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People are withdrawing less and less cash at ATMs

(Dan Tri) – The proportion of cash withdrawal transactions via ATM out of the total number of transactions processed on NAPAS’s system will decrease by more than half in 2021.

Opening remarks at the Vietnam Retail Banking Forum 2021, General Secretary of the Banking Association (VNBA) Nguyen Quoc Hung said that according to industry statistics in 2021, the proportion of cash withdrawal transactions via ATM in the total number of transactions processed through the system of the National Payment Corporation of Vietnam (NAPAS) has decreased to 12% from 26% in the same period last year.

Along with the decline of ATM withdrawal rate, transactions of non-cash payment channels also increased rapidly last year. The value of payment transactions via phone increased by nearly 90%, via QR Code increased by 200% compared to 2020.

Mr. Hung assessed that the above result came from the increasingly close cooperation between banks, financial companies and fintech companies with a broader scope, contributing to building a digital ecosystem that all parties could take advantage of. each other’s strengths, shortening time and minimizing costs in the digital transformation process of credit institutions.

Also at the forum, Mr. Le Anh Dung – Deputy Director of Payment Department under the State Bank – also informed that in 2021, the interbank electronic payment system has processed a total of nearly 157,000 transactions with total value of more than 151 million billion VND, up 45% over the same period in 2020.

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Growth of interbank electronic payment over the years (Photo: SBV).

From now to 2025, the banking industry sets a target that the average growth rate of non-cash payment transactions will reach 20-25%/year. Particularly, the value of payment transactions via mobile phones is expected to increase by 80-100%/year. Cashless payments are expected to account for 50% of all e-commerce transactions.

Mr. Dung said the regulator will continue to improve the legal framework, develop the infrastructure for non-cash payments, and focus on security, safety and confidentiality. Specifically, the banking industry will maintain and promote the development of tools, improve the effectiveness of supervision to detect and prevent risks and risks arising, and apply international safety standards. , security, strengthening cooperation, sharing information on the situation, methods and tricks of criminals in the field of payment.

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