Series of events scheduled to foster cashless payment

A series of events and activities will be held under the 2023 Cashless Day to promote the adoption of non-cash payment and contribute to achieving the Government’s plans to drive Vietnam towards a cashless society.

Pham Anh Tuan, director of the Payment Department under the State Bank of Vietnam, speaks at the press conference to announce the 2023 Cashless Day in HCM City on May 26

They include a "Cashless Day" national seminar on June 16 that will discuss enhancing data connectivity to promote smart payments, security issues in payment activities and payment technology, and a competition entitled “Chien than khong tien mat” (Great warrior of cashless payment) from June 16 to July 15.

The highlight of Cashless Day this year is Cashless Town Festival from June 16 to 18 in Ho Chi Minh City. The festival is organised according to a miniature cashless society model, in which visitors shop and enjoy dining and entertainment activities without using cash, experience online public services’ utilities and visit an exhibition on History of Money.

Themed "Data Connection, Smart Payment", the programme this year also includes a concentrated promotion programme, “Big Boom”, with numerous special promotions to be offered to shoppers by merchants, payment intermediaries, card organisations, e-wallets, and retailers.

Speaking at a press conference to announce the 2023 Cashless Day in HCM City on May 26, Pham Anh Tuan, director of the Payment Department under the State Bank of Vietnam, said the Cashless Day programme jointly organised by his department and Tuoi Tre newspaper for the last four years has conveyed a positive message to encourage cashless payments.

Non-cash payments are on the rise, especially mobile and QR code payments, he said.

In the first quarter, interbank electronic payment transactions rose by 8.6% year-on-year in terms of value. Transactions through the financial switching and electronic clearing system increased by 70.8% in volume and 18.6% in value, he said.

Notably, there is a strong shift from cash withdrawal to cashless payment. The number of transactions via POS increased by 37.6% in volume and 32.1% in value, while cash withdrawals at ATM continued to decrease by 2.37% in quantity and decrease by 4.02% in value, he said.

After more than a year of implementing mobile-money service, up to now, 3.71 million mobile money accounts have been opened, of which 30% are opened in remote areas and islands, he said.

In addition, banks and intermediary payment services providers have rolled out new, modern, and cost-effective payment solutions such as QR code payment and contactless payment to improve customer experience and encourage residents and businesses to adopt cashless payment, he said.

Technical infrastructure and cashless payment technology have improved significantly, meeting the increasing needs of the whole society.

The central bank will continue to complete the legal framework to further facilitate non-cash payment, he said./.

VNA