The Future of Finance: Vietnam’s 2024 Cashless Revolution

This year, Vietnam's Cashless Day on June 16th takes on a new dimension. It's not just about the celebrations, but also about empowering individuals, especially students, with the skills to manage their finances effectively. The event will offer consultations and insightful guidance on money management, spending control, and financial investments. It also includes engaging activities like financial management mini-games and a running event, ensuring that learning about financial responsibility is both fun and accessible.

Administrator

9 June, 2024

2024 Cashless Day: ‘Promoting the Development of Safe Cashless Payments’

A press conference held on May 28 revealed an exciting series of events for the upcoming 2024 Cashless Day, an initiative led by Tuoi Tre newspaper in partnership with the State Bank of Vietnam’s Payment Department.

The event was attended by the newspaper’s editorial board and leaders from the Payment and Communications Departments of the State Bank of Vietnam, as well as representatives from various government ministries, commercial banks, payment intermediaries, and industry associations.

Key figures from ACB, the State Bank of Vietnam, and the press gather before the conference. Photo: Quang Dinh / Tuoi Tre

The 2024 Cashless Day event series promises to be an inclusive and engaging celebration, with activities designed to encourage and reward cashless transactions. Here’s what you can expect:

1. National Promotion Day:

– Mark your calendars for June 16, as it will be annually designated as National Promotion Day – Cashless Day. This means a countrywide cashless shopping festival with incredible discounts for those choosing digital payment methods.

– Objective: Stimulate shopping activities, boost domestic consumption, and accelerate economic growth.

– When: June 10–16

– Participating businesses across Vietnam will offer discounts of up to 100%, so get ready to shop with the discount code ‘Cashless Day’ and join the nationwide movement towards cashless convenience.

2. Concentrated Promotion Month – Shopping Season:

– In collaboration with the Ho Chi Minh City Department of Industry and Trade, we’re encouraging businesses and retailers to join the celebration with special discount programs from June 15 to July 15.

– Where: Commercial centers, supermarkets, retailers, and business households in Ho Chi Minh City

3. Live-Streamed Discounted Sales:

– We’ve partnered with TikTok Vietnam and select e-commerce platforms to bring you live-streamed sales sessions, hosted by influential Key Opinion Consumers (KOCs) on social media and e-commerce platforms.

– Expect discounts, gifts, and exclusive promotions for cashless payments, all while raising awareness of the benefits of going cashless and encouraging digital transactions.

– When: Twice a week until June 16

4. Cashless Festival:

– Theme: ‘Promoting Safe and Secure Cashless Payments’

– Where: Youth Culture House, 4 Pham Ngoc Thach Street, District 1, Ho Chi Minh City

– When: From 6:00 p.m. on June 14 to 9:00 p.m. on June 16. We’re expecting a turnout of 50,000–60,000 attendees, so be sure to mark your calendars and join the celebration!

– Activities: Explore the latest payment technology solutions, banking, credit, and fintech services. We’ll also have utility areas and games to provide a fun and interactive understanding of cashless transactions.

Delegates from various industries unite at the press conference. Photo: Quang Dinh / Tuoi Tre

The press conference also served as a platform for leaders to present the remarkable achievements in developing non-cash payments, emphasizing the crucial role of media and financial education in this digital transformation. Discussions on the digitalization of banking services and future strategies further highlighted the importance of this cashless initiative.

Since its inception in 2019, the Cashless Day program has effectively promoted the benefits and positive impact of cashless payments. It has successfully shaped and reinforced habits, leading to a significant shift towards non-cash transactions among individuals, businesses, and the entire economy.

This program aligns with the government’s vision, as outlined in the Non-Cash Payment Development Project for 2021–2025, and other initiatives aimed at improving access to banking services and financial inclusion.

The press conference brings together key stakeholders in Vietnam’s financial landscape. Photo: Quang Dinh / Tuoi Tre

According to the State Bank of Vietnam’s Payment Department, indicators for non-cash payments have shown remarkable growth. From 2021 to 2023, the average number of payment transactions via internet and mobile channels increased by 52% and 103.3%, respectively. The adoption of quick-response (QR) code payments has also surged, with growth exceeding 170% in both quantity and value.

As of 2023, Vietnam has over 182 million personal payment accounts, with 87.08% of adults in the country having access to these convenient services. Additionally, 40 banks have implemented the ‘Electronic Know Your Customer’ (eKYC) method, resulting in nearly 35 million active payment accounts opened through this digital process.