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Market in Can Tho, Vietnam Goes Cashless

The An Thoi market in the Binh Thuy, a district in Can Tho city, has debuted a cashless model market. As many as 150 small traders are operating in the An Thoi market, with about 30% of those having registered for non-cash payment methods.

The cashless market model allows traders and shoppers to pay for goods by QR code payment or quick money transfer via phone accounts on the Vietnam Post and Telecommunications Group (VNPT) Money app. The Director of the Municipal Department of Industry and Trade, Ha Vu Son, has stated that the move is part of an inevitable trend that brings many benefits to users.

VNPT Can Tho has accompanied the department in its digital transformation efforts, including promoting digital payment services. The Director said he hopes that VNPT will continue to deploy non-cash payment services at markets, supermarkets, shopping centres, and convenience stores across the city.

He asked VNPT Can Tho to manage security-related issues as well as oversee necessary technical conditions for the smooth operation of the service. According to the Vice Director of VNPT Can Tho, Nguyen Quoc Viet, his firm has coordinated with the local authority, and management boards of local markets to pilot a model of this kind.

After a month of piloting, there are nearly 200 points accepting VNPT Money payments and nearly 1,000 users of the VNPT Money wallet for payment. VNPT Can Tho has so far developed 38 points providing deposit and withdrawal services across districts in the city.

Increasing the adoption of digital payments is an important step in the development of smart cities, which the government wants to support through its digital transformation strategy. In April, traders at wet markets in the central city of Da Nang went cashless using the e-wallet mobile application Viettel Money, under a 4.0 wet market model. As OpenGov Asia reported, the model was launched by the municipal Department of Industry and Trade and the Da Nang branch of military-run telecom group Viettel. Owners of over 1,000 stalls at Da Nang’s three major wet markets, namely Con, Han, and Dong Da, were provided with QR codes that enable users to make online payments through access to 37 banks and Viettel Money.

Earlier this year, the Ministry of Information and Communications released a statement outlining the government’s plan to boost cashless payments (2021-2025). Firstly, it aims to make non-cash payments a norm in urban areas and expand their coverage in rural areas. Secondly, it seeks to develop a safe and secure non-cash payment infrastructure with various conveniences and facilities to meet the rising demand of firms and individuals. Thirdly, it strives to enhance the security and transparency of cashless payments, allowing authorities to better monitor economic transactions in the country. Finally, the project aims to realise growth targets set for non-cash payments in the short term, including 50% of transactions on e-commerce platforms being conducted through cashless payments and economic transactions via smartphones growing at 50%-80% per year.

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