Non-cash payments promoted on occasion of Cashless Day

VIETNAM, May 22 - HÀ NỘI — The State Bank of Việt Nam (SBV) has contacted credit institutions, branches of foreign banks and intermediary payment service providers, asking them to find ways to encourage the use of non-cash payment methods.

The central bank asked that the financial institutions look at ways to get more customers to make payments in other ways than cash, recommending it offer incentives and fee reductions for online government service payments and customers receiving social security benefits.

It suggested that they focus on non-cash payment incentives throughout June and especially on Cashless Day, which falls on June 16.

The SBV said that credit institutions and branches of foreign banks look into how to stimulate cashless payments, with promotional campaigns, service promotions and customer appreciation activities.

Measures might include fee waivers, reduced payment service costs, gifts, refunds, discounts on goods and services and reward points for customers opening payment accounts or bank cards.

Credit institutions and branches of foreign banks should also consider offering discounted fees to payment acceptance entities participating in promotional activities during the event period.

The monetary agency advises intermediary payment service providers also collaborate with the banks to 'reasonable incentive policies'. This could include fee waivers for customers using their services, while electronic wallet providers should offer incentives for customers who link their wallets to debit cards or bank accounts. — VNS