China 

China’s proposed digital currency will help banks bridge gap on mobile payment, curb dominance of Alipay, WeChat

The People’s Bank of China’s “imminent” move to launch the country’s own sovereign digital currency underlines the central bank’s urgency to tighten its grip on the nation’s deposit pool and help banks catch up with their mobile payment business, analysts said.The PBOC set up the project in 2014 to look into launching its own digital currency to cut the costs circulating cash and boost policymakers’ control of money supply. Although the project has been closely guarded, various media reports… Source link

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Vietnam 

HARACO launches online payment service through NganLuong.vn – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Hà Nội Railway Transport JSC and e-wallet and online payment gateway NganLuong.vn signed an agreement to offer online booking and payment services for railway tickets. — VNS Photo Vũ Hoa HÀ NỘI — Hà Nội Railway Transport JSC (HARACO) and e-wallet and online payment gateway NganLuong.vn signed an agreement on Tuesday in Hà Nội to offer online booking and payment services for railway tickets. Railway tickets can be booked and paid for online at dsvn.vn or vetauonline.vn in just a few minutes through the Ngân Lượng payment gate in order to bring a quicker,…

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Home 

Singapore’s move to waive sales tax on digital payment tokens will spur innovation, boost cryptocurrency exchanges, says PwC

The Singapore government’s proposal to exempt digital payment tokens from a sales tax when they are used to pay for goods and services is likely to benefit cryptocurrency exchanges, asset managers and blockchain entrepreneurs, according to accounting giant PwC.The waiver of the 7 per cent goods and services tax (GST) would also bring the city state closer to Hong Kong in terms of being a tax-friendly jurisdiction for cryptocurrencies, said Gwenda Ho, a partner in PwC Hong Kong’s corporate tax… Source link

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Vietnam 

Cashless payment posts double-digit growth – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A cashier uses a POS system at a supermarket in Hà Nội. The Government has targeted reducing the ratio of transactions made with cash from 90 per cent in 2016 to below 10 per cent by the end of 2020. VNA/VNS Photo HÀ NỘI – The Government’s efforts to boost cashless payment have shown signs of paying off, with both the number of transactions and their total value seeing double-digit growth in the first months of the year. The Ministry of Planning and Investment released the latest figures this week…

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Home 

Facebook’s Libra cryptocurrency may spell bad news for Hong Kong and mainland payment services – if regulators don’t step in first

The internet is buzzing after Facebook’s announcement of its new blockchain and cryptocurrency project, Libra – the company’s attempt to break into the global payments space and establish itself as a major player. The new currency will be managed by the Libra Association, a Switzerland-based non-profit organisation which will include many other members. Facebook also announced a digital wallet application, Calibra, where users buy, sell and trade the token.Use of the terms “blockchain” and … Source link

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Vietnam 

Cashless payment remains low in Việt Nam – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The Government targets to reduce the ratio of cash transactions from 90 per cent in 2016 to below 10 per cent by the end of 2020. VNA/VNS Photo HÀ NỘI — The ratio of cashless payments in Việt Nam remains low at only 11.49 per cent of total means of payment, according to a recent report from the Central Institute for Economic Management (CIEM). Up to 99 per cent of transactions for goods and services valued below VNĐ100,000 (US$4.3) are paid in cash. According to a Government plan on cashless…

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Vietnam 

Online tax payment a boon to import-export businesses – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  HCM CITY — Around 99 per cent of import and export tax payments in HCM City are made online, according to the customs department. Switching to online payment has reduced work for customs officers and helped businesses save time and cost. According to the State Bank of Việt Nam, promoting online payment for public services is one of the goals of the Government. Lê Thanh Minh, an employee of a transportation company, said import and export procedures at customs offices have become easier and faster than before thanks to non-cash…

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Vietnam 

Lack of co-operation prevents spread of non-cash payment – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A lack of co-operation between banks, service providers and customers is the major issue preventing the widespread use of cashless payments in Việt Nam, heard a meeting on Thursday.— Photo zing.vn HÀ NỘI — A lack of co-operation between banks, service providers and customers is the major issue preventing the widespread use of cashless payments in Việt Nam, heard a meeting on Thursday. Nguyễn Đình Thắng, chairman of LienVietPostBank’s board of directors, spoke on the issue at the Banking Vietnam 2019 event. If banks want their customers to pay electric bills on their systems, they should work…

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China 

Can China improve its image to foreign travelers who are put off by internet, visa and payment issues?

The recent frenzied discussions about China’s engagement with the world tend to focus on trade tariffs and technology transfers, but one area where China consistently underperforms compared to other nations continues to be overlooked – attracting overseas tourists.The dramatic growth in Chinese citizens travelling overseas is a well-known phenomenon across the globe. As many as 140 million tourists from China choose to holiday and contribute to the economies in foreign countries every year, and… Source link

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Vietnam 

Việt Nam has perfect environment for cashless payment to develop: executives – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Along with the development of modern technology and retail sector, cashless payment is widely used in the country with the participations of many players from different sectors including banks, retail companies and cashless payment method providers. Việt Nam News reporter Thu Ngân talks with exclusives from companies to share their view about the development, the trend and the security of cashless payment in Việt Nam in the coming time. Sanjay Chakrabarty, deputy CEO, head of Retail Banking of Orient Commercial Bank (OCB)   Needless to say,…

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