On June 14, the workshop "Cashless Payment: Driving Force for Digital Economic Growth" - part of the Cashless Day program series initiated by Tuoi Tre Newspaper, in coordination with the Payment Department, Banking Times - State Bank of Vietnam, Ho Chi Minh City Department of Industry and Trade, and Vietnam National Payment Corporation (NAPAS) - took place in Ho Chi Minh City.
At the workshop, Deputy Prime Minister Ho Duc Phoc emphasized that when developing e-commerce, cashless payments are of course required. Cashless payments are both fast and timely; help make cash flow transparent, and promote the development of the digital economy.
Cashless payments not only promote the efficiency of the banking industry but also help increase transparency in financial management, support e-commerce and public services, improve labor productivity and reduce social costs.
According to statistics from the State Bank, by the end of 2024, the country will have more than 204.5 million individual customer payment accounts; 154.1 million bank cards in circulation. Nearly 87% of adults have bank accounts.
Deputy Prime Minister Ho Duc Phoc speaks at the conference
"However, there are still some problems such as cyber security and personal data protection in digital payments, especially in the context of increasingly sophisticated high-tech crimes. Therefore, it is necessary to perfect appropriate institutions and policies, create favorable conditions for innovative payment models, ensure risk management and system safety, and protect people's assets" - the Deputy Prime Minister emphasized.
Mr. Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People's Committee, acknowledged that cashless payments have become an objective and popular trend in life. However, from the practical implementation in Ho Chi Minh City, cashless payments still have certain difficulties and limitations.
"The issue of transaction security for users is one of the obstacles that makes people hesitant to use it, especially in the context of the increasingly sophisticated and complicated risks of high-tech crimes, fraud, and personal data theft," Mr. Dung commented.
Introducing cashless payment integrated with public transport at the booth in the Cash Day 2025 program
To promote cashless payments and create trust for users to use digital payment methods, the banking industry is implementing many solutions, including AI applications, to limit and prevent fraud risks from cybercriminals.
From July 1, 2024, individual customers are required to authenticate their citizen identification cards (CCCD) with chips and biometrics when making financial transactions. From July 1, 2025, this regulation will continue to be extended to the legal representative of the enterprise.
According to Mr. Pham Tien Dung, Deputy Governor of the State Bank, cashless payments are playing a key role in developing the digital economy, contributing to improving transparency, promoting e-commerce and public services, with close coordination between the State Bank, the Ministry of Public Security, ministries, branches, localities and enterprises. Currently, more than 110.8 million individual customer records and more than 711,000 corporate customer records have been biometrically verified.
Cashless Day 2025 has the theme "Cashless payment promotes digital economy". This series of events is held in the final year of implementing the Project on developing cashless payment for the period 2021-2025 according to the Prime Minister's decision.
One of the highlights of this year's event series is the "Ting Ting Day" festival, taking place from 7:30 a.m. June 14 to 9:00 p.m. June 15 at Nguyen Hue walking street (District 1, Ho Chi Minh City).
Regarding the solution of applying AI to prevent cybercrime, Mr. Le Anh Dung, Deputy Director of the Payment Department - State Bank, said that the issue that needs attention is to propagate to people the tricks of criminals so that they have knowledge when making safe transactions on digital channels, not falling into the trap of technology criminals.
In the coming time, the State Bank will work with commercial banks and payment intermediaries to deploy technological solutions to prevent technological crimes. In particular, the banking sector will implement a project to collect fake accounts to promptly warn customers.
"Commercial banks and payment intermediaries will warn customers if they transfer money to a recipient account that is in the fake account database. When warned, the sender will consider whether to transfer or not," Mr. Dung explained.
Experience Virtual Reality Pickleball at VPBank's exhibition booth
Currently, BIDV, MB… are banks applying this AI solution to detect and warn of accounts suspected of fraud, thereby advising customers on whether to continue transferring money or not, reducing the risk of losing money unjustly.
Ms. Do Que Anh, Deputy Director of MB Digital Banking, said that the bank is applying AI to analyze unusual transaction behavior in real time, multidimensionally, and with huge data. AI also detects behaviors such as deep fake (fake face); detects accounts suspected of fraud and scams, thereby warning customers.
"The total amount of customer protection is up to tens of billions of VND per month and the number of customer fraud cases has decreased by 95% thanks to this solution" - Ms. Que Anh cited.
According to Mr. Nguyen Hung Nguyen, Deputy General Director of NAPAS, in the first quarter of 2025, people made 5.5 billion cashless transactions. Of which, 4.5 billion transactions were on digital channels with 40 million billion VND. The change in cashless payment behavior in society is very rapid. The scale of Vietnam's digital economy has grown strongly in recent years, of which e-commerce contributes more than 60%.
Source: https://nld.com.vn/giai-phap-huu-hieu-de-ngan-chan-toi-pham-cong-nghe-danh-cap-tien-trong-tai-khoan-196250614145934578.htm
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