. Banks have invested heavily in technology infrastructure such as Vietcombank, Agribank, Vietinbank, Sacombank, HDBank ... In fact, in the recent two years, the transaction value through POS has multiplied, while revenue of online payments at card-accepting points also doubled compared to the previous time.
Tran Ngoc Linh, Director of BIDV - Binh Duong Branch, said that the trend of banks promoting non-cash payments had been rising in recent two years. Accordingly, non-cash payment at BIDV Binh Duong also increased. Mr. Linh said that total transactions of online payment channels such as internet banking and IBM banking have increased rapidly in the last two years, especially in the first 10 months of 2017, total transaction volume increased 200% compared to the same period last year; average growth of 150% per year.
Due to the revolution 4.0, new payment method, especially payment on the mobile platform makes payment easier, more convenient without using the card or money. So mobile payment would have many opportunities for development. However, in order for mobile payment to develop on a large scale, banks also encounter difficulties.
According to the analysis of banks, the use of mobile payment is very convenient, much more secure than cash, but in fact the process of making mobile payments is quite new to most people with low income and in rural areas; Along with that is psychological hesitation, fear of risks, such as money would not transferred to the right recipient or the manipulation easily has errors, mistakes; money thief on bank accounts, unprotected personal information, passcodes…
In addition, while making payments in residential areas, especially in traditional markets, supermarkets, people are still familiar to using cash. Therefore, in order to make a transformation on a large scale, experts say that it takes time. According to Mr. Linh, although mobile payment volume began to increase in double digits, but it is still low compared to expectations of banks. However, the results showed that mobile payment is still the trend of the times, opening up new possibilities to boost the development of non-cash payment that the Government has set.
Reported by Thanh Hong – Translated by Ngoc Huynh
