Cash withdrawal accounts for 83% of Vietnam ATM transactions

According to Duong Thu Huong, General Secretary of Vietnam Banks Association, up to 83% of number of ATM cards are being used for cash withdrawal.

The fact showed that using ATM for payment at POS remained limited. In addition, the cash payment ratio in total payment means in Vietnam still stays at 14% while the average in the world ranges between 5 and 7%.

Vietnam News Agency quoted Pham Anh Tuan, Deputy General Director of Vietinbank as saying that the non-cash payment had not developed strongly because the payment channel is weak, many banks are hesitant in installing POS for the reason that they will have to suffer supervision of authorities; technology-related payment services are accessed by youngsters and some people who have knowledge of information technology.

Banks currently are step by step dividing types of customers to gradually eliminate non-working cards and create conditions for customers in card payment. Some also added money to customer’s account as using cards, he said.