Cash withdrawals from ATMs fell 28 per cent year-on-year in January, according to the National Payment Corporation of Vietnam (NAPAS).

This is the result of rising numbers of cashless transactions being conducted between people and organizations, NAPAS Director General Nguyen Quang Minh said.

Withdrawals from ATMs have been on a downwards trend in recent years. In 2023, they fell 16.9 per cent in volume and 19.5 per cent in value year-on-year.

ATM transactions accounted for just 3.6 per cent of total transactions conducted via the NAPAS system.

Meanwhile, NAPAS recorded a sharp increase in cashless transactions last year, of over 52 per cent in the quantity compared to 2022 and more than 12 per cent in value.

Figures from the State Bank of Vietnam (SBV) show that non-cash transactions rose nearly 50 per cent in number in 2023 compared to 2022, reaching 11 billion.

Total transaction value was estimated at more than VND200 quadrillion ($8.2 trillion).