Along with the improvements of the legal corridor and the increasingly modern payment technology infrastructure, the financial communication and education have become a critical pillar to bring financial and banking services closer to a large number of people. The financial communication and education can contribute to improving the public knowledge and skills when accessing and using financial and banking services, reducing risks for the society, thereby promoting cashless payment and realizing the goals of the National Financial Inclusion Strategy.
Representatives answer questions at the Press Conference for the Cashless Day 2024
Those are the sharing by Mrs. Le Thi Thuy Sen, Director General of the Communication Department under the State Bank of Vietnam (SBV), at a press conference announcing a series of events on the occasion of the Cashless Day 2024. This press conference was organized by the Tuoi Tre (Youth) Newspaper on May 28, 2024 in Ho Chi Minh City.
Mrs. Le Thi Thuy Sen, Director General of the Communication Department of the SBV, speaks at the press conference
To leave no one behind in accessing financial services
At the press conference, Mrs. Le Thi Thuy Sen, Director General of the SBV Communication Department, said that the SBV has been assigned by the Government to take the lead in implementing the National Financial Inclusion Strategy to 2025, Vision to 2030, of which financial communication and education are considered an important task. The mission of financial communication and education is to "leave no one behind in accessing financial services", improving the public awareness of banking products and services, limiting risks for consumers using financial products and services, and repelling black credit.
The SBV has been cooperating with Vietnam Television (VTV) to produce several financial education programs, such as “Smart Money”, "Wise Money", “Holding the purse-strings”, using information graphics and visualized processes for the banking products and services. In addition, the SBV has coordinated with several press agencies to conduct financial communication and education through various news articles and reports; coordinated with several universities and schools to organize the contests of “Correct Understanding of Money”, “Tomorrow Bankers 2023” for students, etc.
Specially, the SBV has been promoting the communication on the social networks; coordinating with the relevant units to create a Financial Education Fanpage (already verified with a green tick at https://www.facebook.com/giaoductaichinh.official). The fanpage has attracted a lot of followers and visits, with the participation of many famous artists, including MC Quyen Linh, Thanh Huong, Anh Duc,... in various short plays, video clips, pictures and infographics about banking and finance in simple, easy-to-understand, easy-to-remember formats in order to introduce about non-cash payment products and services, as well as to warn people about fraudulent tricks of technology criminals, and to instruct people how to use banking services and the safe, secure skills in non-cash payments in particular and in using banking services on the digital platforms in general.
In order to promote safe, secure non-cash payments and realize the goals of financial inclusion, talking about the orientations for the financial communication in the coming time, Ms. Le Thi Thuy Sen shared that, based on the situation of the financial communication and education activities over the past time and the survey results, the SBV has identified the orientations for the financial communication and education in the coming time as follows: Raising the awareness and changing the community's behaviors and methods of using financial and banking products and services in Vietnam; Reaching out to the people in the remote and rural areas, the disadvantaged groups in the society... In terms of the content, the SBV would continue to implement the key tasks assigned by the Party, the National Assembly, and the Government related to the management of the monetary policy and the banking operations, following closely the key tasks of the banking sector, including the promotion of non-cash payment and the financial inclusion.
In terms of the forms of communication, the SBV would continue to diversify the communication channels and to innovate the forms of communication in accordance with new trends in the world and the modern channels commonly used by the public; Strengthening the financial communication and education in the school and university systems nationwide..."
“In the coming time, we will continue to innovate the communication methods, promoting communication on the social networks, on the Financial Education Fanpage. Especially, we will develop a website on financial education to provide basic-to- advanced levels of information about the financial and banking sector, including modern non-cash payment services, thereby, spreading financial-banking information among the community”, Ms. Le Thi Thuy Sen added.
New payment methods and services to meet the practical demands of people and businesses
At the press conference, Mr. Le Anh Dzung, Deputy Director General of the SBV Payment Department, said that, implementing the key tasks in the Scheme on the development of non-cash payments in Vietnam in the 2021-2025 period, which was issued at Decision. No. 1813/QD-TTg dated October 28, 2021 of the Prime Minister, the entire banking sector has focused great efforts on the formulation and improvement of the institutional and legal frameworks, as well as the implementation of those frameworks; Strengthening the application of new technologies and providing safe, secure, and convenient products and services, bringing more outstanding experiences to customers, aiming at accelerating the movement towards a cashless society.
Mr. Le Anh Dzung, Deputy Director General of the SBV Payment Department, speaks at the Press Conference
After a period of formulation and finalization, the SBV had submitted to the Government for promulgation Decree No. 52/2024/ND-CP dated May 15, 2024 regulating non-cash payment, which replaces Decree No. 101/2012/ND-CP and shall take effect as of July 1, 2024. Decree 52 has been issued to create a basic and solid legal framework for non-cash payment activities, promoting non-cash payments, facilitating business activities and providing more new, safe payment products and services at reasonable costs. The SBV is also urgently finalizing the draft Circulars providing guidance for the implementation of Decree 52 to create a consistent legal corridor for non-cash payments, promoting non-cash payments in association with ensuring security, safety and protecting the rights of consumers.
According to the SBV Payment Department, the non-cash payment indicators have increased robustly, specifically as follows: the average number of payment transactions via the Internet and Mobile channels in the period of 2021-2023 increased by 52% and 103.3% respectively; the number and value of transactions via QR codes both increased by over 170%. By the end of 2023, there were more than 182 million personal payment accounts in Vietnam, with 87.08% of adults owned at least one payment account. 40 banks have officially implemented the account opening via eKYC, with nearly 35 million operational payment accounts opened via eKYC,...
According to the statistics, in the first 4 months of 2024, as compared against the same period in 2023, non-cash payment indicators continued to experience significant increases, specifically as follows: Non-cash transactions increased by 57.11% in the number of transactions and 39.49% in the transaction value; transactions via the Internet channels and via mobile phones increased by 47.48% and 59.26% in the numbers of transactions, and by 30.20% and 35.91% in the transaction values respectively. Transactions via ATMs continued to decrease by 14.15% and 7.84% in the number and value of transactions respectively as compared to the same period in 2023, it is clear to see the trend of transitioning from cash payment to non-cash payment.
“The Cashless Day 2024”, which will be held on June 16 by the Tuoi Tre Newspaper, will mark the 6th anniversary of the event. The theme of this year’s event is "Promoting safe and secure non-cash payments". Through the 5-year journey of implementing the "Cashless Day" events in the previous years, under the directions of the Government Leaders, with the support of the SBV and the relevant ministries, agencies, this program has conveyed and spread the positive messages and values of cashless payment, contributing to the positive changes toward non-cash payment of the people, businesses and the entire economy.
A Seminar with the theme of "Promoting safe and secure non-cash payments" is scheduled for June 14, 2024, with the attendance of more than 300 participants. The Seminar will focus on discussing and finding solutions to further improve the security and safety of the payment systems in particular and the banking services on the digital platforms in general; raise the people’s awareness when participating in non-cash payment activities, as well as when engaging in banking transactions on the digital platforms.
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