E-payment helps prevent money laundering, corruption: Deputy PM

09:05 | 14/12/2019 Finance - Banking

Deputy Prime Minister Vu Duc Dam affirmed that promoting electronic payment will not only help to increase capital flows and prevent money laundering and corruption but will also promote the Internet economy.

Deputy Prime Minister Vu Duc Dam speaking at the forum - Photo: vneconomy

The government official made the statement at the E-Payment Eco-System Development Forum 2019, held in Hanoi on December 10 by the State Bank of Vietnam, the National Payment Corporation of Vietnam (NAPAS) and the Vietnam Economic Times.

The Deputy PM said that the Internet economy of the Southeast Asia region is estimated at US$100 billion, which is predicted to triple over the next five years, emphasising that Vietnam must not miss this opportunity.

The Deputy PM said that e-payment has various forms, which creates opportunities for people to participate more in the banking sector while ensuring safety and information security for the people.

According to the State Bank of Vietnam, the value of payment via POS has increased by 36.5% as of September 30, the number of banking cards reached 96.4 million, and the number of ATMs has exceeded 19,000. These are the basis for promoting mobile banking and internet banking.

However, the switch to chip cards also faces many challenges due to high costs.

Deputy PM Dam called on relevant State agencies to accompany enterprises and share their difficulties to facilitate them in the shift to chip cards.

Theo NDO