ATM transactions continue to decline
The National Payment Corporation of Vietnam (NAPAS) has just held a conference to deploy tasks for 2025. The conference was attended by representatives of leaders of a number of units under the State Bank of Vietnam (SBV), representatives of the Government Office, the Ministry of Public Security, the Banking Association, etc.
At the Conference, Mr. Nguyen Quang Hung, Chairman of the Board of Directors of NAPAS, said that in 2024, the NAPAS system will process 9.56 billion transactions with a total value of 61 million billion VND.
ATM transactions continued to decrease by 19.5% in volume and 19.1% in value compared to the same period in 2023. This downward trend is consistent with market trends and people's payment habits when the need for cash withdrawals decreases along with the emergence of more convenient payment methods.
Financial switching and electronic clearing services for 24/7 interbank transfer transactions reached 8.9 billion transactions, up 33.8%; transaction value reached more than VND 59.8 million billion, up 15.6% compared to 2023.
Mr. Hung said that 2024 is a difficult and challenging year for the world economy and Vietnam.
Under the direction of the State Bank and the Board of Directors, NAPAS has proactively coordinated with member organizations to deploy new technology solutions to promote the development of national retail payment infrastructure, providing domestic and international financial switching services through cards, accounts, QR codes, etc., contributing to improving customer experience and diversifying the non-cash payment ecosystem in Vietnam. The results achieved in 2024 are reflected in the growth of transactions through the NAPAS system, thereby promoting the overall growth of the entire industry.
Entering 2025, Mr. Nguyen Quang Minh, General Director of NAPAS, said that NAPAS will focus on implementing the Project on developing e-commerce for the period 2021-2025, prioritizing the fields of healthcare, education, and payment on the National Public Service Portal; coordinating to summarize the Mobile Money pilot; cooperating with the Ministry of Public Security and banks in paying subsidies and social security.
The unit will strengthen supervision, ensure payment security; build a risk management system, monitor fraud; update anti-money laundering regulations, prevent cybercrime; report to the State Bank on arising issues. NAPAS also completed switching international card transactions according to Circular 19, expanded cross-border payment cooperation via cards and VietQR Global codes; developed dual cards, domestic credit cards, co-branded cards; promoted the SmartPOS and SoftPOS payment acceptance network.
In addition, NAPAS ensures network security, maintains the system at over 99.98%; applies Big Data and AI to manage risks, warn of fraudulent transactions and prevent money laundering.
Technology is the "soul" of finance and banking
Representative of the State Bank, Mr. Pham Anh Tuan, Director of the Payment Department, emphasized that NAPAS needs to review the system to effectively implement digital transformation strategies for the banking industry and develop the Vietnamese payment system by 2030. He affirmed that technology is the "soul" of finance and banking, and needs to meet trends and practical requirements.
NAPAS coordinates with the Ministry of Public Security and relevant agencies to implement Project 06, focusing on developing e-commerce in the public and public administration sectors, especially healthcare, education, and payments via the National Public Service Portal. Resolution 57 of the Government requires accelerating the growth rate of e-commerce in total national payments, promoting bilateral payment connections via QR codes with other countries, and implementing Decree 52 and guiding circulars.
NAPAS continues to ensure the security and safety of the electronic switching and clearing system; enhance online payment security, protect customer rights; coordinate in preventing payment crimes; promote communication and financial education to improve knowledge of using banking services safely and effectively.
Mr. Tuan suggested that NAPAS focus on attracting high-tech personnel, responding to rapid changes in technology, and at the same time taking care of employees' lives and income so that they can work with peace of mind.
