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Vietnam's central bank to increase cashless payment by 2020

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Vietnam's central bank to increase cashless payment by 2020

The State Bank of Vietnam is looking to promote cashless payment by having card readers installed at points of sale and mobile points of sale from 2017 to 2020, Viet Nam News reported Oct. 9.

The move is in line with the regulator's plan to cut the ratio of cash payments to total payment instruments to below 10% by 2020. It expects to have more than 300,000 card readers installed at POS to process around 200 million cashless transactions per year by 2020.