The time before Lunar New Year is often the peak season for businesses as well as people's spending and shopping. Commercial banks have launched many incentive programs and financial solution packages to promote cashless payments, creating convenience and safety for customers.
No worries about cash during Tet
To encourage cashless payments this Tet holiday, when using VPBank's VPBank NEO application to transfer money, pay by QR code (quick response code), pay bills, electricity and water, make online savings, spend credit cards, etc., customers will be able to participate in the game "The journey of reunion opens Tet" for a chance to receive gifts with a total value of up to more than 20 billion VND.
Similarly, to encourage customers to use their payment accounts during Tet, when using Sacombank's Sacompay application to scan the QR code to pay... they will be able to participate in the program "Transact - Get amazing gifts" with gifts up to 352 SJC gold bars and many cashback incentives.
In addition, in order to enhance the customer experience, this year's Tet, on the applications of many commercial banks such as MSB, VPBank, TPBank, etc., there has been an additional lucky money feature with the opportunity to receive lucky gifts worth up to hundreds of millions of VND. Accordingly, as long as a mobile phone has an internet connection, people can send wishes and lucky money to their loved ones. Mr. Quang Khoa (HCMC) said that this year he decided to give lucky money online, so he escaped the situation of exchanging new money and small change near Tet. "Currently, payment through banking applications, e-wallets, etc. is increasingly convenient, safe, and saves time and money, so this Tet I don't have to worry about having to withdraw cash to spend like before," said Mr. Khoa.
Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Ho Chi Minh City Branch, said that modern non-cash payment products bring convenience and save costs and time for both sellers and buyers. Payment products from banks and diverse payment intermediaries also contribute to boosting sales and revenue for business activities, especially during peak shopping seasons such as holidays and Tet.
Go to the market with card swipe, QR code scan
Grasping the increasing demand for financial transactions during Tet, not only at large shopping centers, supermarkets, etc., but commercial banks also offer many incentive programs and design solution packages for business owners and small traders in traditional markets.
From now until the end of March 2024, shop owners, business owners, and small traders who open new payment accounts at MSB and set up QR codes to receive payments will be able to participate in the program to receive gifts of up to VND 900,000; and will receive money into their accounts for each payment transaction via QR code of VND 50,000 or more... In addition, MSB also has the M-Pro solution, which not only waives transaction fees, but business owners and small traders who use this solution will also receive a refund of up to VND 3.6 million/year for non-cash payment expenses. This bank also designed a feature to share balance fluctuations and transaction history with others on the MSB mBank e-banking application specifically for customers who are shop owners. With this feature, shop owners can easily track revenue remotely while still keeping their account balance confidential.
Currently, Nam A Bank is also promoting the Market 4.0 model - Cashless Market to bring it closer to traders and business households at night markets, tourist markets, flower markets, food markets, etc. in Ho Chi Minh City. Accordingly, traders only need to use the Open Banking application, register to open a Nam A Bank account to make convenient, fast and safe buying and selling and payment transactions. In addition, Open Banking also has a free point of sale management feature to help traders manage their revenue effectively. Many traders at the food street on Ha Ton Quyen Street (District 11, Ho Chi Minh City) said that young customers currently prefer card payments or bank transfers. After opening an Open Banking account from Nam A Bank and receiving a QR code to stick in front of the store, it not only makes it more convenient for customers to pay, but the traders themselves also find it much safer and more convenient than paying in cash because they do not need to count and do not worry about keeping a lot of cash, which is quite dangerous.
Nam A Bank's leaders said that by actively implementing QR code payment methods for small traders and business households, it contributes to creating a safe and modern payment environment, promoting digital transformation in traditional business activities. Thereby, helping business households and small traders increase their competitiveness and improve the quality of customer service.
In fact, banks' promotion of modern payment services in the direction of creating convenience, safety, and enhancing customer experience has limited the pressure of withdrawing cash at ATMs for spending, especially during holidays and Tet. Non-cash payment methods, including payment by QR code, are gradually becoming a habit in urban areas and there is no longer a repeat of the scene of queuing up to withdraw cash at ATMs as before.
According to statistics from the National Payment Corporation of Vietnam (NAPAS), ATM cash withdrawal services via the NAPAS system continue to decrease over the years. In particular, 2023 is the year with a sharper decrease in the number of ATM cash withdrawal transactions compared to previous years, accounting for only 3.6% of the total number of transactions of the entire system. Meanwhile, the NAPAS system processes an average of more than 20 million transactions/day, an increase of 52% in number and 12% in transaction value compared to 2022.
HANH NHUNG
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