The banking industry in Vietnam has initially poured VND15 trillion (US$631.2 million) into its digital transformation process, resulting in impressive achievements such as a 40-percent growth rate in a short time. This is the report in yesterday’s online formal discussion themed ‘Banking Industry as a Pioneer in Digital Transformation: for the Public to Participate and Benefit’.
Digital applications are significantly changing how banks operate and making breakthroughs in business activities via overhead cost reduction. One such impressive application is the wide use of cashless payment in many countries, including Vietnam. Seeing a promising future in this aspect, banks in Vietnam are introducing various policies to boost the use of this convenient payment channel.
In the sensitive time of the Covid-19 outbreak, cash is considered a potential disease transporter in the community. To promote the habit of e-payment among the public in Vietnam, many banks and intermediary payment services are offering free transaction fee.