Foreign tourists visit a food stall at the Cashless Town Festival being organised as part of Cashless Day 2023 this weekend in HCM City. VNS Photo Bồ Xuân Hiệp

HCM CITY — The cashless revolution continued to gather steam with the Cashless Town Festival opening on Friday in HCM City to promote digital payments.

Organised as part of Cashless Day 2023, the festival at Lê Lợi Boulevard in downtown District 1 has attracted a diverse collection of merchants, consumers and tech enthusiasts.

The three-day “Data Connection, Smart Payment” event offers various promotion programmes for shoppers and showcases a wide range of payment solutions, including mobile wallets, QR code payments, contactless cards, and wearable technology.

Those taking part have the opportunity to explore the latest innovations in payment technologies and learn about the advantages of cashless payments.

Visitors can enjoy live music performances, food and drinks and an exhibition on the “History of Money.”

A foreign tourist makes a payment using a QR code at a food stall at the Cashless Town Festival being organised as part of Cashless Day 2023 this weekend in HCM City. VNS Photo Bồ Xuân Hiệp

​A seminar on Friday will focus on data connectivity in promoting cashless payments and educate consumers on maximising the benefits of cashless technology.

Phạm Anh Tuấn, director of the State Bank of Vietnam's payment department, speaking at the opening ceremony, said: “The festival celebrates the amazing progress we have made in the field of digital payments and is a testament to the transformative power of cashless technology.”

“It is an opportunity for us to showcase the latest payment technology and engage with our customers in a fun and interactive environment.

“By bringing together a diverse range of merchants and service providers, we hope to create a vibrant ecosystem that empowers consumers and drives economic growth.”

The festival also serves as an opportunity for government officials and industry leaders to reflect on the progress of the cashless revolution in the country and develop plans for future growth.

According to a State Bank of Vietnam report, interbank electronic payment transactions increased by 8.6 per cent year-on-year in terms of value in the first quarter.

Transactions through the financial switching and electronic clearing system saw a significant increase of 70.8 per cent in volume and 18.6 per cent in value, the report said.

There is a strong shift from cash withdrawal to cashless payment, with the number of transactions via POS increasing by 37.6 per cent in volume and 32.1 per cent in value.

Cash withdrawals at ATMs continued to decline, falling by 2.37 per cent in quantity and 4.02 per cent in value.

Over more than a year of mobile-money services, 3.71 million mobile money accounts have been opened, 30 per cent in remote areas and islands.

Banks and intermediary payment service providers have introduced new, modern and cost-effective payment solutions such as QR code payment and contactless payment to enhance the customer experience and encourage individuals and businesses to adopt cashless payment. — VNS