NAPAS must pioneer the expansion of the electronic payment ecosystem

NAPAS should proactively expand the connection of the financial switching system with electronic data infrastructure of tax agencies, Customs, State Treasuries, People’s Committees of provinces, ministries, branches and sectors such as health care. , education to expand the electronic payment ecosystem, creating favorable conditions for businesses and people to access public services quickly.

This is the direction of Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh at the Conference of Reviewing activities in 2019 and implementing the 2020 mission of Vietnam National Payment Joint Stock Company (NAPAS).

Reporting on the operation results, Mr. Nguyen Quang Hung – General Director of NAPAS said that in 2019, with all efforts, NAPAS has completed and exceeded a number of operational targets. NAPAS switching system grew 80.2% in the total number of transactions and 170.6% in the total transaction value compared to 2018, which is an impressive growth figure.

Notably, not only the growth in number and value of transactions, the structure of transactions through the NAPAS system has shifted from ATM switching (the proportion of ATM transactions in 2018 accounted for 62%, 2019 decreased to 42%) to inter-bank payment switch (the proportion of inter-bank payment transactions in 2018 increased from 26% in 2019 to 48%). This trend clearly demonstrates the shift in customers’ habits from cash withdrawals via ATMs for daily spending in cash to non-cash payments (business centers) via electronic banking channels.

NAPAS also has many promotions on reducing fees, encouraging customers to pay by domestic cards, ensuring the implementation of the objectives of the 2016 Business Development Plan for the period of 2016-2020 in Vietnam.

Speaking at the conference, Deputy Governor Nguyen Kim Anh highly appreciated the achievements of the NAPAS Board of Directors and the team, and assigned tasks to the NAPAS team to focus on implementing on schedule. quality, efficiency of some key work contents of 2020.

NAPAS needs to increase investment, equipment, and regular inspection of key and backup systems to ensure that the financial switching system operates stably, safely and effectively; apply modern technology to develop digital payment infrastructure, especially focusing on strengthening security, safety and confidentiality in payment activities.

At the same time, the Deputy Governor proposed NAPAS to focus on supporting banks to convert VCCS chip cards according to the schedule; continue to research and develop multi-application CHIP cards – in addition to payment applications, financial services, can be connected with other economic sectors such as transportation, health insurance, social insurance for Vietnam to have catch up with the general trend of the world; adhere to the Government’s guidelines and orientations on the development of digital economy to promote electronic payment and aim at the goal of all Vietnamese people to use their cards in payment of their daily necessities.

“NAPAS should actively expand the connection of the financial switching system with the electronic data infrastructure of tax agencies, Customs, State Treasuries, People’s Committees of provinces, ministries, sectors and fields such as health. , education to expand the electronic payment ecosystem, creating favorable conditions for businesses and people to access public services quickly and efficiently through electronic payment, ”Mr. Nguyen Kim Anh noted.

(Source: Government Newspaper)