According to NAPAS, the number of money transfer transactions in January increased by 5% compared to December 2023 and by 58% compared to the same period last year. Meanwhile, cash withdrawals via ATMs decreased by 28% compared to the same period last year. This clearly confirms the decreasing demand for cash withdrawals among the public, not only during this time of year, but also during peak periods leading up to the Lunar New Year like now.
The number of people scanning QR codes is increasing.
To meet the demand for cashless payments in the days leading up to Tet (Lunar New Year), NAPAS will strengthen its liquidity monitoring of member institutions and deploy personnel to be on duty 24/7 to be ready to support banks, payment intermediaries, and businesses during the peak holiday period.
Notably, ATM cash withdrawal transactions have continued to decline in recent years. In 2023, ATM cash withdrawal transactions decreased by 16.9% in the number of transactions and 19.5% in transaction value, and currently account for only 3.6% of total transactions through the NAPAS system. These figures clearly reflect the decreasing demand for cash withdrawals among the public, which are being replaced by more convenient payment services such as NAPAS 24/7 fast money transfer and QR code payment.
In 2023, NAPAS continued to record growth in cashless payment transactions through the NAPAS system. Accordingly, the total number of transactions in the NAPAS system increased by more than 52% and the total transaction value increased by more than 12% compared to 2022.
Notably, ATM cash withdrawal transactions have continued to decline in recent years. In 2023, ATM cash withdrawal transactions decreased by 16.9% in the number of transactions and 19.5% in transaction value, and currently account for only 3.6% of total transactions through the NAPAS system. These figures clearly reflect the decreasing demand for cash withdrawals among the public, which are being replaced by more convenient payment services such as NAPAS 24/7 fast money transfer and QR code payment.
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