15:56 | 27/12/2017 Finance - Banking
The State Bank of Vietnam (SBV) has asked the relevant agencies to ensure all automatic teller machines (ATM) are operational in the months approaching Tet (Lunar New Year) holiday, when there is high demand for cash transactions.
|The ATM booths are usually overcrowded ahead of Tet - Source: VNA|
Banks must check their ATM systems to ensure the security of card payment. Attention must be paid to the upgradation of software, operation of cameras and maintenance to ensure the ATM systems are working efficiently.
The amount of cash available for withdrawal must be closely monitored to prevent ATMs from running out of cash and ensure they meet the rising demand for cash transactions ahead of Tet.
Banks must take measures to reduce the pressure from cash withdrawal at ATM booths, which often faced the problem of overloading in the previous years during the same period.
Claims of users must also be handled in a timely manner.
The central bank has also asked the National Payment Corporation of Vietnam to check its technical system to prevent errors and ensure the smooth operation of ATM systems.
Cash withdrawal demands have often increased strongly in the months ahead of Tet, being even three times higher.
Experts have urged consumers to prioritise cashless payment methods, such as internet banking, mobile banking and POS payments to reduce the demand for cash withdrawals.
The central bank’s statistics showed that more than 121 million banking cards were issued, as of June 2017. Some 76 institutions provided internet payment and 36 provided mobile payment.