Avoiding Covid-19 epidemic: Exempt or reduce electronic payment fees

Continuing practical solutions to support people and businesses to prevent acute respiratory infections (nCoV / Covid-19 virus outbreaks), the State Bank has applied the policy of exemption and reduction of payment service fees.

Continuing practical solutions to support people and businesses to prevent acute respiratory infections (nCoV / Covid-19 virus outbreaks), the State Bank has applied the policy of exemption and reduction of payment service fees.

After the solution of exemption and reduction of loan interest, debt repayment structure for people and businesses affected by nCoV, the State Bank of Vietnam (SBV) continues to issue Document No. 727 / NHNN – TT on applying application of payment exemption and reduction policy. This is one of the solutions of the banking industry to encourage people and businesses to pay without cash (OTC), reduce cash payments, because cash is perceived as a potential risk of spread. bacteria, viruses.

According to Document No. 727, in order to implement solutions on developing business centers and promoting electronic payment for public services under Resolution No. 01 / NQ-CP and Resolution No. 02 / NQ-CP of 2020 Government, Vietnam National Payment Joint Stock Company (NAPAS) has developed a service fee exemption and reduction program, including: Free switching for online payment transactions (online) of public services ( expected to apply until the end of December 2020); Reducing switching fees for inter-bank fast money transfer transactions with small value (from VND 500,000 / transaction or less) from VND 1,800 / transaction to VND 500 / transaction (expected to be applied from 25 / 2/2020).

According to the SBV, in order to promote the development of trading centers according to the Government’s policy, the SBV asked payment service providers to promptly study and formulate plans to apply policies on exemption and reduction of payment service fees. e-devices to directly support service users, in accordance with the NAPAS Exemption and Reduction Program, specifically: Free of charge for online payment transactions (online) of public services performed on National public service portal, public service portal of ministries, branches and localities; Discount for interbank quick money transfer service with small value for service users: Application time, minimum fee equivalent to the time, the discount rate applied by NAPAS to banks members (1,300 VND / transaction); encourage payment service suppliers to implement larger reduction rates than NAPAS in order to support the market, to well implement Resolution No. 01 / NQ-CP and Resolution No. 02 / NQ-CP annually. 2020 of the Government.

Currently, many commercial banks have launched many electronic payment products and services and applied a policy of exemption and reduction of fees to encourage customers to do online transactions to prevent and limit the spread of nCoV virus.

TPBank said that TPBank LiveBank service can fully meet all of the above transactions like a traditional bank, without the need for customers to have direct contact with anyone. In addition, LiveBank is available 24/7, assisting customers at any time of the day whenever they need to do transactions.

LiveBank is fully automated with many modern technologies such as Biometrics – Biometrics, OCR handwriting recognition, QR Code application, etc. A cash withdrawal or deposit transaction is being implemented. The system records and processes in just 30 seconds, much faster than the counter and many papers to sign. The queuing for transactions is also greatly shortened. Besides, the LiveBank system with spacious and convenient space is always cleaned, disinfected regularly, so customers can feel secure when dealing.

In addition, due to the complicated situation of the disease, TPBank has recently implemented preferential loans in VND and foreign currencies with a total value of nearly VND 3,000 billion and the interest rate decreased from 1.0% – 1.5% compared to TPBank’s current interest rate table is aimed at supporting businesses affected by influenza epidemic caused by nCoV virus.

The beneficiaries are customers who are engaged in production, business, import and export of goods and materials affected by the influenza epidemic caused by the nCoV virus. The program is applied from February 12 to June 30, 2020.

In addition, TPBank will conduct a review to provide timely support measures to businesses directly and indirectly affected by the nCoV influenza such as tourism, hotels and travel transport companies. , enterprises exporting to China market and enterprises importing raw materials, supplies and goods from China.

TPBank representative said: “TPBank will consider extending the debt and debt structure without applying penalty interest, considering reducing interest rates or proposing to the State Bank of Vietnam not to transfer the debt group to these customers. At the same time, TPBank will continue to consider lending to customers’ new business plans. ”

In addition, the bank will also consider a policy of reducing interest rates for individual customer groups affected by the nCoV epidemic with a reduction of 0.5% – 1% from now until the end of June 2020. At the same time, TPBank will consider the 3 month original grace period for groups of customers who have completely lost revenue due to the disease

BIDV also maintains the policy of no registration fee and maintenance fee of BIDV online service, BIDV SmartBanking. Customers also receive an additional 0.2% interest per year when depositing online savings with any term from February 14 to April 30. In addition, the bank also implements BIDV Visa Platinum Cashback payment card. Compared to conventional ATM cards, the new card allows users not to insert the card into a chip card reader or swipe the card into a POS device like a traditional card reader.

With the new card, customers do not need to sign the invoice with the transaction of less than 1 million. BIDV uses EMV Contactless technology, helping to increase security with high value payments. Currently, the network of accepting cards includes many convenience stores, restaurants, supermarkets, shopping centers such as KFC, CGV, Circle K, Coopmart …

SCB also has a series of incentives when using SCB’s Internet Banking and Mobile Banking services such as: Annual fee waiver for eBanking service and balance fluctuation SMS; free inter-bank money transfer with transaction amount up to VND 3 billion / day; and free instant money transfer 24/7, pay bills and pay for other utilities.

(Source: Vnmedia)