Low Pre-Tet peak for cash withdrawals at ATMs

Cash withdrawal transactions through ATMs in January 2024 decreased by 28% compared to the same period last year.

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According to the National Payment Corporation of Vietnam (NAPAS), in recent years, electronic payment activities have been growing rapidly and the use of non-cash payment methods has become increasingly popular. Along with the increasing shopping needs of the people during Tet holidays, the number of money transfer/electronic payment transactions has also seen a higher growth compared to the previous period.

Based on NAPAS’s observation, in January 2024, the number of money transfer transactions increased by 5% compared to December 2023 and increased by 58% compared to the same period in January 2023. Meanwhile, cash withdrawal transactions at ATMs in January 2024 decreased by 28% compared to the same period last year. This clearly confirms the decreasing demand for cash withdrawal by the people, not only during certain times of the year, but also during the peak period approaching Tet holidays like now.

Prior to this, NAPAS stated that in 2023, NAPAS continued to observe the growth of non-cash payment transactions through the NAPAS system. Accordingly, the total number of transactions through the NAPAS system increased by more than 52% and the total transaction value increased by more than 12% compared to 2022.

Notably, cash withdrawal transactions at ATMs continue to decrease in recent years. In 2023, ATM cash withdrawal transactions decreased by 16.9% in terms of transaction volume and 19.5% in terms of transaction value. Currently, the proportion of ATM transactions accounts for only 3.6% of the total transactions through the NAPAS system. This figure clearly reflects the decreasing demand for cash withdrawal by the people, which is being replaced by more convenient payment services such as fast money transfer NAPAS 247 and QR code payment.

SOURCEcafef
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