One of the major objectives of the “Non-Cash Day 2022” will be to support the Government’s policy on national digitization, starting from changes in the payment operations. After three years of organization (June 16, 2019-June 16, 2022), the “Non-Cash Day” event has affirmed its meaning and popularity by attracting robust public community’s and businesses’ interest. Together with the increasingly improved legal corridor, the payment infrastructure has received more and more investment, increasing the connectivity; the communication and financial education have been promoted. These have created critical pillars for the robust growth of non-cash payments and banking digitization, towards achieving the objectives of the national digital transformation process.
The organizers and specialists exchange views with the media agencies at the press conference
On May 20, 2022, in Ho Chi Minh City (HCMC), continuing the success of the “Non-Cash Day 2021”, the Payment Department of the State Bank of Vietnam (SBV), in coordination with the Tuoi Tre (Youth) Newspaper, organized a press conference to announce a series of events within the framework of the “Non-Cash Day 2022” (June 16, 2022). Attending the press conference, there were leaders of the SBV Payment Department, the Communication Department, NAPAS, the Board of Editors of the Tuoi Tre Newspaper; representatives of several commercial banks, associations and intermediary payment service providers, etc.
The “Non-cash Day”, which was initiated by the Tuoi Tre Newspaper, has been celebrated since 2019. This is the day when all cashless payment means are encouraged for shopping and payment transactions, and customers can enjoy preferential policies from the credit institutions, intermediary payment service providers, retailers and other service providers. The series of events within the “Non-Cash Day 2022” is expected to further contribute to realizing the Government’s objectives as stated in the Scheme on improving the access to banking services for the economy; the Scheme on promoting payments via banks for public services; the National Financial Inclusion Strategy until 2025, Vision to 2030; and the Scheme on Cashless Payment Promotion in Vietnam for the 2021-2025 Period. The major objective of this Program is to support the Government’s policy on national digitization, starting from changes in the field of payment.
An overview of the press conference
Digital payment: Safe – Convenient – Customer-centered approach
Implementing the directions of the Party, the Government and the Prime Minister, the SBV has issued many policies, decisions and guidelines to facilitate the innovations, promoting non-cash payment and digitization in the banking sector, such as Decision No. 810/QD-NHNN dated May 11, 2021 approving the plan on digital transformation of the banking sector up to 2025, orientations toward 2030; the Directive on promoting digital transformation and ensuring information security and safety in the banking operations; the guiding regulations for banks to open payment accounts through electronic customer authentication means (eKYC); the issuance of the payment technical standards (QR code, domestic chip cards, etc.) to facilitate inter-payment connections, reduce payment acceptance costs; the Scheme on Cashless Payment Promotion in Vietnam for the 2021-2025 Period; the Decree on Fintech Regulatory Sandbox, etc.
Mr. Le Anh Dzung, Deputy Director General in charge of the SBV Payment Department, speaks at the press conference
The SBV has focused on investing in payment infrastructure, ensuring smooth banking operations and the inter-bank connections, promptly meeting the demand for electronic payments of the people and the enterprises. Moreover, the task of ensuring safety and security of the non-cash payment system has continued to be strengthened. The SBV has proactively coordinated with the relevant ministries and agencies to conduct consistent measures to promote non-cash payment.
Over the recent months, the SBV has proactively developed the content and formulated several financial education programs, such as the TV game shows of "Smart Money","Holding the purse-strings", “Correct Understanding of Money”, etc., thereby improving the knowledge and reducing the risks for customers when accessing financial products and services, contributing to improving the accessibility to financial products and services and promoting non-cash payments.
Those results have been reflected in the positive figures: In the first four months of 2022, the transaction value through the inter-bank electronic payment system increased by 32.37%; through the financial switching and electronic clearing systems increased by 88.42% in the number of transactions and 139.8% in the transaction value as compared to those of the same period of 2021. The network of devices and payment acceptance points were expanded nationwide, with 20,552 ATMs, 347,374 POSs, and more than 100,000 points accepting QR Code payments. By April 2022, non-cash payment operations increased by 69.7% in the number of transactions, and by 27.5% in the transaction value; transactions via the internet increased by 48.39% in the number of transactions, and by 32.76% in the transaction value; transactions via smart phones rose by 97.65% and 86.68% in the number and value of transactions respectively; the transactions via QR code increased by 56.52% and 111.62% in the number and value of transactions respectively as compared to the figures of the same period of 2021; the total number of activated e-wallets increased by 10.37% as compared to that of the end of 2021.
In particular, apart from the support polices for COVID-affected people and enterprises, such as debt repayment rescheduling, interest rate exemption and reduction, the banking industry has also implemented multiple policies on exemption and reduction of payment service fees to support people and businesses in a timely manner. The total amount of fee reduction in the banking sector in 2021 was estimated at VND 1,557 billion (taking into account the reduced fees in 2020, the total figure was over VND 2,000 billion); about 80% of the individual payment transactions via electronic channels are now free of charge.
Mr. Le Xuan Trung – Deputy Editor-in-Chief of the Tuoi Tre Newspaper
To make cashless payment become a habit of consumers in the digital era
According to Mr. Le Anh Dzung, Deputy Director General in charge of the SBV Payment Department, in the coming time, the SBV would continue to conduct synchronous and effective solutions to promote non-cash payment, specifically as follows:
Firstly, the SBV will continue to research, review and improve the legal frameworks, develop appropriate mechanisms and policies to promote cashless payment.
Secondly, the SBV will closely coordinate with the relevant ministries and agencies to effectively implement the Scheme on Cashless Payment Promotion in Vietnam for the 2021-2025 Period, the National Financial Inclusion Strategy until 2025, Vision to 2030, the Decision on the experimental use of telecommunication accounts to pay for small-valued transactions.
Thirdly, the SBV will further upgrade and improve the payment infrastructure, enhance the integration and connectivity with other sectors and fields to provide a digital platform for utility service payments, helping to increase the positive experience and convenience for customers.
Fourthly, the SBV will strengthen the security and safety in electronic payments; effectively implementing the important payment systems and the operations of the intermediary payment service providers to ensure compliant, smooth and safe operations.
Fifthly, the SVB will actively coordinate with the media and the press agencies to enhance the communication and information about non-cash payments and financial education; strengthening measures to protect the legitimate rights and interests of consumers.
Regarding the orientations of the communication and financial education in the coming time, the SBV identified the prioritized target groups to be the people in the remote and rural areas, young people, disadvantaged people, people without bank accounts, etc. The communication activities in the banking sector would need to be more diversified to ensure four “easy-s” target (Easy to learn - Easy to remember - Easy to apply - Easy to disseminate); thereby, improving the public knowledge, skills and accessibility to financial and banking services, contributing to promoting the growth of non-cash payments and realizing the objectives of the National Financial Inclusion Strategy, as well as promoting the digital transformation of the banking industry for the ultimate goal of a digital Government, a digital economy, and a digital society.
Singing ceremony on financial support for SMEs through domestic credit cards
Some main activities within the framework of “Non-Cash Day 2022”:
- Dance Cover contest, which starts on May 27, 2022. Contestants will cover the dance moves, and prizes will be awarded to the most exciting dance moves.
- Two cashless market sessions (June 4, 2022 and June 12, 2022), which will be held at Ho Chi Minh City Hi-Tech Park and Tan Thuan Export Processing Zone.
- A national conference themed "Non-Cash Day" is scheduled on June 16, at the Melia Hotel, Hanoi, with about 400 invited guests.
- Cashless coaches, which depart from Hanoi on June 19, with stops at many places such as Vinh, Da Nang, Nha Trang, and are expected to arrive in Ho Chi Minh City on July 3.
These events will be organized and designed appropriately to stimulate the interest of 3 target groups: those who are not familiar with or know nothing about cashless payment, those who have been using cashless payment, and those who have mass influence on policies in this field. Information about all program activities is available at: https://ngaykhongtienmat.tuoitre.vn.
Le Hang