Deputy Prime Minister Le Minh Khai, Minister of MIC Nguyen Manh Hung, SBV Governor Nguyen Thi Hong and MB Chairman Luu Trung Thai at the Banking Digital Transformation Day 2023

The State Bank of Vietnam (SBV) recently hosted the Banking Digital Transformation Day 2023 in Hanoi. The event was attended by Deputy Prime Minister Le Minh Khai as well as representatives from central agencies.

Speaking at the event, SBV Governor Nguyen Thi Hong said that digital transformation is a vital trend and is among the development priorities of most countries in the world. In Vietnam, the 10-year Socioeconomic Development Strategy in 2021-2030 of the 13th National Party Congress emphasized: “Rapid and sustainable development mainly enabled by science, technology, innovation and digital transformation.”

She also said that many banks now have more than 90% of customer transactions conducted via digital channels and 74.63% of adults in Vietnam have a bank account. Non-cash payment transactions increased by 89.05% in quantity and 32% in value by the end of 2022 from a year earlier. Particularly, payment via QR code soared by 225.36% in number and 243.92% in value.

With its digital transformation strengths, Military Commercial Joint Stock Bank (MB) has taken the lead in improving cashless payment as it has deployed payment via Google Pay, Apple Pay and VietQR code for quite a long time. At the exhibition that simulated outstanding products and services in digital transformation (within the framework of the Banking Digital Transformation Day 2023), MB's representatives introduced and presented specifically about this form of payment, as well as other outstanding products of MB such as MB Hi Collection card (a 2-in-1 integrated product - credit card and ATM card).

QR code scanning has become a popular payment method

“It takes only 10 seconds for a transaction”

That is what an MB representative said about payments via Google Pay and Apple Pay. Apple Pay and Google Pay use NFC (a wireless near-field communication technology) to make payments, he said. Accordingly, customers only need to integrate their MB Visa card information into Apple Pay or Google Pay applications and bring their phone close to contactless payment devices, the transaction will be completed instantly. In addition, customers can make online payments conveniently on websites that accept Apple Pay and Google Pay.

In particular, this method is highly secure and safe. When a customer makes a transaction at a POS, Apple Pay and Google Pay will ask him/her to authenticate with TouchID (fingerprint), FaceID (face recognition), or PIN code before payment is executed. For online transactions, an OTP code will be sent to the customer's registered phone number, then the bank will verify and process the payment.

Without a doubt, the payment method via Apple Pay and Google Pay promises to become a big push for the "transitional revolution" of cashless payment.

Also at the event, MB introduced a VietQR payment solution on the MBBank App for small businesses. This is a fast and convenient money transfer solution for store owners and customers as well as individuals who have a high demand for transactions.

To deliver the most convenient experiences to customers, MB launched many privileged features such as sharing VietQR balance, handy order tracking and management and superfast lending.

For the balance change sharing feature, store owners can share balance changes with all employees. Whenever there is a transaction to the master account, balance changes will be updated instantly and simultaneously on all shared devices. As a result, both employees and store owners can check customers' payments without taking pictures, verifying or comparing transactions. Customers don't have to wait any longer. Hence, store owners still ensure the confidentiality and security of their accounts, avoid transaction errors and enhance convenience in revenue management.

Innovatively launching new payment methods, MB continues to affirm its leading position in the banking digital transformation trend, bringing a diverse digital ecosystem and the most distinctive experiences on digital channels to customers.