Vietnam encourages credit card payments

Vietnam will develop credit card payment services with the aim of reducing the quantity of cash in circulation to 11 percent by 2015.

It will also strive to increase the number of bank account holders to 35-40 percent of the population.

The targets were set in a Prime Minister-approved project to accelerate non-cash payment services.

To meet the targets, the banking system will diversify card payment services, with a primary focus on developing pay points. It aims to install 250,000 card payment machines to increase the number of transactions to 200 million a year by 2015.

It will continue to pay State workers through bank accounts and encourage them to use credit cards in transactions.

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