News, Rumors and Opinions Friday PM 3-4-2022
TNT:
Tishwash: VN moves towards cashless society
An ecosystem for cashless payment is essential for Việt Nam to encourage people to switch from cards to contactless and digital payment, an important factor in the country’s digital transformation.
The COVID-19 pandemic has seriously affected the economy and changed the way we pay, with people forgoing cash in favour of contactless payment.
National Payment Corporation of Việt Nam statistics show that around 1.86 billion cashless payment transactions worth VNĐ23.6 quadrillion were made in 2021, rising by 169 per cent and 164 per cent, respectively, compared to 2020 and 2019.
Thu Hiền, from Gò Vấp District, HCM City, said online shopping and payment were becoming more popular and convenient.
Hiền said previously she had to go to her children’s schools to pay for their tuition, but the schools now accepted bank transfers and even e-wallet payments.
According to Nguyễn Anh Đức, general director of Saigon Co.op, the supermarket chain saw the percentage of customers making cashless payments increase from 4 to 40 per cent during the pandemic.
Saigon Co.op’s survey showed that around 32 per cent of consumers were in favour of cashless payments, and 17 per cent said they would make more cashless payments in the future.
Although there were positive results in cashless payment since the pandemic, Việt Nam still faces difficulties expanding cashless payment as cash habits still dominate, and people are worried about security.
Thùy Trang, owner of a fruit store in Tân Phú District, said more than 95 per cent of orders at her store when strict social distancing measures were in place were cashless. However, she said there was a drop in cashless payment since the city returned to normal.
According to Cấn Văn Lực, a senior expert of the Bank for Investment and Development of Việt Nam, Việt Nam is among countries with a rapid increase in electronic payment in the region.
However, attention must be paid to speeding up the development of information technology and telecoms infrastructure, national databases and data-sharing to promote cashless payment.
Banks, financial technology, e-wallets, and telecoms were racing to build non-cash payment ecosystems to encourage consumers to forgo cash and switch to contactless and payment.
Late last year, the State Bank of Việt Nam gave the nod to two telecom operators, MobiFone and Vinaphone, to pilot Mobile Money, which allows payments of small sums via telecom accounts.
In early December, telecom operator Viettel introduced the digital financial ecosystem Viettel Money, which was expected to accelerate cashless payment in Việt Nam.
Financial expert Nguyễn Trí Hiếu said that Mobile Money would help more people in remote areas without bank accounts to make cashless payments with greater convenience.
According to Deputy Minister of Information and Communications Phạm Đức Long, about 50 per cent of the population do not have bank accounts and most use cash for payments worth less than VNĐ100,000.
Mobile Money will help expand cashless payment to most people, especially rural, mountainous and remote areas where banking and e-wallets services are not popular.
The project on the development of cashless payments in Việt Nam for 2021-25 is creating a crucial legal framework for the development of the cashless payment ecosystem.
Governor of the State Bank of Việt Nam Nguyễn Thị Hồng said that the central bank would improve the legal framework on cashless payment and fintech sandboxes to promote cashless payment.
In addition, the infrastructure will be improved to enable linkage between banks and payment intermediaries with goods and services providers ensuring instant processing and round-the-clock operation. link
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Frank26 Article: "Brent crude price exceeds $119 per barrel" Oil will reach $120 and then...$150 IS NEXT BY THE END OF THE MONTH ...This is all part of the float of the Iraqi dinar...IMO...
Frank26 There is a plethora of articles that simply talk about the plans, the number one priority of a new exchange rate for the citizens that's coming. It's exciting. It's motivating...It's coming to an end. I think I can say it with a little more confidence, even with a little more authority because they are the ones saying it.
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Important info about the Dinar 03/04/22
Pimpys Investment Chat:
Principles for Dealing with the Changing World Order by Ray Dalio
3-3-2022
I believe the world is changing in big ways that haven’t happened before in our lifetimes but have many times in history, so I knew I needed to study past changes to understand what is happening now and help me to anticipate what is likely to happen.
I shared what I learned in my book, Principles for Dealing with the Changing World Order, and my hope is that this animation gives people an easy way to understand the key ideas from the book in a simple and entertaining way.
In the first 18 minutes, you’ll get the gist of what drives the “Big Cycle” of rise and decline of nations through time and where we now are in that cycle.
If you give me 20 minutes more to watch the whole thing, and I will show you how the big cycle worked across the last 500 years of history—and what the current world leading power, the United States, needs to do to remain strong.
Key Sections:
1:33 - How I Learned to Anticipate the Future by Studying the Past
8:00 - Changing Orders
11:38 - The Big Cycle
18:26 - 500 Years of Big Cycles
18:45 - The Rise
26:16 - The Top
32:01- The Decline
39:39 - The Future