Vietnam digital payment infrastructure focus on financial inclusion

At a seminar titled ‘Promoting Financial Inclusion - Motivation from Cashless Payments,’ Nguyen Thanh Tung, Deputy General Director of the Vietnam National Payment Corporation (NAPAS), emphasized the critical role of digital payment infrastructure in driving financial inclusion. To expand digital payments to rural areas, traditional markets, and small businesses, Tung identified four essential pillars: technology, simplicity, cost-effectiveness, and service reliability.

Tung noted that while transaction speed was once the primary goal, the focus has shifted toward ensuring security and stability. For digital payments to become a gateway to formal financial services, infrastructure must be reliable to prevent service interruptions. Additionally, services must be designed simply enough for diverse groups, including the elderly and those with limited technological skills, while maintaining affordable costs.

In a related technological advancement, VIB has launched the VIB Smart Ring, powered by Many Touches. This wearable device utilizes NFC technology to allow users to make contactless Visa payments with a simple gesture, moving the ‘Tap to Pay’ experience from physical cards and smartphones to a wearable ring. The device also integrates other utilities such as metro access and residential entry.