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The National Payment Corporation of Vietnam (NAPAS) and the Vietnam Bank for Social Policies (VBSP) have jointly introduced the NAPAS 247 Quick Transfer and NAPAS 247 Quick Transfer via VietQR Code, available through the bank’s mobile banking app, VBSP Smartbanking.
The collaboration is part of a strategic initiative to extend modern digital payment solutions to the bank’s targeted customer segments residing in rural and remote areas. This effort aligns with the government’s broader project on promoting cashless payments and supports the national comprehensive financial strategy.
With the VBSP Smartbanking app, customers can now make swift transfers between their VBSP accounts and 45 NAPAS member banks and vice versa. The app also enables users to generate personalised QR codes to receive funds and scan QR codes from other banks for easy money transfers. The user-friendly interface empowers clients to conduct seamless transactions, offering a convenient, fast, and safe payment experience.
According to Nguyen Quang Minh, the General Director of NAPAS, the project holds significant importance in promoting the advancement of cashless payment systems in Vietnam as VBSP’s branches and customers span all 63 provinces and cities in the country.
The collaboration is set to progress further in the future. Joint efforts will focus on deploying additional payment products and services to cater to the evolving needs of the people and to provide support for various socio-economic activities. This commitment aligns with the country’s ongoing digital transformation process, emphasising the importance of leveraging technology to enhance financial accessibility and inclusion for all.
As OpenGov Asia reported recently, during the first half of this year, Vietnam experienced notable surges in electronic and cashless payments. It witnessed a remarkable 76% increase in volume and a 1.79% rise in value for Internet transactions. Mobile phone payments increased by 65% in volume and 77% in value, while QR code transactions rose by 152% in volume and 301% in value. Meanwhile, transactions conducted through ATMs experienced a decline, with a 4% decrease in volume and a 6% reduction in value. More than 70% of adults in Vietnam now possess a bank account through digital channels.
The government aims to increase the adoption of digital payments in the country through the introduction of initiatives like the National Digital Transformation Programme and the State Bank of Vietnam’s (SBV) plan for the banking industry, encouraging banks to upgrade their business models, enhance financial services, and adapt to the evolving fintech landscape.
By 2025, SBV aims for cashless payments to constitute 50% of all transactions. The primary focus is to establish a strong and accessible payment infrastructure across the entire country, with the objective of making digital payments the preferred mode of transaction. The central bank is drafting a new decree to create a legal framework to promote non-cash payment methods.
SBV has also announced its plans to leverage data connectivity to unlock the potential of cashless payments. The bank believes that through data sharing across the banking industry, it can create a highly secure and efficient payment experience. It will actively contribute to financial inclusion and promote overall economic growth.
