Alliex invests $700M in cashless biometric POS infrastructure in Vietnam
South Korean financial solutions company Alliex will spend some $700 million to deploy a shared cashless POS infrastructure system across Vietnam, reports VN Express International.
Through this innovative system, the goal is to reduce cash transactions and associated costs, fight tax losses and create a safe infrastructure for faster payment transactions.
In the next five years, 600,000 shared POS devices will be set up across the country to transform Vietnam into a cashless society. By 2020, the government aims 90 percent of transactions be cashless.
The system will step-by-step benefit from added features such as QR code, contactless payment, and biometrics, explained Alliex director Park Byounggun in a meeting with Deputy Prime Minister Vuong Dinh Hue on Friday.
The South Korean company will partner with local companies such as Sacombank and VietinBank to design and run the POS system.
According to numbers from Statista cited in the article, electronic payments in Vietnam have gone up by 22 percent in 2017 to $6.14 billion, and are expected to reach $12.23 billion by 2022 following a growing middle class and boosting telecom infrastructure. Yet numbers from the Ministry of Industry and Trade claim 80 percent of citizens prefer cash transactions.
Vietnam is one of the fast-growing countries in APAC looking into digital identity, biometrics and AI innovation. Earlier this year, voice biometrics company NICE announced that a leading bank in the Vietnamese banking industry has chosen its Real-Time Authentication (RTA) and fraud prevention solution to secure banking in its 25 branches and 30 transaction offices.