Demand for cash at the end of the year will not be high: SBV

File photo of long queues to withdraw cash at ATMs ahead of the Lunar New Year. — Photo doanhnhanphaply.vn

As the upcoming Lunar New Year is coming near, the need to withdraw cash at ATMs is predicted to

not be as high as in previous years, said Lê Anh Dũng, deputy director of the Payment Department under the State Bank of Việt Nam (SBV).

Dũng made the statement at a recent press conference to deploy the banking industry's tasks for next year.

Dũng attributed the reduced cash withdrawal to the COVID-19 pandemic, which has significantly affected people's income.

Along with that, there is a growing trend in shifting from cash payments to electronic payments; from ATM systems to other payment systems such as 24/7 payment, payment points accepting cards, and payment by mobile.

“We are confident that the demand for cash withdrawal will not be as high as it is every year. The banking industry will meet people's cash withdrawal needs," said Dũng.

Dũng also said that currently, the National Payment Corporation of Việt Nam (NAPAS) could perform a very large transaction volume, up to 7 million switching transactions per day while still ensuring safety.

SBV said that payment activities in the economy were carried out safely, efficiently and smoothly. Non-cash payment indicators grew relatively well.

In the first 10 months of 2021, transactions via POS increased by 14.25 per cent and 12.6 per cent respectively in terms of transaction volume and value over the same period; those online increased 49.39 per cent and 29.14 per cent respectively; via mobile channel increased by 72.67 per cent and 85.09 per cent; payment via QR codes increased by 54.24 per cent and 120.64 per cent respectively with more than 90,000 points accepting payment via QR code.

Deputy Governor Đào Minh Tú also said that SBV always attached importance to and identified cash management as an important task.

Recently, it has also sent an official dispatch requesting banks to proactively develop and implement specific plans for ATM operations at the end of this year and the upcoming Lunar New Year, including cash plans for ATM, ATM funds, staff and maintenance for ATMs.

At the same time, the central bank required banks to closely monitor to detect and timely fund ATMs that run out of money; take measures to promptly handle and respond to incidents and situations to ensure safe and smooth operation of the ATM system; promptly support and solve customers' problems during ATM transactions, prioritise quick handling of cases where ATMs swallow cards. — VNS