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Monday, June 17, 2024

Digital money transfers surge in January

The Saigon Times

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HCMC – The National Payment Corporation of Vietnam (NAPAS) recorded a surge of over 50% in digital money transfer transactions in January compared to the same period last year, signaling a significant shift in consumer behavior towards non-cash payment methods.

NAPAS reported that the number of money transfer transactions in January increased by 5% from December 2023 and shot up by 58% year-on-year.

Cash withdrawals from ATMs declined by a sharp 28% compared to the previous year, indicating reduced reliance on physical cash, not only seasonally but also during peak periods such as in the lead-up to the Lunar New Year holiday.

The downward trend in cash withdrawals through ATMs has been consistent in recent years. In 2023, ATM cash withdrawal transactions dropped by 16.9% in quantity and 19.5% in transaction value. Currently, ATM transactions account for only 3.6% of the total processed via the NAPAS system.

To meet the increasing demand for cashless transactions, especially during the festive season, NAPAS is enhancing liquidity monitoring within its member organizations. The corporation is ensuring continuous personnel deployment and operating 24/7 to provide unwavering support to banks, payment intermediaries, and businesses during peak holiday periods.

Non-cash payment transactions processed through the NAPAS system exhibited sustained growth throughout 2023. The overall transaction volume increased by more than 52%, with the total transaction value rising by over 12% compared to 2022.

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