Non-cash payments via Napas increased by 48%

The transaction structure through the NAPAS system has shifted from ATM switching to interbank payment to 48%.
At the 2019 Meeting Summary of Vietnam National Payment Joint Stock Company (NAPAS), Mr. Nguyen Quang Hung, General Director of NAPAS said that in 2019, NAPAS switching system will grow by 80.2%. regarding the total number of transactions and 170.6% of the total transaction value compared to 2018.

In particular, not only the growth in number and value of transactions, the transaction structure through the NAPAS system has a strong shift from ATM switching (the proportion of ATM transactions in 2018 accounted for 62%, in 2019 decreased to 42%) to inter-bank payment switching (the proportion of inter-bank payment transactions in 2018 was 26%, in 2019 increased to 48%).

This trend clearly demonstrates the shift in customers’ habits from withdrawals via ATMs for daily spending in cash to non-cash payments via electronic banking channels.

NAPAS has made 3 times of switching service fees for banks in 2019. Thus, since the merger, the company has implemented 4 fee reductions. Accordingly, completely exempt service fees for ATM transactions for payment organizations; free non-financial transactions on ATM for issuers; discount up to 70% for ATM withdrawal service for issuer and 13.3% for 24/7 interbank transfer service fee for issuer.

Speaking at the Conference, Deputy Governor of the State Bank Nguyen Kim Anh asked NAPAS to focus on supporting banks to convert VCCS chip cards in accordance with the schedule; continue researching and developing multi-application Chip cards to connect with other economic sectors such as transportation, health insurance, social insurance so that Vietnam can catch up with the general trend of the world.

In addition, it is necessary to stick to the Government’s policy and orientation on the development of digital economy to promote electronic payment and towards the goal that all Vietnamese people use cards in payment of essential needs of life.

In addition, the Deputy Governor requested NAPAS to actively expand the connection of the financial switching system with the electronic data infrastructure of tax authorities, customs authorities, the State Treasury, and People’s Committees of provinces and cities. , ministries and sectors such as health and education to expand the electronic payment ecosystem, creating favorable conditions for businesses and people to access public services quickly and effectively through electronic payment. .

(Source: Financial Magazine)