At the press conference announcing Vietnam Card Day 2024 on the morning of September 26th, co-organized by Tien Phong newspaper and Vietnam National Payment Corporation (NAPAS), the organizers stated that the concept of Open Banking was discussed in the context of the banking industry facing a comprehensive digital revolution, where banks share data with third parties to provide new and superior experiences for customers.

Open banking is one of the main trends and drivers of change, promising to create a breakthrough in the provision of banking products and services.

Mr. Pham Anh Tuan, Director of the Payment Department (State Bank of Vietnam), said that credit institutions are trending towards shifting from the traditional banking model to an open banking model, strengthening connectivity and integrating technology in many fields, supporting the effective implementation of consumer or business payment activities with the goal of putting customers at the center.

Mr. Pham Anh Tuan, Director of the Payment Department, State Bank of Vietnam.jpg
Mr. Pham Anh Tuan, Director of the Payment Department, spoke at the press conference.

Vietnam Card Day 2024 targets students, young people, and young families aged 15-40 who need to use digital payment methods and online payments through internet banking and mobile banking services of banks, as well as banking services integrated on third-party platforms such as online public service platforms, e-commerce, online booking, transportation services, etc.

The future trend for banking is digital technology , with applications in payment methods such as Tap to Pay, Tap to Phone, QR code payments, e-wallets, mobile payments... along with digital technologies such as electronic customer identification (eKYC)...

Journalist Phung Cong Suong, Editor-in-Chief of Tien Phong Newspaper and co-chairman of the Organizing Committee for Vietnam Card Day 2024, commented: “With the strong changes in all aspects of life, the emergence and influence of GPT chat, the 4.0 revolution, and the banking sector always being at the forefront of digital transformation, it has entered daily life the fastest and served people most effectively.”

At the press conference, Mr. Nguyen Quang Hung, Chairman of the Board of Directors of NAPAS, informed that statistics from the NAPAS system show that in the second quarter of 2024, there was a 45% increase in the number of transactions and a 29% increase in value compared to the same period in 2023.

Specifically, ATM cash withdrawal transactions continued to decline, decreasing by 23% in volume and 22% in value. The trend of cashless payments increased.

“Vietnam Card Day 2024 is an opportunity for the banking industry to introduce new development trends in digital banking as well as modern banking products and services. Young people have the chance to access and learn about modern banking products and services, as well as improve their skills in using banking services safely and effectively,” Mr. Hung said.