This year’s Cashless Day (June 16) in Vietnam is set to bring not only usual festivities but also new elements, including financial skill consultations and guidance for students on money management, spending control, financial investment, along with engaging financial management mini-games and a running event.

The series of events for the 2024 Cashless Day, themed ‘Promoting the Development of Safe Cashless Payments,’ were announced at a press conference held on May 28. 

The initiative is spearheaded by Tuoi Tre (Youth) newspaper in collaboration with the Payment Department of the State Bank of Vietnam (SBV).

The press conference was attended by the editorial board of the newspaper, along with leaders from the Payment and Communications Departments of the SBV. 

Additionally, representatives from the National Payment Corporation of Vietnam (NAPAS), the Ministry of Industry and Trade, the Ho Chi Minh City Department of Industry and Trade, as well as delegates from commercial banks, payment intermediaries, the Vietnam E-commerce Association (VECOM), the Association of Vietnam Retailers (AVR), and the Ho Chi Minh City Chapter of the Vietnam Youth Federation were also present.

According to the organizers’ announcement, the 2024 Cashless Day event series includes:

1. National Promotion Day:

   - The organizers proposed designating June 16 annually as National Promotion Day - Cashless Day, which will be Vietnam’s largest cashless shopping festival, featuring nationwide promotions for cashless payments.

   - Objective: To drive shopping activities, boost domestic consumption, and spur economic development

   - Application period: June 10 to 16

   - Participating businesses nationwide can offer discounts of up to 100 percent, fostering a national wave of cashless shopping using the discount code ‘Cashless Day’

2. Concentrated promotion month - Shopping Season:

   - In collaboration with the Ho Chi Minh City Department of Industry and Trade, the organizers will encourage businesses and retailers to respond to the event with special discount programs from June 15 to July 15.

   - Scope: Commercial centers, supermarkets, retailers, and business households in Ho Chi Minh City

3. Live-streamed discounted sales:

   - Collaboration with TikTok Vietnam and select e-commerce platforms to host live-streamed sales sessions

   - Activities: Live-streamed sales sessions featuring Key Opinion Consumers (KOCs) on social networking and e-commerce platforms offering discounts, gifts, and attractive promotions for cashless payments to raise awareness of Cashless Day and encourage non-cash transactions

   - Frequency: two sessions per week until June 16

4. Cashless Festival: 

   - Theme: ‘Promoting Safe and Secure Cashless Payments’

   - Venue: Youth Culture House at 4 Pham Ngoc Thach Street, District 1, Ho Chi Minh City

   - Duration: From 6:00 pm on June 14 to 9:00 pm on June 16, with an expected attendance of about 50,000-60,000 people

   - Activities: Display and introduction of payment technology solutions, banking, credit, and fintech services. Additionally, utility areas and game experiences will help attendees gain a better understanding of cashless transactions.

During the May 28 press conference, attending leaders also presented the recent achievements in developing non-cash payments, emphasized the role of media and financial education in promoting this activity, and discussed the digitalization of banking services and future directions.

Over the five-year journey of implementing Cashless Day since 2019, the program has effectively conveyed and disseminated the message and positive values ​​of cashless payment, contributing to shaping and reinforcing habits regarding non-cash payments. 

This has led to a significant shift in non-cash payment activities among individuals, businesses, and the entire economy.

The program has played a crucial role in achieving the government’s objectives outlined in the Non-Cash Payment Development Project for the 2021-25 period, the project to promote payment through banks for public services, the project to improve access to banking services for the economy, and the National Comprehensive Financial Strategy.

According to the Payment Department at the SBV, non-cash payment indicators have shown significant growth.

Particularly, the average number of payment transactions via Internet and mobile channels grew 52 percent and 103.3 percent, respectively, from 2021 to 2023.

The growth in the quantity and value of payments via quick-response (QR) code method has exceeded 170 percent.

By the end of 2023, Vietnam had logged more than 182 million personal payment accounts, with 87.08 percent of the country's adults owning payment accounts.

Up to 40 banks have reported official implementation of the ‘Electronic Know Your Customer’ (eKYC) method, with nearly 35 million active payment accounts opened using this digital process.

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