Foreign tourists visit a food stall at the Cashless Town Festival organised as part of Cashless Day 2023 in HCM City. (Photo: VNA) Organised as part of Cashless Day 2023, the festival at Le Loi Boulevard indowntown District 1 has attracted a diverse collection of merchants, consumersand tech enthusiasts.
The three-day “Data Connection, Smart Payment” event offered various promotionprogrammes for shoppers and showcases a wide range of payment solutions,including mobile wallets, QR code payments, contactless cards, and wearable technology.
Those taking part had the opportunity to explore the latest innovations inpayment technologies and learn about the advantages of cashless payments.
Visitors can enjoy live music performances, food and drinks and an exhibitionon the “History of Money.”
A seminar on Friday will focus on dataconnectivity in promoting cashless payments and educate consumers on maximisingthe benefits of cashless technology.
Pham Anh Tuan, director of the State Bank of Vietnam (SBV)'s paymentdepartment, speaking at the opening ceremony, said: “The festival celebratesthe amazing progress we have made in the field of digital payments and is atestament to the transformative power of cashless technology.”
“It is an opportunity for us to showcase the latest payment technology and engagewith our customers in a fun and interactive environment.
“By bringing together a diverse range of merchants and service providers, wehope to create a vibrant ecosystem that empowers consumers and drives economicgrowth.”
The festival also served as an opportunity for government officials andindustry leaders to reflect on the progress of the cashless revolution in thecountry and develop plans for future growth.
According to a SBV report, interbank electronic payment transactions increasedby 8.6% year-on-year in terms of value in the first quarter.
Transactions through the financial switching and electronic clearing system sawa significant increase of 70.8% in volume and 18.6% in value, the report said.
There is a strong shift from cash withdrawal to cashless payment, with thenumber of transactions via POS increasing by 37.6% in volume and 32.1% invalue.
Cash withdrawals at ATMs continued to decline, falling by 2.37% in quantity and4.02% in value.
Over more than a year of mobile-money services, 3.71 million mobile moneyaccounts have been opened, 30% in remote areas and islands.
Banks and intermediary payment service providers have introduced new, modernand cost-effective payment solutions such as QR code payment and contactlesspayment to enhance the customer experience and encourage individuals and businessesto adopt cashless payment./.
VNA
