Ensuring money circulation during Lunar New Year Festival

Lunar New Year Festival (Tet) is the time when the demand for cash increases the most in the year. Therefore, banks have proactively planned to supply cash and ensure the safety of the ATM system.

Online payment rising fast

According to Le Khanh Trang - Deputy Head of General Department of VietinBank Khanh Hoa Branch, currently, the branch has nearly 30 ATMs and 550 POS machines serving more than 60,000 customers using payment cards. The branch has actively developed and implemented a specific cash plan to promptly provide counters and ATMs during Tet.

As a bank with a large number of payment cards in circulation, Agribank Khanh Hoa Branch has also prepared cash to meet the needs of customers through its ATM system and transaction counters. The branch currently has nearly 170,000 cards in operation, 45 ATMs/CDMs and 310 POS machines installed and distributed across districts, towns and cities throughout the province. With the increasing demand for cash withdrawal at the end of the year, the branch regularly cleans, checks and maintains ATMs periodically to ensure them to work well. In addition, the branch has also intensified marketing for new services and encouraged people to use electronic banking services to reduce pressure on cash supply and contribute to Covid-19 prevention

According to the leaders of the banks, this year, the demand for cash withdrawal at the end of the year is not as stressful as every year. The reason is that the Covid-19 epidemic has significantly affected people's income; at the same time, the trend is shifting strongly from cash payment to electronic payment. Ms. Ho Bich Thao (Loc Tho ward, Nha Trang city) said that in previous years, she often withdrew cash for consumption and shopping during Tet. However, since the outbreak of the Covid-19 epidemic, she has become accustomed to making payments via Internet Banking, so this Tet there is no need to withdraw much cash. From going to the supermarket to shopping for clothes, shoes, even food, she uses a fast and convenient transfer service, especially without having to queue in front of an ATM to withdraw cash.

Statistics of the State Bank of Vietnam (SBV) Khanh Hoa branch have shown that the online payment grew significantly in 2021. Specifically the number of payment transactions via the Internet reached 2,045,500, up 174.3% over the previous year; payment transactions via mobile phones reached 17,727,600, up 158%. Meanwhile, the number of ATM transactions only increased by 11.78% over the previous year (95.87% of ATM transactions mainly for cash withdrawal).

Cash to be ensured during Tet

According to Nguyen Hoai Chieu - Director of the State Bank Khanh Hoa Branch, the branch directs credit institutions to make plans to  ensure cash for the Lunar New Year of the Tiger 2022 as well as proactively develop and implement a possible plan for ATM operations (including cash, personnel, maintenance...); closely monitor ATMs; timely support and solve problems during ATM transactions...

Credit institutions have appropriate solutions to ensure the safe and smooth operation of the ATM system, such as strengthening mobile ATM operations,proactively working with enterprises to adjust salary payment time reasonably; implementing solutions to replace ATMs (cash payment at counters, mobile counters, via bank's POS machine...); promoting and instructing customers to use electronic payment products and services to reduce the load of cash withdrawals at ATMs...

Mai Hoang

Translated by T.T