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HANOI, Dec 30, 2011- Cash payments will make up less than 11 percent of all transactions in Vietnam by the end of 2015, down from the current 14 percent, according to a Government plan approved by Prime Minister Nguyen Tan Dung earlier this week.
The plan also targets to double the number of people with bank accounts to 40 percent of the population in the next four years, Vietnam News Agency (VNA) reported.
Cash payments constitute a global average of only 5-7 percent of transactions and the rate is even lower for the neighbouring economy of China, with 3-4 percent.
The world's leading non-cash payment market is the US, followed by the eurozone, while the developing economies are far behind, according to the World Payment's Report 2011.
The Government 2011-15 non-cash payment development plan was drafted by the State Bank of Vietnam with the aim of reducing cash-related costs and improving the efficiency of the country's banking system and State management.
Luc said non-cash payments (bank transfers, Internet banking, credit or debit cards) reduced cash-related risk from theft or fires, among other things.
Meanwhile, although the World Payment's Report stated that the global use of cash payments was endemic, especially for low-value retail transactions, it said cash was "costly to distribute, manage, handle and process" and that non-cash-payment growth would lower costs for banks and for the whole economic system.
Card payments services (credit and debit) will be the focus of Vietnam's 2011-15 payments reform and the country expects to have some 250,000 points of sale (POS) which accept some 200 million card payments a year by 2015.
Continuing the expansion of wage payments to bank accounts in State-owned enterprises and organisations, the Government will also encourage non-cash payments to pay for utility bills.
Source- BERNAMA
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