Vietnamese currency security faces big challenges from technologyModern technology remains a challenge for Vietnamese authorities in managing currency security as recently the northern province of Quang Ninh discovered illegal money transferring activities via Chinese points of sale (POS) installed in a local store. Chinese tourists used their domestic bank cards or e-wallets such as Alipay and WeChat Pay to pay. These POS devices directly connecting to AliPay, WeChat Pay, and Chinese banks are released by some Chinese banks, but have been illegally installed in Vietnam. Afterwards, Vi Mo Technology JSC’s e-wallet VIMO announced becoming the first intermediate payment unit allowing Chinese tourists to pay in VND via the WeChat Pay application. Many financial experts warned that the illegal payment method is quite common and affect the country’s currency security.

Source: VietNamNet News May 22, 2018 12:45 UTC