One of the highlights of the series of events of Non-Cash Day 2023 is the enhancement of data connectivity, promoting the integration and interconnection of data among the sectors, fields and systems; focusing on financial education and communication, etc., in order to create solid foundations for cashless payment in order to reach out to more and more people in the society, from the dynamic young people to those who have not or rarely used banking services, or citizens in the rural and remote areas, etc.
An overview of the press conference
On May 26, 2023, in Ho Chi Minh City (HCMC), continuing the successes of the “Non-Cash Day 2022”, the Payment Department and the Communication 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 2023” (June 16, 2023). 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 series of events within the “Non-Cash Day 2023” is expected to further contribute to realizing the Government’s objectives as stated in the Scheme on improving the accessibility 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.
Development of cashless payment: benefits for the people, businesses and the economy
Mr. Pham Anh Tuan, Director General of the SBV Payment Department
According to Mr. Pham Anh Tuan, Director General of the SBV Payment Department, the legal frameworks for payment activities have continued to be improved, creating favorable conditions for the development and the use of new payment methods and services. The infrastructure and technology for cashless payment, especially electronic payment, have continued to be invested and improved in terms of quality and efficiency, meeting the increasing demands of the people and businesses. In the first three months of 2023, the transaction value through the inter-bank electronic payment system increased by 8.55%; transactions through the financial switching and electronic clearing system increased by 70.77% in terms of numbers of transactions, and by 18.55% in terms of transaction value as compared to those of the same period of 2022. By end of March 2023, there were 21,347 ATMs and 430,625 POSs nationwide, up by 3.88% and 26.34% as compared to those of the end of 2022. Non-cash payment operations through points of sale (POS) increased by 37.57% in the number of transactions, and by 32.09% in transaction value; transactions via ATMs decreased by 2.37% in the number and by 4.02% in the value, reflecting the trend of shifting from cash withdrawals to non-cash payment.
Online payment services have been developed robustly; new and modern payment solutions such as payment via QR code, contactless payment, etc. have been applied and integrated into payment products and services in order to improve the utilities, the security, as well as bringing about many practical benefits to the customers; thereby, contributing to helping the people and businesses to get familiarize with cashless payment. The specific statistics is as follows: (i) about 74.63% of adults in Vietnam own at least one bank account; (ii) in the first three months of 2023 in comparison with those of the same period of 2022: non-cash payment operations increased by 53.51% in the number of transactions; transactions via the internet increased by 88.11% in the number of transactions, and by 7.43% in transaction value; transactions via smart phones rose by 65.55% and 13.31% in the number and the value of transactions respectively; transactions via QR code increased by 160.71% and 43.84% in the number and the value of transactions respectively; (iii) over 3.71 million Mobile Money accounts have been opened and used, with nearly 8,880 points of sale and 15,300 payment acceptance points established; (iv) many banking services can be done via digital channels with simple procedures and quick results. As of the end of 2022, there were 40 banks, which had officially implemented the procedures for opening payment accounts via eKYC, with over 11.9 billion payment accounts opened via eKYC; there were 22 banks, which had officially implemented the procedures for opening bankcards via eKYC, with nearly 10.8 million bankcards opened via eKYC. Moreover, in April 2023, the SBV also coordinated with the Ministry of Public Security to authenticate over 25 million customers' credit information with the National Database on Population.
An overview of the press conference
Continuing to educating financial skills, promoting cashless payment and protecting consumers
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 effectively implement the Government’s and the SBV’s schemes on cashless payment promotion and digital transformation; closely coordinate with the relevant Ministries and agencies to research, establish consistent infrastructure to enhance the data connection in order to bring about more benefits to the people and businesses;
Thirdly, the SBV will continue to apply and develop payment products and services via smartphones; effectively implement the pilot service of Mobile-Money in order to promote cashless payment in the rural and remote areas; closely coordinate with the relevant units to promote electronic payment in the Governmental sector and public administrative services;
Fourthly, the SBV will strengthen the security and safety in electronic payments; effectively implement the important payment systems and the operations of the intermediary payment service providers to ensure full compliance, smooth and safe operations;
Fifthly, the SBV will actively coordinate with the media and the press agencies to enhance the communication and information about non-cash payment and financial education; strengthen measures to protect the legitimate rights and interests of consumers, etc.
Mrs. Kim Lan Anh, Deputy Director General of the Communication Department of the SBV, speaks at the press conference
Regarding the communication activities, Mrs. Kim Lan Anh, Deputy Director General of the Communication Department of the SBV, said that currently, the target subjects that the banking industry is aiming to improve financial skills are all the people, focusing specially on the groups of people in rural and remote areas, as well as women, young people and vulnerable groups in the society, thereby providing guidance and protecting users of banking products and services.
In the coming time, the SBV would direct the communication activities towards middle and high school students through means and forms of communication that are easy to remember, easy to understand, easy to follow, and easy to disseminate; thereby, helping the public to improve the financial and banking knowledge and the accessibility to financial products and services, contributing to promoting cashless payment, realizing the objectives as stated in the National Financial Inclusion Strategy, as well as enhancing the digital transformation of the banking industry for the goals of developing a digital Government, a digital economy, and a digital society, etc.
Up to now, the SBV has proactively developed the contents and formulated several financial education programs, such as the TV game shows of "Smart Money", "Holding the purse-strings", “Correct Understanding of Money”, a series of events of the “Tomorrow Bankers 2023” Contest, 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.
Information about all program activities is available at: https://ngaykhongtienmat.tuoitre.vn.
Some main activities within the framework of “Non-Cash Day 2023”:
- A national conference themed "Data connection, smart payment to promote social development", which is scheduled to take place on June 16, 2023 at the Rex Hotel, Ho Chi Minh City, with about 400 invited guests.
- The “Cashless Warriors” contest, which starts on June 16, 2023 and ends on July 15, 2023. The results will be announced on July 21, 2023. Contestants will make short videos showing at least three cashless transactions and their comments on the practical benefits that they can enjoy from those cashless payment transactions.
- The “Cashless Town” festival, which will be held between June 16 to 18, 2023 in Le Loi street, Ho Chi Minh City. This festival will be organized in the form of a small cashless society. Participants will get promotions from the sponsors; get opportunities to experience the utilities of online public services, and visit an exhibition on the history of currencies, etc.
- The Big Boom Promotions Program, which includes many activities for customers to purchase goods with promotions from sellers and intermediary payment service providers, as well as various activities for enterprises, banks, card issuers, retailers, etc.
Le Hang