Covid-19 pandemic changes people's payment habits

Vietnam National Payment Joint Stock Company (NAPAS) said that in the first quarter of 2022, payment activities through the NAPAS network increased sharply, while cash withdrawals via ATMs tended to decrease in both quantity and transaction value.
Inspecting imported goods for Covid-19 prevention and control Inspecting imported goods for Covid-19 prevention and control
Strengthening anti-smuggling of biological products and materials for Covid-19 pandemic prevention and control Strengthening anti-smuggling of biological products and materials for Covid-19 pandemic prevention and control
Reducing VAT: consumers and enterprises benefit Reducing VAT: consumers and enterprises benefit
Cashless payments increased sharply, while ATM withdrawals decreased by nearly 10%.
Cashless payments increased sharply, while ATM withdrawals decreased by nearly 10%.

According to representatives of leaders of banks, since the beginning of 2020, the Covid-19 pandemic has strongly affected the transaction scale at the bank's transaction channels.

Customers have also changed the way they use payment means, limiting cash spending, focusing on non-cash payments, and especially prioritizing online payments.

For example, Nguyen Thi Kim Oanh, Deputy General Director of Vietcombank, said that in 2021, the transaction scale through Vietcombank's digital platforms grew by 62.5% in terms of transaction volume and nearly 30% in transaction value compared to 2020, equivalent to about 1.5 million online transactions per day on average.

Non-cash payment methods are also promoted by customers, especially the QR code payment method with the total QR payment scale in 2021 equal to 213% compared to 2020. The scale of customers using Vietcombank's online services increased by 39% compared to the end of 2020; the ratio of customers using online services compared to the total number of Vietcombank's customers reached 36%.

For domestic card transactions, cash withdrawal sales decreased and card payment sales at Vietcombank's network of card payment units increased by 25% compared to the same period last year.

According to NAPAS statistics, continuing the growth momentum of the past two years, in the first quarter of 2022, payment activities through the NAPAS network increased by 89% in terms of transactions and 123% in value compared to the first quarter of 2021. In which, cash withdrawals via ATM tend to decrease (-9.6%) in quantity and (-8.8%) in transaction value compared to the same period in 2021.

Le Anh Dung, Deputy Director in charge of the Payment Department (SBV) said that this unit has implemented many solutions to promote non-cash payment. Such as building a legal framework, mechanisms and policies to create favorable conditions for the development of non-cash payments, promoting payment for public services; at the same time, promoting credit institutions and payment organizations to apply technology to provide a variety of non-cash payment products and services; promoting the cooperation between banks and Fintech companies to provide convenient services for customers on smartphone applications.

Therefore, banks and related companies and organizations are actively developing diverse products and services to meet customer needs. Non-cash payment methods in Vietnam are increasingly diversified, from payment by bank card to online payment via electronic channels such as Digital Banking, Internet Banking, Mobile Banking, SMS Banking, and e-wallets.

According to Phan Thi Thanh Ha, Deputy Director of Agribank Card Center, in order to increase people's access to bank capital as well as modern and civilized payment services, Agribank has recently implemented many policies to encourage customers to transact on electronic channels as well as provide many products and services using technology to meet the needs of customers.

On the other hand, payment technologies are also increasingly modern. Bank card products are not in the traditional method of swiping or putting the card into the card reader slot, but now just need to "touch" to pay. In addition, banks also deploy payment methods on mobile applications such as QR Pay two-dimensional barcode, and payment on mobile devices using NFC short-range wireless transmission technology.

Banks have also actively coordinated with Tax, Customs, State Treasury, and public administrative units to effectively implement the collection and payment of State Budget, taxes, fees and expenditures by convenient modern payment methods.

Customs continues to facilitate import and export activities at Northern border gates Customs continues to facilitate import and export activities at Northern border gates

Banks even create diverse payment ecosystems to meet the needs of customers, from education, healthcare, electricity, water, and telecommunication to restaurants, hotels, tourism, entertainment, shopping, transportation, insurance, securities and petrol.

By Huong Diu/ Kieu Oanh

Related News

Public investment disbursement in 7 months lower than same period last year

Public investment disbursement in 7 months lower than same period last year

VCN - According to a report from the Ministry of Finance, the estimated disbursement rate of public investment capital in 2024 of the whole country by the end of July will reach 32.22% of the total plan, lower than the same period in 2023 and some ministries and agencies have a disbursement rate of 0%.
Ensure deadline for payment of public investment capital at State Treasury

Ensure deadline for payment of public investment capital at State Treasury

VCN - In a recent official dispatch on allocation and entry of estimates into the Treasury and Budget Management Information System (Tabmis) and disbursement of the 2024 public investment capital plan, the Ministry of Finance requested the State Treasury to serious follow the principle of “post-payment audit”.
Amend Corporate Income Tax to implement Pillar 2 of global minimum tax

Amend Corporate Income Tax to implement Pillar 2 of global minimum tax

VCN - According to the Ministry of Finance, the specific goal of amending the Law on Corporate Income Tax (CIT) will contribute to creating conditions to promote and support businesses to expand production and business; Review and rearrange tax incentive policies to encourage and attract investment to develop priority industries, fields and areas according to the Party and State's orientation.
OCOP Market – “Launching site” to help Vietnamese agricultural products fly high

OCOP Market – “Launching site” to help Vietnamese agricultural products fly high

VCN - Only the livestream “OCOP Market - Dong Thap - Land of the Red Lotus” attracted more than 24 million visits, 563,000 livestream viewers, bringing in more than VND 556 million in revenue. The products promoted in the livestream came from 12 typical subjects with nearly 35 specialty agricultural products of all kinds such as Linh fish sauce, dried fruit, rice vermicelli... This model is considered as extended arm help local specialties including agricultural products, reach consumers across the country, opening up new opportunities to access international markets and increase revenue.

Latest News

Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - Although the import and export turnover of goods slowed down in September 2024, in general, import and export activities, especially exports, still grew positively in the first 9 months of 2024. It is expected that import and export of goods in 2024 will reach a record of 800 billion USD.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

VCN - According to the Ministry of Agriculture and Rural Development, Vietnam's capacity to export over 50 billion USD worth of agricultural products annually, coupled with established supply chains, provides a significant advantage for Vietnamese agricultural and aquatic products to penetrate the Halal market.

More News

Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Vietnam and UAE trade sees billion-dollar growth

Vietnam and UAE trade sees billion-dollar growth

VCN - According to General Department of Vietnam Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) reached nearly US$5 billion, an increase of more than US$1.4 billion over the same period last year.
Sharing responsibility for ensuring security and safety of the supply chain

Sharing responsibility for ensuring security and safety of the supply chain

VCN – Post - clearance audit is carried out in a planned, focused and key manner, avoiding widespread and ineffective inspections, thereby creating convenience for the business community and improving the effectiveness of state management of customs.
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countries, thereby maintaining advantages and developing on "away grounds".
Read More

Your care

Latest Most read
Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - At the regular Government meeting in September 2024, Minister of Industry and Trade Nguyen Hong Dien assessed: import and export continued to be a bright spot, recording a positive recovery compared to the same period last year.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

According to the Ministry of Agriculture and Rural Development, Vietnamese agricultural and aquatic products could penetrate the Halal market.
Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Mobile Version