Agribank applies digital technology to promote cashless payments

As a leading commercial bank, Agribank is always actively researching and applying technology to develop payment systems, promoting strong growth in cashless payments.

Cashless payments promote digital economic development

According to the State Bank, non-cash payment activities have grown strongly over the past 5 years. Accordingly, the value of non-cash payments in 2024 will reach over VND 295.2 trillion, 26 times higher than Vietnam's GDP. The proportion of people aged 15 and over with bank accounts will reach nearly 87%.

By the end of the first quarter of this year, non-cash payment transactions increased by 44.43% in quantity, of which payments via the Internet increased by 40.41%, via mobile phones increased by 39.82%, and via QR code increased by 81.64%.

Transactions via the interbank electronic payment system reached more than 35.66 million items with a value of VND 81.4 million billion, an increase of 9.6% in quantity and 36.81% in transaction value compared to the same period in 2024.

Cashless payments have contributed to promoting digital economic development and digital transformation - Photo: AGR

Cashless payment promotes Agribank development

In line with the guidelines and policies of the Party, Government and State Bank, Agribank has issued a digital transformation plan until 2025, with a vision to 2030. Accordingly, Agribank has actively researched and applied digital technology , implementing many solutions to develop a modern payment system to meet the increasing needs of customers.

Specifically, the bank upgraded the real-time interbank payment system; Expanded API infrastructure to connect banks, Fintech and businesses.

Apply blockchain technology to increase security and transparency; Build open payment platforms to promote service innovation.

In addition, Agribank develops innovative payment methods such as expanding the "Buy Now, Pay Later" service to increase consumption; Promote mobile payments such as Apple Pay, Google Pay.

Along with product and service development, Agribank always focuses on solutions to enhance security and ensure transaction safety with high-tech solutions such as applying strong authentication technology (Strong Customer Authentication - SCA).

Using AI and Machine Learning to detect transaction fraud; Enhancing data security standards according to PCI DSS and ISO 27001.

As a bank serving mainly rural areas and small businesses, Agribank has been actively coordinating with many agencies and units to implement practical solutions to raise awareness and train users by organizing digital financial education programs for people.

At the same time, guide small businesses on the benefits and uses of digital payments, carry out communication campaigns to encourage the use of electronic payments...

With a modern infrastructure system and constantly updated and upgraded features, the entire Agribank system is actively and synchronously implementing solutions to promote cashless payments in life.

Agribank also encourages customers to use QR Code, e-wallet and contactless cards. At the same time, it supports customers to make electronic payments for public services (taxes, hospital fees, tuition fees); Deploy digital payment systems in traditional markets, serving the practical needs of small business customers.

As a result, in 2023-2024, Agribank recorded 1,145 trillion domestic currency payment transactions through the systems (an increase of 373.34%), an average of 3.1 million transactions/day (an increase of 372% compared to 2023).

Payment turnover is 29,495,008 billion VND (up 44.63%). The number of foreign currency payment transactions is 5,292 transactions (up 13.17% compared to 2023).

In its development orientation, Agribank will devote resources to developing synchronous, modern, seamless, and transparent payment systems to provide safe, instant payment services at reasonable costs, meeting the payment needs of people, businesses, agencies, and organizations and being ready to connect cross-border payments.

In addition, the bank focuses on developing a digital ecosystem including establishing a unified and synchronous payment infrastructure capable of integrating and connecting industries and fields; deploying 24/7 payment services; supporting the processing of new payment methods such as QR, e-wallets, mobile money; promoting digital payments in the agricultural sector.

Continue to deploy research and apply technological solutions to improve the quality of electronic payment systems.

On the other hand, Agribank actively participates in accompanying and sponsoring meaningful programs such as "Cashless Day", practically responding to "National Cashless Day June 16".

Launch of Cashless Day 2025: Promoting digital economic development

Perspective of the "Ting Ting Day" festival at Nguyen Hue walking street, which will take place from June 14 to 15, 2025

Cashless Day 2025, themed "Cashless payments promote digital economy", marks the 5-year milestone of implementing the Project on developing cashless payments in Vietnam for the period 2021–2025.

The program is organized by Tuoi Tre Newspaper in coordination with the Payment Department - State Bank, Banking Times, Ho Chi Minh City Department of Industry and Trade, National Payment Joint Stock Company (Napas) and many other organizations, aiming to raise social awareness, encourage people to access and use modern payment methods such as e-wallets, QR codes, contactless cards, etc., while contributing to building a sustainable cashless ecosystem in Vietnam.

The highlight of this year's event series is the "Ting Ting Day" Festival taking place on Nguyen Hue walking street (HCMC), with activities to experience payment technology, minigames, workshops on safe protection solutions for digital transactions, music nights and launching a nationwide promotion program. The program is expected to attract 50,000 direct participants, reach about 50 million views via online channels, strongly spreading the spirit of digital living and digital consumption in the community, contributing to promoting economic growth.

In addition to the main festival, Cashless Day 2025 also has many notable activities such as: Gameshow "Financial Arena" taking place from May 20 to June 15 with the participation of many young people competing in knowledge and skills of personal financial management; Workshop "Cashless payment - Driving force for digital economic growth" taking place on the morning of June 14 in Ho Chi Minh City, with the content of summarizing 5 years of project implementation and discussing solutions for developing digital payments in the coming time.

Initiated in 2019 and held continuously over the years, Cashless Day has become an annual social media activity, contributing to changing people's consumption behavior, promoting financial inclusion and strongly supporting the national digital transformation process.

Source: https://tuoitre.vn/agribank-ung-dung-cong-nghe-so-thuc-day-thanh-toan-khong-tien-mat-20250606143353655.htm