On February 5, 2024, NAPAS reinforced technical and operational measures to ensure the stability and security of the interbank electronic payment system during the Lunar New Year of the Dragon 2024, aligning with the State Bank of Vietnam's directive (Official Dispatch 01/CD1-NHNN). This effort addresses the growing number of non-cash payment transactions by the public.
In recent years, electronic payment activities have experienced significant growth, paralleled by an increasing prevalence of non-cash payment practices among individuals. The Lunar New Year period witnesses a surge in shopping demands, further driving up the volume of money transfer and electronic payment transactions compared to previous periods.
According to data compiled by NAPAS, January 2024 saw a 5% rise in money transfer transactions compared to December 2023 and a substantial 58% increase compared to January 2023. Conversely, cash withdrawal transactions via ATMs in January 2024 exhibited a notable decline of 28% compared to the corresponding period in the previous year. This trend underscores a discernible reduction in the populace's reliance on cash withdrawals, evident not only throughout the year but also during peak periods approaching the Lunar New Year.
In the prevailing context of the ongoing and escalating trend in electronic payments, NAPAS has actively undertaken the advancement of its information technology system infrastructure. This initiative encompasses the implementation of high-performance technologies, optimized solutions, and applications, strategically positioned to accommodate the increasing growth in the number of payment transactions by the public. Concurrently, NAPAS has fortified its oversight of member organizations' liquidity, ensuring continuous monitoring, and has designated personnel to remain on standby 24/7, poised to provide support to banks, payment intermediary service providers, and businesses, particularly during peak holiday and Tet periods. The efficacy of these measures is evidenced by NAPAS's Service Level Agreement (SLA) for ATM/POS switching services, online card payments, and NAPAS FastFund 247 services, achieving an impressive 99.98% adherence to the stipulated commitment in 2023.
Mr. Nguyen Quang Minh, General Director of NAPAS, underscored the significance of strategic solutions, emphasizing that NAPAS consistently takes proactive measures to implement and integrate technical and operational infrastructure solutions. These initiatives aim to enhance NAPAS's role as a provider of payment and financial switching and clearing infrastructure within the national retail payment system. This endeavor is pivotal in fostering stability and advancement in payment activities overall, while also addressing the evolving payment requirements of the populace and facilitating the growth of other economic sectors.
As the Lunar New Year approaches, NAPAS remains committed to close collaboration with member banks to implement solutions aimed at enhancing service quality. Additionally, NAPAS will ensure the availability of human resources around the clock to deliver convenient, secure, and expeditious money transfer and payment services. The overarching objective is to provide individuals with favorable payment experiences during this period.
In 2023, NAPAS sustained its upward trajectory in non-cash payment transactions processed through its system. The total volume of transactions surged by over 52%, while the overall transaction value escalated by more than 12% compared to 2022.
Notably, the trend of cash withdrawal transactions via ATMs has been consistently diminishing in recent years. In 2023, ATM withdrawal transactions experienced a decline of 16.9% in volume and 19.5% in value. Currently, ATM transactions constitute a mere 3.6% of the total transactions facilitated by the NAPAS system. These statistics unequivocally indicate a decreasing reliance on cash withdrawals, supplanted by the adoption of more convenient payment modalities such as NAPAS FastFund 247 service and QR code payments.
