news Published on May 23, 2019

Vietnam to hold Cashless Day


The State Bank of Vietnam (SBV) has announced that June 16 will be designated as Cashless Day.

The Cashless Day will be a way to promote non-cash payments and organised by the State Bank of Vietnam, Tuoi Tre (Youth) Newspaper, Vietnam E-Commerce Association and National Payment Corporation of Vietnam.

Pham Tien Dung, Director General of the Payment Department, State Bank of Vietnam, said the technology for banking activities had developed and both safety and legal framework factors met almost all requirements for cashless payments.

The National Payment Corporation of Vietnam also said its payment system can work with all banks and intermediary payment units all year round to meet demands from shoppers.

Statistics from the State Bank of Vietnam (SBV) show that in the first three months of 2019, the interbank electronic payment system dealt with nearly VND 21 quadrillion from 37 million transactions, an increase of 17% and 23% respectively compared to the same period last year.

As of late 2018, Vietnam has a total of 18,587 ATM machines and 243,123 POS in use at supermarkets and shopping centres as well as many retail shops.

These services are being expanded to hospitals, schools and other facilities. Moreover, commercial banks have opened more functions and services for bank card holders.

According to the organizers, the day will encourage more people to use e-payments.

The users will be able to enjoy many promotion and discount programmes from credit facilities and intermediary payment units in June.