Cashless payments promote digital economic development, digital transformation
On October 28, 2021, the Prime Minister signed Decision No. 1813/QD-TTg approving the Project on developing non-cash payments (TTKDTM) in Vietnam for the period 2021-2025 (abbreviated as the Project) with the viewpoint: Closely following the Party and Government's guidelines, orientations and policies on developing financial and banking services, proactively participating in the Fourth Industrial Revolution (CMCN 4.0), developing the digital economy, digital transformation; Taking customers as the center associated with ensuring security, safety, protecting the legitimate rights and interests of customers in TTKDTM activities; increasing customer experience, high growth in the quantity and value of payment transactions is a measure of the effectiveness of TTKDTM activities.
As a leading commercial bank, over the years, Agribank has actively researched and applied technology to develop the payment system, promote strong development of cashless payments; popularize electronic payments in rural, remote and isolated areas; gradually contribute to the implementation of a comprehensive financial strategy, making a great contribution to the digital transformation of the banking industry, developing the digital economy and digital society of the country.
Cashless payments promote Agribank's modern development
Following the policies of the Party, Government, State Bank and Agribank's Digital Transformation Plan to 2025, with a vision to 2030, Agribank has actively researched and applied digital technology, deploying many solutions to develop modern payment systems to meet the increasing needs of customers such as: Upgrading the real-time interbank payment system (RTGS); Expanding API infrastructure to connect banks, Fintech and businesses; Applying blockchain technology to increase security and transparency; Building open banking platform to promote service innovation. In addition, developing innovative payment methods such as: Expanding the "Buy Now, Pay Later" (BNPL) service to increase consumption; Promoting mobile payments (Mobile Payment) such as Apple Pay, Google Pay.
In parallel with product and service development, Agribank always focuses on solutions to enhance security and ensure transaction safety with high-tech solutions such as: Applying strong authentication technology (Strong Customer Authentication - SCA); Using AI and machine Learning to detect fraud in transactions; Enhancing data security standards according to PCI DSS and ISO 27001.
With a modernly invested infrastructure system and continuously updated features, the entire Agribank system is actively synchronously implementing solutions to promote cashless payments in life: Encouraging customers to use QR Codes, e-wallets and contactless cards; Supporting customers to pay electronically for public services (taxes, hospital fees, tuition fees); Deploying a digital payment system at traditional markets, serving the practical needs of customers who are small business households. As a result, in 2023-2024, Agribank recorded 1,145,445,111 domestic currency payment transactions through the systems (up 373.34%), an average of 3,129,631 transactions/day (up 372.04% compared to 2023); payment turnover is VND 29,495,008 billion (up 44.63%); the number of foreign currency payment transactions is 5,292 transactions (up 13.17%), an average of 14 transactions/day (up 12.86% compared to 2023).
In the development orientation, Agribank will allocate resources to develop synchronous, modern payment systems, processed seamlessly and seamlessly to provide safe, instant payment services at reasonable costs, meet the payment needs of people, businesses, agencies, organizations and be ready to connect for cross-border payments. In addition, developing a digital ecosystem includes: establishing a unified and synchronous payment infrastructure capable of integrating and connecting sectors and fields; deploying 24/7 payment services; supporting the processing of new payment methods such as QR, e-wallets, mobile money; promoting digital payments in the agricultural sector.
The program "Cashless Day 2025" with the theme "Cashless payments promote the digital economy" is organized under the direction of the State Bank of Vietnam and the People's Committee of Ho Chi Minh City. According to the Organizing Committee, the "Cashless Day 2025" program is a series of events, focusing on the theme of promoting digital transformation and developing the digital economy, notably the No tien - Ting Ting Day Festival taking place from June 14 to June 15 at Nguyen Hue walking street, District 1, Ho Chi Minh City. The Organizing Committee will also coordinate with agencies, units and departments in Ho Chi Minh City to organize the Workshop "Cashless payments: Digital economic growth driver" to analyze the role of digital payments and propose solutions in the 2026-2030 period.
