Lunar New Year payment and transfer transactions increase by approximately 30%

In the past, the Lunar New Year period was always considered a "hot spot" for cash withdrawals. At peak times, cash withdrawal demand increased five to ten times compared to normal days, forcing banks to allocate substantial resources to cash transportation and ATM replenishment, particularly in industrial zones and areas with large concentrations of workers. This not only led to higher operational costs but also posed significant operational risks.

Mr. Nguyen Hoang Long, Deputy Chief Executive Officer of the National Payment Corporation of Vietnam (NAPAS)

However, statistics from NAPAS show that this trend has clearly reversed in recent years. During the 2020–2025 period, the volume of cash withdrawals at ATMs declined by more than half. While in the 2020–2021 period, cash withdrawal volumes decreased by only around 7–8%, the decline climbed up to 19% during 2022–2023, and in the 2024–2025 period alone, cash withdrawals fell by nearly 30%. "This decline has been continuous and has accelerated over time," Mr. Nguyen Hoang Long emphasized.

At the same time, cashless payments have recorded strong growth. According to NAPAS statistics, more than 40 million transactions are currently processed through the system each day, with a total transaction value exceeding VND 200 trillion, equivalent to approximately USD 9 billion per day. "During the Lunar New Year period, transaction volumes increase by around 30% compared to normal days — a significant rise, but one that does not overload the system. Remarkably, this increase is stable and predictable," Mr. Nguyen Hoang Long shared. Once daily transaction demand at such a large scale is effectively handled, peak seasons like the Lunar New Year no longer represent a ‘shock,’ but rather become part of a pre-planned operational scenario.

Timely management of contingencies to meet public payment needs

The growth of cashless payments goes beyond convenience and cost efficiency, carrying strategic significance for national financial and monetary security. According to Mr. Nguyen Hoang Long, monetary sovereignty is not only reflected in physical currency, but also embodied in digital payment infrastructure. Vietnam’s successful development and operation of an independent national payment system that connects all domestic banks therefore holds long-term strategic importance.

The widespread adoption of digital payments is also reshaping social habits and blending in all aspects of daily life. From supermarkets, shopping malls, and convenience stores to traditional markets, small eateries, and street vendors, QR code payments are becoming increasingly common. Even in many rural and mountainous areas, cashless payments are gradually becoming a familiar option for everyday transactions. As a result, payment demand during the Lunar New Year is now more evenly distributed across digital platforms, rather than concentrating pressure on cash withdrawal points as in the past.

Overview of the Seminar

From a socio-economic perspective, the shift toward digital payments has effectively reduce costs related to cash printing, transportation, and storage, while also mitigated theft risks and enhanced the transparency of money flows. From a regulatory standpoint, digital payments provide a critical data foundation for monetary policy management and the development of the digital economy.

In recent years, NAPAS, together with commercial banks, has made substantial investments in upgrading payment infrastructure, ranging from financial switching and electronic clearing systems to core banking platforms. These systems are designed with redundancy and flexible scalability, enabling them to handle traffic volumes that are two to three times higher during peak seasons such as the Lunar New Year. As a result, despite sharp increases in transaction volumes, systems continue to operate steadily, without the "bottlenecks" previously seen when relying heavily on physical cash channels.

As each Lunar New Year approaches, NAPAS and banks continue to maintain 24/7 monitoring mechanisms, early warning systems, and dedicated on-duty operational teams to promptly address any arising issues. However, unlike in the past, pressure and operational stress have been significantly reduced. The banking sector is progressivly confident in its ability to meet the payment needs of the public and the broader economy. From queuing to withdraw cash to take home for the holidays, to scanning QR codes for even small-value transactions, this shift reflects a major step forward in digital transformation—contributing to a more modern, secure, and convenient Lunar New Year for society as a whole.

On the morning of February 4, 2026, in Hanoi, the Banking Times organized the seminar titled "Civilized Use of Money and Safe Payments During the Lunar New Year." Participants included historian Duong Trung Quoc; Dr. Vo Tri Thanh, President of the Institute for Brand and Competitiveness; and representatives from the banking sector such as Mr. Le Van Tuyen, Deputy Director General of the Payment Department (State Bank of Vietnam); Mr. Nguyen Quoc Huy, Deputy Director of SBV Region 1; Mr. Nguyen Hoang Long, Deputy Chief Executive Officer of the National Payment Corporation of Vietnam (NAPAS); Mr. Tran Hoai Nam, Director of the Digital Banking Center of TPBank; along with representatives from several commercial banks and payment intermediary companies.

Speaking at the seminar, Ms. Le Thi Thuy Sen, Editor-in-Chief of the Banking Times, noted that the event was organized as a multi-dimensional forum bringing together insights from cultural researchers, reputable experts, policy-making authorities, and representatives of commercial banks and payment infrastructure operators. The objective of the seminar was to facilitate discussion, analysis, and the search for viable solutions that harmonize traditional cultural values with modern requirements for safety and efficiency in the use of money and payment methods during the Lunar New Year.