Mr. Pham Anh Tuan - Director of Payment Department, State Bank - shared outstanding results in developing non-cash payments in the past year, policy orientation in the coming years - Photo: QUANG DINH
On the afternoon of June 2, at Rex Hotel, District 1, a press conference was held to announce the Cashless Day 2025 program with the theme "Cashless payment promotes digital economy ", under the direction of the State Bank and the Ho Chi Minh City People's Committee.
The program is co-organized by the Payment Department - Banking Times and Tuoi Tre Newspaper , in coordination with the Department of Industry and Trade of Ho Chi Minh City, and the National Payment Corporation of Vietnam (Napas).
Nearly 86 million accounts 'dead' after implementing biometric authentication
At the press conference, Mr. Pham Anh Tuan - Director of the State Bank's Payment Department - said that according to previous statistics, the country had 200 million bank accounts, but after the State Bank required biometric authentication, the remaining "live" accounts were 113 million personal accounts and over 711,000 organizational accounts. These are accounts that have had their biometric information compared with the national population database.
So it can be said that accounts that do not have biometric information verified may be dead, dormant, or fraudulent accounts that have been opened in the past. Currently, they cannot be legalized. The banking industry has made a revolution to eliminate fraudulent accounts and it is expected that by September, banks will close all accounts that have not been biometrically verified to prevent criminals from taking advantage of them for fraud.
"Over the past 7 years, banks have encouraged people to open accounts, but at the same time, some problems have arisen, so we need to work together to fight fraud," Mr. Pham Anh Tuan shared.
According to the General Statistics Office, by the end of 2024, Vietnam will have 69 million adults (aged 15 and over), of which over 68 million adults have bank accounts. Thus, it can be seen that cashless payments are now very developed. E-wallets will be considered a means of payment from July 1.
Another new point is that from July 1, e-wallets will be considered a means of payment, similar to accounts, cards, and cash. This allows e-wallets to make payments everywhere, transfer money from one wallet to another, transfer money from wallet to account, from account to wallet, not necessarily through a linked bank account. This creates more room for e-wallets to penetrate the market as well as deploy service provision, especially in remote areas.
Mr. Pham Anh Tuan also said that the amendment to Circular 40, expected to take effect from September 1, will create conditions for e-wallets to develop but must ensure compliance with the law, not supporting fraudulent, deceptive, and illegal acts such as black credit, lottery, and unauthorized trading floors.
The Cashless Day 2025 program continues to receive positive responses from a large number of people, businesses, agencies and units, thereby contributing to the popularization of cashless payments according to the policies of the Government and the State Bank.
Legal foundation and infrastructure for cashless payments are available.
Sharing at the press conference, Mr. Pham Anh Tuan said that the "Cashless Day" program in 2025 launched by Tuoi Tre newspaper has officially entered its 7th year with the theme "Cashless payment promotes digital economic development", carrying a clear and meaningful message: Cashless payment is not only a transaction method but also a strategic platform connecting all components in the digital economy.
It is the core foundation that helps the digital ecosystem to be closely connected, operate smoothly and become increasingly perfect, thereby bringing Vietnam closer to a modern, transparent and comprehensive economy.
The State Bank of Vietnam highly appreciates the initiative, perseverance and social responsibility of Tuoi Tre newspaper and its partners in maintaining, expanding the scale and improving the quality of the event, accompanying the major goals of the Government and the State Bank on non-cash payments, national digital transformation and promoting financial inclusion.
The State Bank leader further informed that the Law on Credit Institutions was passed at the 5th session of the 15th National Assembly (effective from July 1, 2024), which includes provisions on perfecting regulations on banking services via electronic means, agency activities in the payment sector; building a legal framework for testing technology applications and deploying new products, services, and business models in banking activities.
On that basis, the State Bank has developed and submitted to the Government for promulgation a decree regulating non-cash payments, a decree on controlled testing mechanisms in the banking sector and 7 circulars guiding laws, decrees, etc. Regarding infrastructure, the State Bank has deployed and operated an inter-bank electronic payment system that operates stably and smoothly.
The financial switching and electronic clearing system operates safely and effectively, continuously expanding its scale, connecting, updating new features, and making cross-border retail payments in Thailand, Cambodia, Laos, and is currently being deployed with China and South Korea.
In the first quarter of 2025, transactions via the interbank electronic payment system will reach 35,665,760 items with a value of VND 81,468,633 billion (equivalent to an increase of 9.6% in quantity and 36.81% in transaction value compared to the same period in 2024).
Transactions via Napas reached 2,453,426,745 items with a value of VND 14,972,645 billion (up 13.53% in quantity and 2.54% in value over the same period in 2024); transactions via POS reached 181,229,150 items with a value of VND 292,241,653 million (up 6.56% in quantity and down 0.48% in value over the same period in 2024).
Meanwhile, ATM transactions decreased by 15.22% in quantity and 4.22% in value compared to the same period in 2024, reaching 183,270,101 items with a value of VND 662,835,196 million.
Payment products and services have also developed in a diverse manner, better meeting the needs of payment service users as well as the requirements of the economy; people's and businesses' awareness and habits of cashless payments have changed positively. The value of cashless payments in 2024 will reach: VND 295.2 million billion, 26 times higher than GDP.
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 - Photo: TT
Cashless Day 2025 officially launched with the theme "Cashless payment promotes digital economy", marking the 5-year milestone of implementing the project to develop cashless payment in Vietnam in the period of 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, mini games, 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 through 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: Game show "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.
PINK LIGHT - VIRTUE - PLUM BLOSSOM - QUANG DINH
Source: https://tuoitre.vn/nganh-ngan-hang-dang-trong-cach-mang-loai-bo-nhung-tai-khoan-gian-lan-20250602133145723.htm
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