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CARDS & PAYMENTS | Cesar Tordesillas, Vietnam

Bank cards mainly used in Vietnam for cash withdrawal

Bank cards are mainly used for cash withdrawal in Vietnam, with 82% of the total transaction value conducted via the ATM system.

According to the Vietnam Bank Card Association, bank cards are not used as an efficient non-cash payment instrument. Instead, banks must store a huge sum of cash to serve customers’ demand for cash withdrawal.

Since banks leave a large amount of money at ATMs and establish reserve fund for the ATM system, they must cover high costs in the face of stubbornly high inflation rate and liquidity hardship.

Such a practice poses big obstacles to the expansion of points of sale system in an effort to boost e-payment as local card users prefer cash payment, while the connection among POS outlets accepting local cards remains weak.

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