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Government intensifies support for non-cash payment methods

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Hanoi (VNS/VNA)The Government has issued measures to boost non-cash payment methods in the country this year.

Under Resolution 02/NQ-CP released early this week, the Government required the State Bank of Vietnam (SBV) to report on a project exploring depositing cash into electronic wallets without bank payment accounts. All commercial banks and payment intermediary providers must also apply QR code standards before the third quarter of this year.

The SBV was also instructed to co-ordinate with the Ministry of Finance to publicise details of the types of transactions subject to bank payment. It must also propose amendments to regulations aimed at encouraging non-cash payments in real estate transactions.

Meanwhile, chairpersons of provincial and municipal People’s Committees must direct all schools, hospitals and suppliers of electricity, water, sanitation, telecommunications and postal services in urban areas to co-ordinate with banks and payment intermediary providers to collect fees using non-cash payment methods, with the priority being mobile and points of sale (POS), before December this year.

The Government also required the Ministry of Finance to review and amend financial regulations under its management before the third quarter of 2019 to create favourable conditions for firms to use non-cash payments.

The SBV’s data showed the country has nearly 18,300 ATMs and more than 289,000 POSs. Up to 76 banks provide Internet Banking services and 44 have mobile payment services. There are 24 electronic wallet providers.

According to the SBV’s Payment Department, non-cash payments are becoming a trend in Vietnam and the use of cash is falling. By the end of the third quarter of 2018, the volume and value of transactions via ATM increased by 12 per cent and 16 per cent respectively against the end of 2017. The rates of payments via POS were also high at 42 per cent and 29 per cent, respectively. 

Economist Vu Viet Ngoan suggested the Government create a suitable environment for new products and services that promote the development of contactless payment methods. This could be a foundation for building e-government in Vietnam.

Sharing the same view, Truong Van Phuoc, acting Chairman of the National Financial Supervision Commission, said the rapid development of technologies in the global financial sector has brought benefits and opportunities to consumers, businesses and management agencies. As Vietnam has become more deeply integrated into the world economy, a modern fintech foundation could help the country’s banking and finance sector participate in the global value chain, allowing breakthroughs for Vietnam.-VNS/VNA

posted Jan 7 by Sanjay Rawat

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                                                          VERIME AND MARITIME BANK

VeriMe is a Singaporean blockchain based verification-as-a-service platform that facilitates other organizations in easy and fast user authentication. The platform relies on the secure, high speed working of blockchain to give its clients a cheaper and unparalleled service, allowing them to concentrate on their core services and let VeriMe take care of the working behind the verification of customers or other services.

VeriME offers two types of services, namely D-KYC and D-Secure. D-KYC is a digital identity verification system that performs Know Your Customer background checks for institutions, requiring no hectic and tedious form filling and document submission. D-Secure is a payment authentication service designed form merchants and banks, allowing them to process customer requests with ease. D-Secure, like the KYC counterpart, does not require face to face meetings or heavy document filing.

Maritime Bank, as one of the largest banks in Vietnam, has a broad base of clients and handles a lot of transactions and new customers in a day. By partnering up with VeriMe, the bank’s user and payment verification system load is transferred to VeriMe. The quick services of VeriMe ensure that no matter how much the processing load from Maritime is, it can deliver the quickest of verification services. Maritime benefits a lot as verification time for its services will drop significantly.

Maritime Bank is not the first Vietnamese bank that has partnered with VeriMe. Previous partnerships with Military Bank and CFC exist, giving their combines 5,000,000 plus users an easy way to verify themselves and the online purchasing done by them.


VeriMe, as a blockchain platform, offers a many-fold increase in speed of verification of individuals and payment services by providing a cost effective, high level of data protection, document free and third party free system. Traditional procedures are slow and tedious, involving a lot of paperwork, inflexible rules, unsecure and money intensive. VeriMe does away with all the clutter and smoothes the experience.

VeriMe has already partnered with more than 30 organization around the world, providing services to more than 300,000 merchants and their respective consumers. The platform is in talks with ASEAN member country partners for expanding in other geographical locations.


The authentication and the verification process of the VeriMe platform is paid for through its its internal token, the VME. It has recently completed a successful token generation event with more than 106,500,000 VME grabbed by early investors. The event saw 1 ETH being traded for 3000 VME.

For more information about the Verification as a Service platform, visit their website

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OMA Emirates has been making focused efforts to build on the company’s customer portfolio and has made steady progress into the transportation, retail, and oil and gas sectors while strengthening its BFSI solutions over the last few years.


OMA Emirates, a provider of cutting edge technology solutions for the payment industry and National Parking Company (Mawgif), a parking management company, have provided a payment solution for parking at Dubai Airports.

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